By 2021, gambling wagers worldwide are expected to increase exponentially, soaring to nearly $950 billion from $550 billion this year.

Report; online gambling to approach $1 trillion by 2021

According to Wednesday’s press release from Juniper Research, due to an increase in growth by mobile users, more gambling is making its way to online outlets. The research firm predicts that in 2021, online gambling wagers will be close to equaling the total spending on all digital good and services and for the first time eclipse $1 trillion. Juniper added that in time, more online gamblers will also be drawn by virtual reality (VR), as reported by CNET.

The UK-based research firm said that there is a growing trend toward the creation of new online gambling regulation, but that in some countries, such as the Philippines, governments are moving toward outright prohibition. Jupiter states in the news release that while sportsbook providers such as 888 and William Hill now offer Bitcoin, it is unlikely that the encrypted digital currency will see mass-adoption. The research firm goes on to assert that initially, the new format of VR will attract a niche clientele, however, a significant amount will be wagered by them on real world ‘casino-style’ VR gambling products.

Juniper Research is a provider of research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports, and industry commentary.

Report; online gambling to approach $1 trillion by 2021