Virtual Reality and Mobile Casino to Drive Online Wagers to $1 Trillion by 2021

Demand for online gaming and sports betting products has been growing at an extremely rapid pace over the past several years as more and more gambling customers tend to realize the convenience of wagering on desktop and hand-held devices. However, figures show that the online gambling industry has a long way to go until reaching and surpassing its land-based counterpart. Nevertheless, iGaming will certainly gain wider popularity among players and its influence within the global gambling industry will keep expanding in the years to come.

Earlier this week, online market research specialist Juniper Research published a study focused on how online gambling is expected to develop within the next five years. Analysts at the firm also posted their forecast on the overall amount expected to be wagered online in 2021.

The research specialist attributed the growth the online gambling industry has been registering recently to several important trends. In the first place, the increased penetration of hand-held devices and the growing app downloads number has certainly been beneficial to iGaming. In addition to this, more and more operators enter the market. Some of these are focused only on the provision of Internet gambling options, others are well-recognized land-based brands that have presented their customers with online gambling offering.

The increased 3G, 4G, and Wi-Fi availability has also been seen as a major factor to be contributing to iGaming’s growth. It is also important to note that customers’ willingness to engage in online transactions has also been growing and this, too, facilitates and improves their online gambling experience.

Juniper Research analysts have pointed out in their report that they expect the amount of $553.8 billion to be wagered online by the end of the year. What is more, that figure is expected to grow to almost a trillion dollars in 2021 (or $946 billion, for precision’s sake). Online wagers coming from Western Europe will probably contribute the biggest share of the overall amount projected, followed by North America and Far East and China.

Casino options will be the ones to generate the biggest amount of online wagers. According to Juniper Research, new technologies such as Virtual Reality will prove to be extremely helpful to the industry as these would urge further customer engagement.

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