Introduction Online gambling has become an increasingly popular form of entertainment over the past two decades. An array of technological advancements and the proliferation of mobile technologies have made it possible for users to gamble from the comfort of their own homes, as well as from mobile devices while on the go. This new type of gaming has also seen an increase in adoption rates, particularly among younger demographics. This comprehensive report outlines the recent developments and impacts of online gambling on the society, market, and regulations.
Methodology The study was conducted using a mixed-method approach. The primary data collection methods were questionnaire-based online surveys, data analysis using existing data sets and interviews with industry experts. The quantitative analysis included data from identified international markets and analyzed datasets from different source databases. The qualitative data was gathered using semi-structured interviews conducted with a range of industry experts including industry representatives, government officials, academic researchers, and non-governmental organizations (NGOs).
Market analysis Online gambling has become not only an increasingly popular form of entertainment but also a lucrative industry with global annual revenue approaching $60 billion. European countries rank on top with the largest market share of the online gaming industry. In the UK alone, according to the UK Gambling Commission, online gambling contributed £5.6 billion ($7 billion) to the economy in 2019. In recent years, online gambling has expanded its boundaries globally, with ever-growing markets in the Asian continent.
The market has attracted several competitors with different business models, such as casino games, sports betting, and e-sports betting. Social and psychological impact Online gambling has been found to have various social and psychological impacts on users. The accessibility and convenience of online gambling may contribute to the development of addiction or other gambling-related problems. Online gambling has a higher risk factor than real-life gambling as it creates more opportunities for gambling, continuous play and betting.
Research also suggests the younger generation and women who engage in online gambling are more vulnerable to developing gambling addiction. According to a survey conducted by GambleAware, 57% of gamblers from the age group of 18 to 24 in the UK used a credit card to gamble, which can illustrate a greater risk of long-term debt. Regulations and policies Governments worldwide have begun to recognize the significant impact online gambling has on their economies and society.
They have also introduced new regulations and policies due to concerns about gambling addiction, money laundering, and social impacts in their communities. The regulations vary depending on the countries as some countries have stricter laws than others. For Crunchbase News Today instance, in the UK, online gambling is legal, but the UK Gambling Commission regulates and monitors the industry for compliance with national laws. Meanwhile, in India and China, online gambling is prohibited except for a few forms of gambling.
