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Online Gambling and Betting Swelling to $52 Billion in 2018

BACKGROUND

The online gambling and betting sector is a dynamic and growing business, with new competitive entries each year.  With online gambling apps and sports gambling apps for literally all wagers and punters, the market has become a fiercely competitive industry of fickle users, regulatory pressure, and an increasing user base.

Online apps are so widely used, that users bet from any of their personal devices, anywhere they are, contributing to global expansion to $52 Billion in 2018[i].   This is expected to reach $60 Billion by 2020[ii] and $128 Billion by 2026.[iii]

SYMPHONY SOLUTIONS

Symphony Solutions knows this first-hand.  They have several clients with growing needs in this field, which challenge engineers daily to develop new sports betting software and new features before competition does.  Engineers at Symphony love the high-stake, high-pace challenges, and they are currently upgrading their AngularJS framework to Angular 6 for one client, to accommodate increased speed and scalability, especially during periods of high load like the Olympics and World Cup.

PSYCHOLOGY

While gambling and betting is high-risk/low yield and users know these odds, they still dream of winning, of hitting the jackpot, especially if they have ever won big.  That memory, that exhilaration, that feeling is fuel enough to continue.  The adrenalin rush of expectation, the excitement of deliberation as they place their bets, watching live-streaming events with intent as they follow their horses or teams, waiting with anticipation to see the winners.

And while some argue that the predominance of sports betting software and those who use it may increase addiction, all major companies donate money each year to safe practices and to helping addicted parties.

A BIG SMALLWORLD

The rush of excitement and thrill is why 33% of adults[iv] worldwide use online gambling apps and sports gambling apps in a given year.  It’s no wonder that the UK, which has the largest betting and gambling population in the world,[v] has over 1,000 companies in this industry, 98% of which are large, respectable corporations who pay scrupulous attention to secure online transfers.

After the UK, the next largest populations are:  Australia, China, Singapore, Italy, and the U.S., all of which can be betting using the same apps on the same games at the same time, no matter what the time.

Use of sports betting software will only grow, especially as use of smartphones grows from 2.5 billion people worldwide in 2018 to 3 billion by 2020.[vi] This means new features for current users and expansion of apps to new users.

Stay tuned!

Engineers who appreciate working with the top 20% of talent in each community or who want the challenge of high-pace work, please check vacancies.

 

[i]   Statista

[ii]  Statista

[iii] Transparency Market Research

[iv] Annual Report, 2018, Gambling Commission

[v] The Medium

[vi] Statista