iReach, an Irish research and market intelligence company, released a report Wednesday, predicting that the already large online gaming industry will quadruple by 2020 and will top €13 billion in 2010.
According to iResearch, online gambling growth has been mainly driven by the increase in access to the games through broadband Internet, WAP technology, mobile gaming via cell phones, and interactive TV.
The report also looks at the social aspect of online gambling, citing examples of online games such as "World of Warcraft" or "Second Life" where it's not just the game that attracts players.
"World of Warcraft" generated $100 million in several markets during its first year partly because it offers people a place to make friends and participate in an online community.
Online poker sites and casinos offer that same opportunity to socialize and win money as well.
The United Kingdom alone provides 4 million of the estimated 40 million users in the online gaming world. That number is expected to increase due to the passage of the 2005 Gambling Act.
Already online gambling companies such as William Hill are looking into setting up operation in the country.
What it boils down to is that iResearch believes the online gambling industry is a high-growth industry and will continue to grow as more people gain access to the Internet and experience these newer forms of online entertainment.