Grand View Research Analysts Say Online iGaming Will be Worth $153 Million by 2023

The latest trends suggest that online gambling is set to grow by 11.7% over the next seven years. As of 2023, data from Grand View Research shows that online gambling as an industry was worth $63.5 billion. Through a combination of regulation, expansion, and technological innovation, analysts at Grand View Research estimate the industry will be worth $153 billion by 2023.

There are already a number of factors driving the growth of online casino gaming, poker, and sports betting. The betting products themselves are a primary factor. An online casino, for example, lives and dies through the games it offers. If there aren’t enough options or games of a certain quality, customers won’t engage. Therefore, it’s no coincidence that all the leading online casinos work with a variety of software developers, such as NetEnt and Evolution, to deliver 500+ gaming options.

Online Gambling Companies Adapt to Trends

Promotions and rewards are also core components of a successful online gambling site. Take, for example, the casino bonus for new customers at Paddy Power. The Irish bookmaker has successfully grown from a series of retail betting shops to an all-around gambling operator for a variety of reasons. One of the main ones is its penchant for promotions and unique marketing campaigns. New customers can get free spins and bonus credits when they join.

From there, real-money customers can spin a prize wheel once a day, get bonus credits for table games, and even crossover offers linked to Paddy’s poker and sports betting products. The reason for offering a regular stream of promotions is customer retention. Attracting players is tricky but keeping them is harder. Promotions and a focus on offering high-quality products have allowed the industry’s top operators to do this successfully for the best part of two decades.

However, like all industries, online gambling doesn’t stand still. As noted in Grand View’s report, operators have consistently moved with the times. The data surrounding device selection and accessibility prove this. 48% of online gambling takes place on desktop computers. That means 52% takes place on mobile devices.

This hasn’t always been the case, but the rise of mobile gaming is down to the proliferation and evolution of smartphones, tablets, and other smart devices. We can expect this trend to continue and see more online gambling products tailored specifically for mobile devices first, rather than converting desktop products for mobiles.

Intelligent Games and Metaverse Entertainment

Artificial intelligence (AI) and virtual reality (VR) will also fuel the online gambling industry’s projected growth over the next seven years. AI has many applications, including data analytics and security, two things that are integral to online gambling companies. AI can also be integrated into games. If AI-powered software can adjust a game’s dynamics based on a player’s preferences and playing style, this has the power to increase engagement.

Moreover, AI would make games more enjoyable. VR has already started to make an impact on the industry, but its significance is going to increase according to Grand View’s analysts. The evolution of VR online gambling could be accelerated by metaverse technology. If the push to digitize various aspects of life plays out as the likes of Mark Zuckerberg intend, online casinos would fit nicely into the world of metaverse entertainment. According to Verified Market Research, metaverse technology will be worth $824.5 billion by 2030. Online gambling could get swept up in the metaverse rush. If that happens, it may well be a $153 billion industry in 2023.