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The online gambling industry has grown into a behemothian market that generates voluminous revenue annually. It is continuing to grow each year and according to researchers, the industry’s value will grow from $ 64 billion in 2020 to increase to $ 72 billion by the end of 2021. It gives generous returns to those who put their money into this business. Here, the articles will assess the global growth of the online gambling market.
The rise of online casinos in Holland
The Dutch government was controlling all the reins on online casinos in Holland up until now. The monopolized control was very strict. The government passed Remote Gambling Act to legalese online casinos and gambling in Holland in the wake of public demand and the huge revenue it promises.
Noe, people in Holland can enjoy different games online. The economic pundits have predicted that it will open floodgates in the Dutch country and the online casino industry will witness a steep rise in terms of revenue generation. It is expected to grow and value at €1.1bn (£957m) by the end of 2024.
Cryptocurrencies driving growth in Taiwan
The online casino industry draws huge profits in places where they are declared legal. However, the popularity of cryptocurrencies like Bitcoin and Ethereum and high-end online casinos that deal in cryptocurrencies has broken this assumption. Taiwan is the burning example of how cryptocurrency casinos are facilitating the paradigm shift. The country has strict protocols for the regulation and maintenance of online casinos. But despite the rigid control, websites accepting payments in cryptocurrency are booming in Taiwan.
Now, gaming developers are launching online gambling websites that accept payments in bitcoin, Ethereum, dogecoin, etc. that specifically cater to the needs of Taiwanese gamblers. Because of security and fast-paced payments facilitated by cryptos, the market is now exploited to the fullest and is growing at the speed of light. Other Asian countries are also witnessing a surge in online gambling sites of this kind.
The humongous size of online gambling in Italy
Italy boasts of becoming one of the members of the European Union that has one of the biggest online gambling markets in the entire continent. In 2019, the industry managed to generate a revenue of €1.85 billion in Italy alone.
The Italian government recognizes and provides licenses to all online gambling sites in Italy and charge 22% of the entire profits generated as tax. In light of this fact, we can say that Italy generates large chunks of its revenues from the online gambling industry. The relation between Italy and Gambling doesn’t seem absurd because the country houses the world’s oldest land-based casino in Venice. It was established in 1660.
Many countries have either declared online gambling as illegal or have not yet passed any law regarding the subject matter. However, the rise of online gambling in Japan has culminated in establishing the county’s first land-based casino. The south-east Asian country has declared gambling illegal but now it will establish its first casino.