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The online gambling industry is growing quickly. According to the Cisco company, the world's total internet users are expected to grow from 3.9 billion in 2018 to 5.3 billion by 2023 at a compound annual growth rate (CAGR) of 6.7%. The growth of this market is driven by the growth of Smartphones, which are expected to reach a combined market value of $92.3 billion by 2023. Moreover, the online gambling industry in the UK has grown at a CAGR of 5.4% in 2017.

The growth of the online gambling industry in Asia Pacific is expected to continue as the COVID-19 pandemic has affected the region's gaming industry. Lockdowns in certain countries have made online casinos and poker rooms closed, but this is expected to have a positive effect on the revenue of the Asian region. In Singapore, YouTrip, a multi-currency mobile wallet platform, reported a 260% increase in online transactions of games from January to September 2020. This rise was attributed to an increase in the number of users opting to make more purchases from gaming-related websites.

The online gambling industry is expected to continue to expand during the COVID-19 pandemic, which is predicted to shut down land-based casinos and restrict people's mobility. In addition, a new online casino Singapore will turn the players' immediate surroundings into virtual casinos in the next few years. Currently, the growth of the online gambling industry has surpassed its initial growth in the mid-1990s. As of 2018, revenues from the sector topped $830 million in 1998. In 1998, the first online poker rooms were launched, and the Internet Gambling Prohibition Act was introduced in the US Senate. Meanwhile, in 1999, multiplayer online gambling was introduced, and the world's online gaming scene grew by leaps and bounds.

In 2017, there were approximately 7,000 registered companies operating in the online gambling industry. These companies accounted for more than a quarter of the global market. In the United Kingdom, the top four companies were 888 Holdings PLC, Paddy Power Betfair PLC, and William Hill PLC. During the past decade, the average size of the online gambling industry was USD 55 billion. The industry is projected to continue to grow at a CAGR of 16.5% through 2026.

There are several factors that contribute to the growth of the online gambling industry. The first factor driving this trend is the use of smartphones. As of January 2019, over 80 percent of internet users were on mobile devices. The next two major drivers of the market are increasing use of internet technology. The advent of blockchain and cryptocurrency has boosted the popularity of mobile platforms. It is also important to note that the growth of the online gaming industry is driven by improving accessibility and the growing number of sports fans.