e read a lot about how technology is revolutionizing online gambling, but what about how the use of technology is attracting new demographics of gamblers and customers? The combination of the two is leading to whole new market segments that operators can cater to. It’s an exciting time, and there is plenty more to come!
The emergence of eSports
According to Statista.com, there are around 286 million eSports fans globally, an increase of almost 100 million in two years. Experts predict that at the current rate of growth, this number could reach 292 million by the end of 2024. The figures demonstrate that eSports is growing in popularity, and more people are tuning in to watch. At the same time, we know the online gambling sector is also experiencing significant growth. It is projected to reach $127.3 billion in the next six years, growing at a CAGR of over 11%. Within the online gambling sector, sports betting remains one of the leading areas of growth.
During the pandemic, betting on conventional sports came to a halt. Thankfully, eSports betting was there to fill the gap. Many conventional sports bettors started betting on eSports tournaments. Even after sporting events started up again, eSports remained popular and has since found a new, loyal following. Furthermore, many eSports fans began to become aware of eSports betting.
This has led to a new demographic of bettors being cultivated. eSports fans interested in betting, and betting fans interested in eSports have contributed to an increased demand for online betting.
The fantasy sports crossover
Fantasy sports betting has also enjoyed a surge in popularity, like eSports betting. Due mainly to the same reasons, bettors looked for other alternatives to keep themselves busy. Fantasy sports was a great option.
Many of those involved in fantasy leagues and tournaments began betting online. Similarly, betting fans found themselves drawn to both playing fantasy sports and betting on them.
Cryptocurrencies such as bitcoin have been around for over a decade and have made their way into the mainstream. There are now more than 4,000 currencies in existence, with more being conceptualized and launched every day. While the jury is still out on whether crypto can take over fiat, crypto fans are adamant that it can, and should be, used as much as possible.
There is no definitive data on just how many people hold and use bitcoin, but some estimate it could be over 100 million. Then there are millions more who hold other kinds of cryptocurrency. While many will either hold or trade their coins, others also like to purchase a range of services and products. Big names are already on the trend and offer flights, clothes, food, beauty products, houses, and even legal services in exchange for crypto.
Cryptocurrency gambling is also becoming more popular. When considering what to use their crypto for, many individuals are coming across online casinos or betting sites that accept cryptocurrency coins. There are numerous benefits to gambling with crypto as opposed to fiat. Firstly, it is cheaper and quicker to transact with the site. Secondly, the transaction doesn’t show up on your bank statement. Thirdly, crypto is secure, and transactions are immutable.
There were around 3.6 billion smartphone users worldwide, as of the end of 2020. This will rise to 4.3 billion by 2023, more than half of the global population.
Smartphone usage is on the increase with the younger generation, particularly those aged 18-35 that seek out the newest, most powerful devices. This demographic is also keen to be entertained on their mobiles. Streaming services, video sites, and games of many different kinds are all popular. Amongst all this, mobile gambling has found itself a new demographic of users.
Mobile gambling apps or mobile-optimized sites are all the rage, and if an operator's offering isn’t mobile-friendly, they will go elsewhere. So popular are mobiles, that we can expect to see a significant decline in traffic from desktops over the coming years. Not only are new gambling fans accessing sites via mobile, but existing gamblers want good quality mobile access as well.
Fast Offshore has assisted online gambling operators for over 23 years, helping them optimize or set up and run a profitable business. From corporate matters to assist with the integration of crypto payments or apply for relevant gaming licenses, we’ve got you covered. Through our vast network of international contacts, we can also service all your online gambling business needs.