The online gambling market has become a huge industry. One of the reasons that is the case is because that gambling taps into one the core values of human existence. Humans crave excitement and thrills beyond every day experiences. Everyday life isn’t as exciting as being close to winning a sportsbet or outplaying the house in black jack – it just isn’t. And with the introduction of the internet the consumer now has the opportunity to consume and experience that thrill in their living room. This means that online gambling has the opportunity to become even bigger, which for just five years ago, seemed impossible. The online betting market is a global one. Consumers in Denmark have almost the same amount of chances to experience the excitement as online betting in South Africa.
This article will try to explain and show – in short burst – how the online gambling market has grown, how the industry uses marketing to lure consumers in and how it complies to the law.
How big is the online gambling market globally?
Lets just define what is meant by the online gambling market. The online gambling is defined by the availability of accessing bookmakers and casinos online. Through a platform connected via the internet the consumer can gamble and play casino games and bet on sport on their phone, tablet or computer. Therefore, the online gambling market can be defined by taking the consumer out of the physical casino experience into an online one, which can be accessed anywhere with an internet connection.
So how big is the market? Once a market is defined it is easier to measure the sheer volume of the market. The online gambling market is still a hard one to measure but studies and market reports show that in 2023 the online gambling globally will reach a new record in net worth. Breaking the net worth record isn’t a surprise. The market for online gambling has broken their yearly net worth record ever since it was created. But reports show that in 2023 the markets net worth will grow to be around 56,7 billion dollars. It is an yearly increase of 5% income every year. Having a 5% yearly increase in income over the last 20 years is something few companies and markets have done.
Marketing tricks used by the gambling industry
One of the reasons that the online gambling market can continue to grow is because of their marketing campaigns. Marketing is one the most important aspects when wanting to grow a market and a business. The gambling industry knows this and therefore they have overrun tv’s and social media with their content. It is almost impossible to watch tv or go online without seeing some advertisement for gambling.
The gambling industry uses more than one trick to lure the consumer in. First of all, the sheer volume of ads on tv and social media is a strategy itself. Studies have shown that the consumer needs to see a logo or slogan at least sevens times before they remember it clearly. The volume of a companies’ ads is therefore important. Second of all, they use one of the oldest tricks in the books used since the dawn of advertising – recognition. A lot of advertisements for gambling use consumers that seem just like you. You see yourself reflected on the screen. It is normal people who have jobs and kids and just want to relax or get some thrills by gambling a bit on the gambling platform. Lastly, a lot of commercials for gambling use celebrities. For example is Pilou Asbaek used for Bet365 (danish actor, who was in Game of Thrones) or Peter Frodin for Bet25 (danish actor and entertainer) to promote their site. This is done to indicate that the celebrity uses their site and to become like them or support them, the consumer should play at their site.
Compliance – do the companies do anything wrong?
Compliance and gambling are two words that seem like they don’t go together but it is not the case. All across the world national laws are used to ensure that the gambling industry doesn’t use their extreme amount of influence and money to lure the consumer into financial or psychological despair. Gambling can lead to a lot of bad things and it is recognized all over the world. Therefore, lawmakers ensure that it won’t get out of hand for the consumer.
Most countries have strict rules when it comes to gambling marketing and algorithms that make sure that the consumer isn’t cheated in the process.
This article has shown how the online gambling industry has grown after the birth of the internet and how they use marketing tricks to lure the consumer in. Yet the majority of companies comply with both national and global rules of gambling.