New Gambling Markets in EuropeJuly 23, 2019 John Isaac
A new gambling market is an opportunity to explore the unexplored. If you are eager for an adventure, then you should always keep an ear out for any interesting developments on the scene! Here are our tips based on our extensive experience in the gambling industry.
Gambling in the PastSeveral milestones help to track the evolution of gambling. The earliest indication of gambling dates back to 2300 B.C. with evidence coming from China in the form of keno slips as some sort of lottery. The use of dice was mentioned in Greek mythology, as well as in Indian manuscripts. It is proof that gambling goes back thousands of years. A game of dice, card games such as poker and blackjacks, were the only forms of betting. In the recent past, gambling included mostly of casinos and horse races. Players had to physically be present in the area to be able to gamble. What was once considered as sports has taken a change and sports betting was introduced, expanding the gambling industry? But the expansion into new markets didn’t just stop there.
The Online Gambling Market
Technological innovation has paved the way to a lot of changes in human life. From visiting the bank to draw money, to be able to transfer money at home with one click, technology has made life easier. The same technological innovation has also introduced online gambling in every part of the world, which has expanded the gambling market drastically. Online gambling includes everything, from bingo to lottery, sports betting, online casino, among others.
Gambling is regulated by certain laws and regulations implemented either by the state or the country where the industry origins. Every country has different gambling laws, but the most common is licensing. Getting a license is made easier with technology, but so is swindling. While the state or the country laws govern licensed gambling outlets, several unlicensed gambling outlets have self-implemented statutes and regulations. Most of the unlicensed outlets are online that can easily fraud others. Though technological innovation has expanded the gambling market, it has also increased the risks.
European Online Gambling Market
Players can enjoy a game of poker or blackjack, or day any gambling from any part of Europe, thanks to online gaming. Thanks to online gambling, the European gambling market is growing year by year. The online gambling is growing faster than land-based gambling that includes casinos, lotteries, horse race and such. Online gambling market had a share of 20.7% in 2017 in Europe which is expected to rise to 24.9% in 2020. The growth is driven by changing gambling regulations in European countries.
Europe is the biggest player in the global online gambling market. Year after year, it has been taking a large portion of the global market with the UK, Spain, Italy, and other European countries being the most engaged online gambling markets. The gambling market is growing by 10% every year, paving the way for growth in the economic size. The economic size of the European online gambling market is expected to rise by more than a billion Euro in 2020. By 2023, Europe is expecting double-digit revenue growth in the online gambling market. With more than 49% share of the global online gambling market, Europe has become the world leader in digital entertainment.
Being the global market leader has its set of shortcomings as well. The global shift to online casinos has made Europe a world leader, but it also brings with it a lot of risks. The growing popularity of online gambling also increases the number of problem gamblers and addicts. This calls for more stringent regulations in Europe that can help limit the damage.