Introduction: In recent years, online casinos have emerged as a popular form of entertainment and a potential source of income for millions of people worldwide. From a relatively unknown industry, the global online gambling market has grown to become a multi-billion-dollar industry. As per the estimated statistics, the global gambling market was valued at USD 465.76 billion in 2020, and it is anticipated to grow at a CAGR of 5.60% over the forecast period from 2021 to 2028.
The COVID-19 pandemic has also accelerated this trend, as people were confined to their homes, and online gambling became a preferred way of entertainment. The study aims to provide a detailed understanding of the online casino industry, including its growth, challenges, and future prospects. It will cover various aspects of online gambling, such as the legal framework, market size, revenue, technology, and emerging trends.
Legal Framework: The legal framework of online gambling varies from country to country, ranging from outright prohibition to completely legalizing it. In some countries like the United Kingdom, online gambling is entirely legal and regulated by the government, while in others like the United States, the legal status of online gambling is more complicated. The US Supreme Court, in 2018, lifted the federal ban on sports betting, Wales News Today thus allowing individual states to regulate it.
However, online casino gambling is still illegal in most states except for Nevada, New Jersey, Pennsylvania, and Delaware. Some countries in Asia such as Singapore and South Korea have completely banned online gambling, while others like Macau remain the hub of gambling.