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The global online gambling sector is predicted to be worth $94.4 billion by 2024 – a sign of an industry that continues to ride the crest of a wave.
It’s also one that is tightening its grip on the market for social and leisure activities worldwide.
World-Wide Prominence For Gambling
Of course, gambling has been a prominent part of the culture in many of the world’s more developed countries for several decades – look no further than the world-famous Las Vegas strip in Nevada, an economy propped up by its unrivaled power to attract gamblers.
Many of those who visit Las Vegas and other gambling hot spots in different corners of the globe arrive with set gambling budgets and are already resigned to losing their money before they sit down at that first roulette or blackjack table or feed their first notes into the slot machines.
After all, many of them are making a once-in-a-lifetime pilgrimage to a gamblers’ paradise, if they lose a few hundred or a few thousand dollars; it was fun doing it, right?
Las Vegas Casinos
Nowadays, it’s not just land-based casinos at honeypot sites such as Las Vegas that are driving the soaring value of the gambling industry overall.
Of course, to achieve such astonishing success, you have to move with the times and – quite literally – spread your bets.
That means taking your business to new places and ‘going global,’ as they say.
This means reaching out to developing nations and maximizing the potential in all four corners of the world.
After all, there are 7.2 billion people on this planet, many of whom are potential customers.
Now, if only this were legalized in China.
A nation home to around a fifth of the overall global population.
This would surely take the gambling industry to even more dizzying heights – particularly such economic prowess.
Africa and Kenya
Take Africa, a vast continent that has undergone a significant economic transformation in recent decades. Previously, some of the poorest and most deprived towns and cities were transformed into bustling modern metropolises.
With an urbanized, modernized, and economically sound population that has become more, dare I say it, ‘Westernized,’ there comes an ‘opportunity to introduce aspects of Western culture into the marketplace. Africa is a clear example of this in action.
Specifically, Kenya has indeed ‘caught the bug’ as it was, as unregulated ‘gambling dens’ in some of the country’s larger countries have now been replaced by chains of betting shops and online gambling services accessible via mobile devices and cyber cafes.
For many in the region, this has brought gambling rights to the very forefront of popular culture, with many on moderate incomes willing to stake significant percentages of it in a bid to make more money and make it fast.
This is also the case in nations such as Nigeria and South Africa, which are first and second, respectively, regarding the size of their gambling markets across the continent.
It is also clear that online gambling companies are having an excellent level of success by targeting the younger demographic, with Kenya having the highest number of 18-35-year-olds who gamble regularly, according to a 2017 Geo-Poll survey.
Additionally, 78% of Kenyan university students were found to be heavy gamblers, which suggests that gambling is not merely a desperate punt for those in abject poverty as a means of escaping it, but also that it seeks to target those who are already in positions of relative prosperity.
Gambling Epidemic
To attempt to combat what can only be described as a gambling epidemic, the Kenyan Government is now planning to place a 20% tax on winnings.
This is also the case in well-established Western powerhouses such as the US and Canada to the north.
Being in such proximity to the U.S., it’s perhaps natural that the two giant nations share much of the same culture.
Traditional Gambling In Canada
With that in mind, it’s perhaps no surprise that much of Canada’s online gambling consists of traditional casino games, such as blackjack, roulette, poker, and online slots.
However, online sports betting is also a major draw for gamblers in Canada, tempting them to part with their cash and place a few bets.
Indeed, betting on Canada’s much-loveCanada’sll league, (CFL), is now very much part of the spectacle, in much the same way that the Premier League in England opens up a vast betting market for punters.
With Ice Hockey also one of the biggest spectator sports in North America, competitions such as the Stanley Cup draw fantastic audiences.
This means it draws in millions of dollars each year in gambling revenue from punters seeking to make a quick buck from the game’s often unpredictable nature.
Gambling Online Is A One-Stop Shop
What’s more, online platforms have combined all of these to provide a one-stop Playshop for gamblers, meaning that they provide stimulation for players of traditional casino games, as well as those who wish to bet on sporting events, either before or in play, with a seemingly endless array of markets available.
The accessibility of online casino sites, as well as poorly regulated laws governing advertising and promotional campaigns, is undoubtedly a significant contributing factor to the industry’s remarkable success.
That said, tighter regulations, particularly in some of the biggest gambling nations, could have far-reaching consequences for the gambling giants and force a change of tack – but for now, their domination is unwavering.
Online Gambling Key Points
- Online gambling is predicted to be worth over $94 billion in six years.
- Places years as Las Vegas remains incredibly popular despite competition from online markets.
- Online gambling companies have reached out to economically developing parts of the world, such as Africa, and their presence has transformed the leisure culture
- Government regulation is being brought in an attempt to curb a gambling epidemic in Kenya, which targets the youth, both wealthy and impoverished
- Betting on spectator sports such as football and hockey is big business for online gambling firms in North America
- Online casino sites sought to capture the entire marketplace under one roof, appealing to traditional casino players as well as those who like to bet on sports.
This post was written by a guest poster for CBB.
Responsible Gambling Notice
All forms of gambling, including lotteries and online gaming, involve risk, and outcomes are based on chance.
Please gamble responsibly and never spend more than you can afford to lose.
If gambling is affecting you or someone you know, please visit our Responsible Gambling Resources page for help and support.