The gambling industry is expected to reach $232.54 billion by 2032. This tremendous growth is triggered by many factors, including the development of technology, more internet use, and changing customer habits. This article will discuss this market expansion and delve into the Australian gambling market in great detail. We will have a look at how things have changed over time in Australia, consider current trends in gambling, and describe how government regulations impact the industry. With the analysis from Alexis Collins, editor-in-chef of PayID-Gambler.com, we seek to present a holistic picture of global and Australian gambling businesses.
Factors Driving Market Growth
According to the report of IMARC Group, the global gambling market is about to reach $232.54 billion in the next eight years. For the comparison, in 2024 is around $97.7 billion, which is more than twice less than the predicted number. So, what is influencing global gambling market that much?
Tech Revolution
A significant force driving this is the technological revolution. This has been through changes in online platforms, mobile apps, and virtual reality experiences that engage users in the gambling world more and more. Moreover, the growth of smartphones and internet access in developing nations has driven this expansion further. According to the datareportal.com, the annual rate of new internet users is 3.4%. Just to understand the numbers, around 97 million users joined the global network only in the past year. The mentioned tech factors let gamblers enjoy casinos anytime and anywhere.
Regulatory Evolution
Changes in legislation within different nations have enabled them to legalise and regulate gambling, creating new markets and opportunities. The sports betting legalisation experienced recently within the United States, for example, has helped a lot in boosting the market. Not only has the change been made overseas, but here in our motherland, Australia, too. Later in the article, we will have a closer look at the Australian gambling legislation.
Innovative Payment Solutions
Innovation in gambling payment methods and the development of cheaper or even interest-free, secure, and easy-to-use banking options have impacted the gambling industry. Let’s name some of them:
- One notable example that we mostly talk about at PayID Gambler is obviously PayID, an Australian real-time payments system that has gained traction for its speed and convenience, allowing instant transfers without complex bank details.
- Apart from that, there are also popular e-wallet brands such as Neteller and Skrill, which simplify gambling transactions, and often offer built-in gambling-related features and responsible gambling tools.
- Multiple cryptocurrencies, whose number of users has increased in more than 8 times in the past two years, according to Statista. Not only do they provide fast transactions, but also higher security and lower fees.
Rising Wealth
Last but not least is increased disposable income and better quality of life. The disposable income indicators prove a 175% growth during the last 60 years. Therefore, more and more people earn money that not only covers basic needs but also allows them to risk funds for fun, namely gambling.
Gambling Trends of the Australian Market Ananlysed by PayID Gambler
According to the gambling statistics found by experts from PayIDGambler, online pokies have been the most popular online casino game among Aussies. Thus, about 96% of Australians at the age of 18–24 years have tried playing pokies with over 60% playing at least weekly. Therefore, the most played casino game is still slots. However, what are the innovations entering the online gambling world that encourage more and more people to start their casino journey?
Gamification
Gamification refers to the introduction of game elements, such as leaderboards, levels, in-game missions, rewards, etc., into a non-game environment. Gamification in gambling plays an important role in providing a more dynamic and engaging experience. Players no longer play to win real money but also to win in-game rewards, rise to the top of the leaderboard, and compete with others.
VR/AR Reality
The widespread adoption of VR&AR technologies has had an impact on the online casino market. Now, you can find casinos with VR mode, which allows players to enjoy gambling with a full immersion effect. Another advantage is that VR mode is available for many different games, including not only pokies but also table games such as poker, blackjack, baccarat, and classic poker. Thanks to this technology, you can expect to interact with other players in a realistic way, see their movements and possibly read their tells.
Social Gambling
Social gambling emphasises player interaction and community engagement. It combines elements of social networking with gambling, creating an experience that is as much about connecting with others as it is about gaming. In social gambling, players often link their social media accounts to gaming platforms, allowing them to play with friends, share their achievements, and compete on leaderboards. Users can also sometimes interact in real-time, chatting and playing together, just like in a physical casino or card game.
AI Integration
With the help of AI which is currently being used in all spheres of human life, online casinos are not exceptions.
One of the possible roles AI could play at online casinos is creating a more personalised experience. This involves analysis, based on which AI will customise a casino’s layout according to a player’s preferences, and create personalised game recommendations and bonuses. While now this AI feature is rare to face, Alexis Collin, the editor-in-chief of PayID nGambler, believes it will become a thing in the near future.
Another one is already commonly implemented in online casinos, that is NLP chatbots. NLP is an AI-based technology, which substitutes a human customer support manager. Therefore, chatbots with NLP are programmed to provide personalised human-like assistance, giving all the info and solving the problems of players.
Gambling Regulatory Landscape
The gambling laws in Australia might be quite confusing and complex. Each state and territory is granted a right to have its own casino legislation. However, it still must comply with the Interactive Gambling Act 2001. The IGA 2001, which forms a cornerstone of Australia’s online gambling regulation, prohibits certain types of online gambling services from being offered to Australian residents.
Obviously, the tremendous growth of online gambling raises concerns about data safety and the health of gamblers worldwide. According to the research presented by the Australian Institute of Family Studies, around 46% of surveyed players have experienced gambling harm at some level. This alarming statistic has prompted Australian regulations to get some stricter measures. For example, there has been a recent ban on credit card use in online casinos. The idea behind it is to prevent gamblers from using borrowed money, which they often are not able to return.
Additionally, the Australian Communications and Media Authority (ACMA) has also been granted increased powers to combat illegal offshore gambling websites targeting Australian players.
