North America Online Gambling Market Report Released Early 2023 Explains the Impact of AI and the Growing Adoption of Internet-Based Devices on Industry Development.
North America Online Gambling Market is the latest report developed by Quadintel, which offers an in-depth analysis of the industry and makes a forecast for its development during the period 2023 - 2030. Quadintel is one of the leading agencies for preparing innovative market studies worldwide. What does their latest report show?
The Impact of the Mobile Devices
The spread of mobile devices has a positive impact on the development of online gambling. According to Statistics Canada, cited in the report, in 2020 84.4% of Canadians owned one which was an increase of 4.1% from 2018. Digitalization has made mobile gambling quite common.
Statistics show that nine out of ten bets are placed through a mobile application. Based on this, the report concluded that smartphones play a major role in the development of sports betting and its popularity among players. The pandemic also had a significant impact on the growth of the online gambling market.
The online industry saw a big boom during these months. The presence of online casinos gives players the opportunity to choose between internationally recognized gambling platforms and the best local operators when it comes to online slots or table games.
The Gambling Industry and AI Technology
Online gambling is one of the fastest-growing industries. Apart from it, however, artificial intelligence is another area that has made significant developments in recent years. How do the two interact? Artificial intelligence is the reason for the introduction of many changes in online gambling and its influence is expected to become even greater in the future.
Both online and offline gambling sites use the power of artificial intelligence to analyze user behavior and actions and offer them a better and more personalized experience. Not only new potential users are surveyed but also already registered players. In addition, AI is used to speed up the bank account creation process by verifying customer information and supporting documents. In addition, chatbots and artificial intelligence have the ability to instantly perform some tasks such as answering questions and solving problems, resulting in a better user experience.
The Largest Market Share
And the largest market share goes to… Canada. Surveys show that most Canadians gamble in some form, whether it is charity gambling, online poker, a live dealer table, or some other option. Canada is largely unregulated when it comes to online players. The Canadian Gaming Commission is the body responsible for controlling the industry in the territory of the country by solving problems. Due to its nature as a federal state, laws related to casinos, online gaming, and sports betting are individual for each province and are subject to supervision by different authorities.
Nevertheless, the landscape is changing bit by bit with the opening of Ontario's first regulated online gambling market in 2022. Some provinces are already on track to follow suit. In addition, Canadians are waiting for the emergence of a working licensed online casino where they can play their preferred games. In addition to casino games, Canadians show a strong interest in sports betting. Horse racing, football, bullfighting, and esports are the most popular categories among Canadians, according to the report.
Quadintel's report concludes that the online gambling industry will continue to be one of the fastest-growing areas due to the impact that mobile devices and artificial intelligence will have. The online gambling market in North America is expected to grow at a Compound Annual Growth Rate (CAGR) of 11.78% over the next five years. In case you would like to look at the report in detail, you can find it here.