Data from Juniper Research has found that the value of online gambling bets soared from just over $550 billion to nearly $950+ billion in 2021. Wager levels were expected to exceed $1 trillion total spend on all digital goods and services for the first time in 2021.
Juniper’s latest research, Mobile Gaming & Online Gambling: Casinos, Lotteries, Betting & VR 2016-2021, found that gambling activities were increasingly migrating to the online environment, with the majority of net growth attributable to users of mobile channels. It also argued that new technologies such as VR would provide a further stimulus to the internet casino sector, which was expected to account for just under half of online gambling bets by value in 2021.
The report said that there will be a drive for consolidation which will be focused on ensuring customer loyalty. The research argued that within an increasingly consolidated and maturing sector, providers had intensified their focus on securing customer loyalty. It observed that leading players were exploring a range of options to achieve this, with Ladbrokes offering a rewards scheme and the Rank Group’s Grosvenor business providing cross-channel memberships.
According to research author Lauren Foye, “User engagement goes a long way towards drawing in return business. Providing features such as news and media on favorite teams, as well as personalized offerings based on past betting activity, enables greater engagement and is likely to reduce churn.’ Other Key Findings Included that: Despite a general trend towards regulation, a number of countries (such as the Philippines) have hardened their stance in recent months and have moved towards outright prohibition.
Whilst a number of leading sportsbook providers now offer Bitcoin, Juniper believes that the cryptocurrency is unlikely to see mass-adoption, even when it comes to online gambling bets. The new format of VR will attract a niche clientele initially, though these participants will wager significant amounts on real world ‘casino-style’ VR gambling products.”
