Study Suggests Major Future Growth for Aussie iGaming
With one of the fastest growing online casino gaming industries in the world, big things are expected for Australian iGaming within the next few years. Now, a new study conducted by IBIS has added evidence to these predictions by showing substantial growth for both Aussie betting and real money casino gaming.
The new boom in iGaming popularity has boosted revenues for both local iGaming operators and international companies Down Under. The Australian gambling industry has recently seen a number of new developments in the field as well, which has added to the positive growth seen in the study.
The IBIS study proves without a doubt that Australia’s online casino market is in the midst of a rapid period of growth. The study has also predicted astounding future figures for the industry’s revenues, suggesting that iGaming takings in Australia will grow at an annual rate of 1.2% in 2020 and 2021.
According to the study, the value of the industry will also reach AU$3.7 billion by 2021 – which is in just 5 years’ time.
Online Gaming Revenues Booming in Australia
The IBIS study has also highlighted some big improvements in certain areas of online gaming Down Under. A major shift has seen thousands of former land-based players go online and mobile, and major growth in the popularity of sports betting has also served to boost these industries’ overall performances.
For sports betting in particular, the study has also revealed that this sector is Australia’s fastest growing local division, with online and mobile casino gaming close on its trail.
IBIS Cautions Land-Based Betting and Gaming May Suffer
However, along with the good news has come a word of warning from IBIS. The research firm has cautioned operators and players of stormy times ahead for certain areas of Australia’s gaming industry, referring to land-based betting in particular.
Online betting operations have recently put pressure on Australia’s traditional TAB betting outlets, which is expected to cause an exponential drop in revenues as players move online.
Notable betting operators like William Hill have lost over AU$144 million in the past year alone, as indicated by their worrying accounts from William Hill Australia Holdings. The latter company, a subsidiary of William Hill, attributed the losses to intense competition in Australia’s sports betting market, especially the online realm.
Recent reports in the media have also shown that renowned operators like Unibet Casino and Bet365 are also struggling with their betting and gaming operations in Australia.