( NASDAQ:DKNG) saw a huge increase after its IPO in 2020. One of the top companies in online gambling DraftKings Inc. According to a report from The Business Research Company, the online gambling market is predicted to increase at a 12.0% annual pace from $58.96 billion in 2019 to $92.86 billion in 2023 at a CAGR of 10.4%. The internet gambling sector saw a potential economic opportunity as the pandemic hindered physical engagement. While many brick-and-mortar casinos were forced to shut down during the global pandemic, online gambling grew in popularity.
According to Research and Markets, the worldwide gambling market is predicted to expand from $465.76 billion in 2020 to $516.03 billion in 2021, at a CAGR of 10.8%. However, with technologically-driven transformational advances and the resumption of brick and mortar casinos, the gambling industry is set to be among the fastest-growing in the world with over 1.6 billion gamblers worldwide.
In 2020, as a result of the lockdown in reaction to the global pandemic, several brick-and-mortar casinos saw a sharp drop in revenue with casinos and bookies operating at a reduced capacity and others forced to shut down.
