Global online gambling wagers to hit $1 trillion by 2021, study finds
Juniper report predicts mobile sales and new technologies such as VR to drive growth
Global online gaming stakes will rise to nearly $950bn by 2021, a report produced by research firm Juniper has predicted.
The report forecasts total wagers made on mobile and online gambling sites will grow from $553.8bn in 2016, to $946bn in 2021, a compound annual growth rate (CAGR) of 14.1%.
It estimates the Far East and China will lead in terms of user numbers, driven by the use of online lotteries in China, though Western Europe will account for the greatest share of gambling wagers made.
The report 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 predicts new technologies such as virtual reality (VR) will provide a further boost to the online casino sector, which is expected to account for just under half of wagers by value in 2021.
VR is expected to attract a niche clientele initially, though participants will wager significant amounts on real world âcasino-style’ VR gambling products.
The report noted that operators have “intensified” their focus on securing customer loyalty and pointed to Ladbrokes’ reward scheme and Grosvenor Casino providing cross-channel memberships as examples.
Another key finding from the report suggested Bitcoin is “unlikely” to see mass-adoption rates in the gambling industry.