In the world of online gambling, two titans reign supreme – online casinos and sports betting. Both multi-billion dollar industries with millions of participants worldwide, these two forms of gambling have seen tremendous growth in recent years, fueled by mobile technology and increasing legalization.
Online casino popularity
Online casinos have been around since the mid-1990s, but they’ve exploded in popularity over the past decade. By 2026, the global online casino market is expected to reach $100 billion. It is growing at a CAGR of 10.9% during the forecast period. Several factors contribute to online casinos’ widespread appeal:
- Game variety – Online casinos offer hundreds of games, including classic slots, live dealer games and progressive jackpots. There is an option to suit everyone.
- Convenience – With online casinos, you can play anytime, anywhere, from your mobile device. No need to travel to a casino.
- Promotions – Online casinos are known for their generous welcome bonuses, free spins, and ongoing promotions, which give players more value for their money.
- Immersive experience: Advances in graphics, sound design, and even virtual reality have made online casino games more immersive and engaging than ever.
Sports betting popularity
Sports betting, although not a new phenomenon, has seen massive growth online in recent years. Global online sports betting market size was $29.3 billion in 2019 and is expected to reach $59.5 billion by 2026. This will register a 10.4% CAGR from 2020 to 2026. Online sports betting popularity can be attributed to several factors:
- Wide range of sports – Online sportsbooks cover a variety of sports and competitions, including major leagues, minor leagues, and international competitions.
- Convenience – Just like online casinos, sports betting websites and apps allow users to place bets anytime, anywhere, using their computer.
- Live betting – Online sports betting has popularized live betting, where users can wager on events as they’re happening in real time.
- Social aspect – Sports betting often has a strong social component, with friends and coworkers placing bets together or competing in fantasy leagues.
Which is more popular?
In some countries, online casinos have an edge. Sports betting has seen tremendous growth since legalization and may catch up to online casinos in popularity. There is also a significant overlap between the two groups, as many gamblers enjoy both casino games and sports betting. Approximately 39% of sports bettors in the US also play casino games online. The popularity contest between online casinos and sports betting may be less significant than the overall growth and mainstreaming of online gambling as a whole. Given the substantial growth projections for both sectors, it’s evident that online gambling, across its various forms, is firmly established for the foreseeable future. Feel free to visit this page for more details.
