Gaming market to grow 13.2% in 2020

Updated May 19, 2020 | Published May 19, 2020
[2 mins read]
Forecasts of the igaming industry are more promising than originally hoped for, with growth about to hit $66.7 billion in 2020, or a 13.2% expansion rate this year alone. Much of this has been attributed to the current global lockdown and suspension of sports competitions, Research and Markets said in a report.
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The report also holds interesting projections for the future of the industry, including a $92.9 billion value by 2023 and CAGR of 11.64%, giving a huge hope of growth for crypto casinos, which are still a burgeoning segment.

The figures include all gambling conducted over the internet on desktop or mobile device, and it includes casino games, live dealer games, sports betting, lotteries, bingo, poker, and more. At the same time, the report also tries to factor in how the introduction of new technology, such as IoT and VR will change demand for online gaming and gambling.

Some qualms about the transparency of such offers is still in place, which may impede growth. However, leveraging blockchain technology is bound to solve these fears about the transparency of what online gaming has to offer. Fraudulent activities are bound to mitigated significantly so long as stakeholders and players choose and vet the betting portals they trust well.

This growth is expected across the world with no region left behind. From North America to Southeast Asia, and even considering gambling-averse Chinese regulators, igaming is putting down roots at a solid compound rate.

However, there has not yet been a more insightful dive into how far the crypto gambling market reach, or what the total value of blockchain-powered gaming and sports betting platforms is.

There have been some promising projects of late, however, not least Bitcasino.io and FunFair Technologies which are two of the most trusted parties in the sector, and that have positioned themselves as viable alternatives to the traditional sector.

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