Across the world, the iGaming or online casino industry is among the fastest growing as far as the entertainment industry is concerned. Forecasts suggest that the online casino market will be worth $565 billion by 2025. While a bulk of this growth is likely to be concentrated in Asia and North America, Europe is a growing and highly promising market for this industry. In the Baltic countries, for instance, online casinos have been gaining popularity due to a number of reasons.
People’s inclination toward new experiences
Gambling in land-based casinos has long been popular across the world. In comparison, the online gambling industry is still quite new. Despite this, the European online gambling industry has seen tremendous growth, with the market size reaching $34.6 billion in 2021 and expected to exceed $56 billion by 2027. Some regions and countries have seen higher growth than others. The United Kingdom generally leads the pack in the industry, but the Baltic countries are not that far behind. For instance, in Lithuania, 2019 was the year when the iGaming market saw massive growth. The GGR was recorded at €112.6 million, which was a 44.5% year-on-year growth or an increase of 13.1%. Germany’s online casino industry is expected to grow to €3.3bn in 2024 from €2.8bn in 2021.
These countries have rapidly growing economies, which means that people have higher incomes, and more income to spare. Culturally speaking, people in these countries like to spend on entertainment, and online casinos are a relatively new form of entertainment that more and more people are preferring.
Use of technology
Online gambling has been around for almost the past two decades. However, the industry really took off only after substantial innovations and technological developments. This is one of those entertainment industries that are heavily dependent on technology for all its aspects. However, keeping in mind the fact that most people still find it hard to trust online sites where digital transactions are required, many people like to do a bit of research before indulging in a little slot action or a round of blackjack. Referring to this list of recommended websites available in Germany can tell new users about better gaming features and improved security. Technology has really driven the rapid growth of this industry, with easier access and continuous improvements in software development. In fact, data analytics even allow operators to transform their businesses by predicting consumer behavior like never before.
Economics of online entertainment
Many Baltic countries have been seeing improved internet speed in recent years. Due to the presence of this solid foundation on which digital technology is developed, these countries have become hotspots for tech start-ups and innovations. It is interesting to note that the much-loved video calling and sharing app Skype was developed by a few young Estonian men and has been making waves worldwide for many years.
The Baltic countries also have hundreds of licensed online casinos, which have received a boost from favorable legal frameworks that allow these companies to run smoothly.
Online gambling has been gaining popularity in the last few years. Predictions and estimates suggest that this trend is set to continue worldwide. The Baltic region is a great market for this emerging industry due to the factors mentioned above. Most importantly, businesses that operate through the Internet have spent a lot of time developing their reputation and customers are finally putting their trust in these online business operators.