The online casino industry all over the world is booming. According to Statista, the online casino industry by 2024 will have grown up to $94.4 billion in market capitalization. According to another reputable source, Grand View Research, the online gambling market will be worth $127.3 billion by 2027.
If you are a close observer of online casinos over the past two decades, you will notice the astonishing transformation taking place in the industry at a super-fast rate. The industry relies heavily on technological innovation which is its greatest strength.
The constant shift in technology and the quick adaption of the online casino industry is one of the reasons why it is on the rise. While many industries were skeptical about the use of cryptocurrency for transactions, many online casinos rose to integrate it into their payment systems. Some even build casinos based on it such as the Bitcoin casino.
The greatest surprise that took the world by surprise was the resilence of online casinos in the hot periods of the COVID-19 pandemic. Instead of the industry experiencing losses and a lower number of patronage like was the norm in many industries, many online casinos swelled their ranks and posted profits.
Here are some of the reasons why the online casino industry is on the rise.
- Mobile Gaming
One of the reasons why the online casino industry is rising is because of its adaption of mobile gaming as a viable option. Many online casinos can play flawlessly on mobile and there are mobile apps available for online casino games.
This is related to the growing numbers of smartphone users worldwide. What is even more remarkable is that the average time people spend using their smartphones is rising. With the majority of these users Millenials, a large number spend time playing games online.
The statistic that proves the above point is the one on the number of mobile gamers. In 2019, the expected number of mobile gamers in the world was capped at 2.2billion. In other words, 1 in every 3 humans plays games online.
These large numbers are increasing with about 50% of those numbers spending a minimum of 10 hours per week playing games. Online casinos account for a significant part of this traffic.
- The Ease of Online Casinos
This is probably the most under-rated reason why that does not get the right amount of credit by online casino analysts. Online casinos are extremely easy to play. You can set up an online casino account in less than five minutes and start playing to win money from your chosen device.
This easiness has helped grow the popularity of online casinos. Many new players get involved simply because of its accessibility.
Before online casinos came into the mainstream, land-based casinos dominated. Because it was location-based, not everyone could play as frequently as they wanted to. In some locations, you had to travel to another state just to play your favorite game, yet casinos still thrived.
Now, with online casinos, players can play at any time they want and have exclusive privacy. Online casinos are now cheaper, more accessible, and growing at a more rapid rate.
The general public attitude towards casinos is getting more positive now than it ever was. Many social and moral barriers are declining thereby increasing the number of new players and the commitment of existing ones.
- Casual Players
The biggest beneficiaries and drivers of the rise of online casinos are casual players. Most casino players or likers do not want to play casinos frequently and put in much money.
The land-based casinos model favored the big-rollers. Also, land-based casinos may not be necessarily easy for casual players to locate. Online casinos came much to the pleasure of the casual players.
Th contribution of these casual players to the rise of the online casino industry tends to flow under the radar. They may not be the big-rollers, but collectively they are an army with more funds than the big-rollers can amass to play.
- Technology Innovations
Technology is the backbone of the success of online casinos. It is also the core reason why the online casino industry is rising and all expert opinions are pointing towards an impressive growth rate in the coming years.
New technologies are driving people’s interests. For example, the addition of Virtual Reality and Augmented Reality technologies are making online casino games more interactive and exciting for gamblers.
Secure and cashless payment options, blockchain, cryptocurrency, and high-speed internet are other technological factors contributing to the growth of the online casino industry.
Conclusion
The Online Casino Industry is growing because of the convenience and new technologies that make improve its gaming experience. The role of aggressive online advertising is also a factor.
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