According to recent data, the global online gambling market is projected to reach a staggering value of approximately $158 billion by 2028, reflecting an impressive compound annual growth rate (CAGR) of 11.4%. This exponential growth is attributed to several factors, including the widespread adoption of digital platforms, the increasing popularity of sports betting, and the rising acceptance of online casinos.
Moreover, the proliferation of mobile betting has notably facilitated the expansion into new markets. Statistically, mobile betting accounts for a substantial share of the market, with mobile gaming revenues exceeding $76 billion in 2020.
This figure is expected to climb significantly as more regions worldwide legalize online gambling and punters continue to shift towards mobile betting platforms.
In terms of innovation, data-driven insights, and artificial intelligence have revolutionized the industry. For instance, machine learning algorithms analyze vast datasets to provide personalized recommendations and enhance the user experience. Additionally, the integration of cryptocurrencies, such as Bitcoin, into betting platforms has opened up new possibilities, offering enhanced security and anonymity for users.
The Serbian market has a new player.
Online gambling giant Betsson has strategically entered the Serbian market, securing a license to operate in the regulated iGaming sector.
The company has launched its online casino platform, Rizk, in Serbia, aligning with its broader geographic expansion strategy into emerging markets. Serbian players can now access the Rizk brand on both desktop and mobile platforms.
Pontus Lindwall, President and CEO of Betsson AB, expressed pride in welcoming Serbia as another locally regulated market for the company. He emphasized Betsson’s commitment to delivering the best possible customer experience, stating that the Rizk brand is prepared to offer a top-tier online casino experience in Serbia.
European Expansion
This expansion into Serbia is part of Betsson’s ongoing growth efforts in Central and Eastern Europe and Central Asia (CEECA). Notably, the CEECA region contributed 43% of the Group’s revenue in the second quarter of 2023.
Betsson’s strategic approach to expanding into new markets has been evident in recent acquisitions, including its purchase of Belgian sports betting and gaming operator betFIRST for €120 million ($130 million) in May, marking its entry into the Belgian market.
Betsson’s financial performance has reflected its successful expansion initiatives. In the second quarter of 2023, the company achieved record-breaking revenue, marking the second consecutive quarter of reaching new highs. Casino revenue also saw a significant increase.
During the three months ending on June 30, Betsson reported revenue of €236.8 million ($265.4 million), representing a 27.1% year-over-year growth compared to the second quarter of the previous year, which stood at €186.3 million ($206.91 million). This revenue figure also exceeded the previous high of €221.9 million ($246.85 million) set in the first quarter of the same year by 6.7%.
The betting industry continues to exhibit remarkable potential for expansion and innovation, enabling companies to explore and enter new markets easily. As the industry demonstrates its capacity for growth, independent bookies are encouraged to explore opportunities for expansion into emerging markets, as the possibilities for growth seem limitless.
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