Do you know that the global gambling set-up was valued at US$63.53 billion and is supposed to increase by a CAGR of 11.7% by 2030? Adding to that, with a rough 92% internet penetration, fantastic free spins, and celebrity endorsements, the online casino market is booming like never before. Now the question is, why is its popularity increasing like never before? Also, what is the future of this format of gambling?
As you scroll down this article, you will get highlights on how and why this industry has been pacing with time, how technology has propelled its growth, and what are its future prospects. Let’s take a look –
Why online casinos have boomed in recent times?
Are you new to this field, have played in traditional brick-and-mortar casinos, and are now switching? In that case, this sudden rise in the online casino market might surprise you. This transportation from live dealer tables to a virtual reality set-up might come as a surprise for many. Having said that, the primary reasons why the online version has increased in popularity are –
- Wider reach thanks to improved internet reach. Also, this has immediately affected the awareness levels to a great extent, and more people want to be a part of the same.
- The fact that it has received recognition both in cultural (like the advanced Pachinko machines of Japan) and legalized terms (parts of the US allow online gaming within restricted territories).
- Unlike previous times, when its authenticity was questioned, and red flags were raised about the same, celebs now endorse them, thereby giving these casinos a sense of realism.
- Corporate sponsorships are a huge reason why online casinos have gained such popularity. These sponsorships put in some hefty amounts, enhancing the chances of promotion (previously restricted due to the lack of funds).
Courtesy of these reasons, in current times, the brick-and-mortar format has increasingly taken a backseat, and the online gaming format has become popular. The question remains: will it be able to meet the expectations raised? Also, one needs to set certain cautionary measures for the audience as well.
How technology has impacted its growth?
Before jumping to the other factors, it’s important that you check how technology has forwarded its growth. If one has to pinpoint a single reason as to how technology has propelled this domain of online casinos, the availability of games in mobile apps is the key factor here.
What does today’s youth want in terms of entertainment? A format that is accessible and surely affordable. That is precisely what mobile app technology has brought for the current generation. With a single click, you have a plethora of games from different genres (fantasy to comedy) that you may access free of cost or maybe at a minimal rate.
Another way that it has brought these games to the forefront is using blockchain technology. Compared to the physical casinos, these improve the security features and, therefore, have impacted the growth of online casinos.
What are its future prospects?
With so many positives in tow, it goes without saying that the future prospects of this technology are rising in minutes. As per the estimates released by multiple independent surveys, almost 80% of most countries are engaged in online gambling (within the US domain), while in the European domain, the rate was 41.27% and has increased by a whopping 19% (2021 data). Again, with projected growth in CAGR, without a doubt, the future looks as good as ever.
One may surely state that with advances in artificial intelligence, the pitch and pace of this gaming format have increased considerably.
Which countries are going ahead?
For those who wish to get an estimate about the countries that have been moving ahead in this domain of online casinos – without a doubt, Australia has taken the lead. Singapore, Finland, Ireland, USA, Canada, Italy, and Norway stand in the close following. As far as the rest of the countries are concerned, most of them are in the process of accommodating the current set of rules and regulations and changing the scenario to match the demands.
From this, one can simply state that with time, globally, the concept of online casinos is becoming more acceptable and will surely have a wider reach.
Assuming you have been here till now, you have already got an idea about the current scenario of online casinos and their future impact. However, there are certain cautionary measures that you must take as well. They are –
What must you check before playing?
The crucial factors to check –
- What are the security levels of the online casinos?
This is the preliminary factor you must check when looking to play in online casinos. A minimum double-layer security chain is a necessity; the more, the better. Also, check how regularly they update their security levels and if they are in tandem with the international protocol.
- Is the price range as mentioned?
There are casinos (especially those that have recently got their license) that try to cheat their customers. If you are new to the domain of online casinos, then you must check the individual and the combo prices, along with the free slots, spins, and discount offers that come along.
- What is the range of games available with that casino?
You must also check the range of games and the variety of genres available with that casino. The site must have all blackjack, roulette, poker, baccarat, slots, and even local games.
- Do the terms and conditions match your demands?
Lastly, you have to check if the terms and conditions match your demands. Every portal will set its conditions in accordance with its benefits. You will have to pick your set of positives from that edgy situation. Hence, before you partake in any such online gambling mode, read what is written in fine print.
Unlike previous times when physical casinos were the places that engaged a huge crowd, online casinos have taken over. With a host of technological advancements and authorized backups, this has become one of the most opted forms of entertainment in recent times. Therefore, taking things into perspective, one may state that the online casino industry will be way more influential in the future.