The gambling industry is expected to grow by $90.22 billion between 2022 and 2027, at a CAGR of 8.13%, as per reports by ResearchAndMarkets.com. The main “culprits” behind the expansion are new technologies appearing in the industry, as well as the broader legalisation of gambling products worldwide.
SoftGamings always keeps an eye on the latest industry trends, and the following is a collection of the hottest stories so far in 2023, as well as what the future has in store for us.
Curaçao Launches New Website About Gambling Policy
The Curaçao Ministry of Finance has unveiled a new website featuring information on their updated gambling policy and the new regulations for responsible gambling, along with details on the enhanced supervision of the country’s gambling operators.
In his speech at ICE London 2023, the Minister of Finance Javier Silvania has indicated that the country wants to become a leader in responsible and fair gaming, that the procedures will be strict, and that transparency and efficiency will be the key to seeing the changes through.
The new gambling law is expected to go into full effect in the second half of 2023.
Countries Impose Tougher Rules About Gambling Ads
We’ve seen a rising number of countries looking to impose more restrictions on how operators advertise their services. In Belgium, for example, a royal decree was issued banning all gambling ads in the country. Only the National Lottery will be allowed to advertise, plus a handful of sports betting operators, whose sponsorship messages can’t be longer than five seconds and may only appear fifteen minutes before and after matches. These restrictions will be valid as of July 1, 2023.
Illegal Gambling On Course to Be Weeded Out
Countries like Germany are fighting hard to keep illegal gambling at bay and have the results to show for. According to GGL, the state’s chief regulator, 95% of all bets placed in Germany were made on regulated betting sites, even though the country has some austere measures in place.
For example, all players must abide by the €1000-per-month deposit cap and a €1 limit per spin that applies to slots.
African Gambling Market Is Rising
The estimated value of the African online gambling market was $2.2 billion at the end of 2022. One of the reasons for the industry’s overall growth lies in the fact that almost 70% of the population now has smartphones, prompting easier access to gambling apps.
Another key factor is the legalisation of gambling in Nigeria — the continent’s most populous nation. With an increasing wave of regulatory changes and more robust policymaking, Africa could catch up with Asia-Pacific in terms of gambling revenue.
Conclusion
The gambling world is evolving so rapidly that it’s sometimes difficult to keep track of all the technological advancements already embedded in the industry, such as VR technology or the use of AI to monitor players’ gambling habits. All of the new trends have something in common — the need to improve customer experience and create a safer gambling environment.
