Online Gambling Market To See Huge Growth Over The Next Five Years

• The online gambling market could see a huge Compound Annual Growth Rate (CAGR) increase over the next five years, projections suggest.
• Sports betting has played a crucial role in online gambling’s overall market growth.

LAS VEGAS - The online gambling industry is predicted to have a Compound Annual Growth Rate (CAGR) of 11.94% from 2021 to 2026.

The Pandemic And Online Gambling

Due to the COVID-19 pandemic causing American consumers to remain in their homes, online gambling has become more popular than ever for people looking for a new hobby.

"One of the research conducted by the Lund University, Sweden, found that due to restrictions in sports events due to lockdowns, consumers have surged their interest in online gambling platforms," says a recently released research report.

The sports betting market in particular seems to have played a major role in the surge of the online gambling industry.

The Role Sports Betting Has Played For The Online Gambling Market

It is predicted that 2021 will be the biggest sports gaming year on record, and with more states launching their own regulated markets, the wagering industry will only continue to grow.

"Online gambling companies are likely to expand their sport betting options after sports betting was legalized in the United States by the Supreme Court in 2018, which is further supporting the market’s growth," said the report.

The report's predictions of an 11.94% growth over five years is easy to believe, especially with how quickly the online sports betting industry is growing, and the amount of new US regulated gambling states that have launched recently and will continue in the years to come.