Online Betting estimated to reach One Trillion dollars by 2021
According to analyst Juniper Research in a whitepaper published this week, the gambling industry performance is expected to reach $1,000,000,000,000 (One Trillion Dollars) per year in bets by 2021. This rise is due to the increased power of mobile technology geared to build customer engagement with the use of media and live streams, said the paper. This surge represents a 42% increase on the $550 billion that is expected this year.
The paper states that “wager levels will thus approach total spend on all digital goods and services by , forecast to exceed $1 trillion for the first time [in 2021].”
The paper’s author, Lauren Foye reported that drawing in return business relies on the user engagement which goes a long way.
“Providing features such as news and media on favourite teams, as well as personalised offerings based on past betting activity, enables greater engagement and is likely to reduce churn.”
The Virtual Reality Casino World
Foye also argued that virtual reality will also have a play in increasing customer engagement especially in the online casino vertical. The high-end virtual reality speed of adoption which allows players the opportunity to explore virtual casino spaces and to gamble on real money casino games was something that the experts were still divided on.
Slots Million, the online casino became the first operator to launch a full blown real-money VR experience late last year. This launch announced the arrival of the real-money virtual reality casino gaming.
At the moment however VR is still a step ahead of the market as the VR experience requires an investment of around $1,500 with the price of headsets ranging around $300, and the high-spec PCs needed to deliver the VR experience well around $1,200. These steep prices are at the moment a hindrance in the adoption of VR for mass marketing.
In the beginning, this new format of VR will have their niche clientele, however, the report predicts these participants to wager substantial amounts on real world ‘casino-style’ VR gambling products.
The future of Bitcoin
The adoption of VR is eventually expected to reach mass market adoption, unfortunately, the paper did not predict the same outcome in the gambling sector for Bitcoin and other digital currencies. “Whilst a number of leading sportsbook providers, including William Hill and 888 now offer Bitcoin, Juniper believes that the cryptocurrency is unlikely to see mass-adoption, even in the gambling space,” quoted the report.
The reasons behind this included the technical complexity of it and increased regulation around the globe. This included the extreme incompatibility of digital currencies with anti-money laundering directives.
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