As of 2019, the online gambling market’s value was estimated at $53.7 billion. Two years down the line, a growth of 11. 7% per year was experienced, and the market share increased to $72.3 billion. Previous research indicated that internet casinos would grow at 7% each year.
Still, the markings went higher than expected. Several drivers and trends were monumental in stirring gamblers to dive deep into the internet gaming realm.
Since online casinos are still mushrooming with each passing day, we want to find out in detail the reason behind this exponential growth.
VR and blockchain
Technology has always played an integral part in ensuring that internet gaming is successful. Fiat currency was the primary way that linked gamblers to their favorite online casinos.
And while this option worked for most of the gambling crowd, a few loopholes made it difficult for the wagering community to enjoy the experience fully.
The emergence of blockchain technology brought a new era of transparency that bettors yearned for. They could effortlessly join any crypto-enabled website and wager at a minimal cost.
Fiat currencies were synonymous with exorbitant transaction rates, so it was a relief for players when they could access a less expensive payment option.
Aside from offering cheaper transaction rates, blockchain allowes players to play in their favorite casino anonymously. A link to their wallet is all they need to pay for the experience without setting up an account with an online casino.
Immersive technology such as VR and AR quickly dominates the gaming industry, making it more appealing to gamblers. Individuals can enjoy a near-life experience in VR and AR-enabled internet dens as long as they have the supporting gear.
One of the greatest contributors to this market increase was the Covid-19 pandemic. Many economies came to a standstill when things got thick. The rapid and uncontrollable spread of the Covid-19 virus forced governments to ask their citizens to work from home.
The crippled economy couldn’t also sustain the demands of all employees, so several companies had to lay off several of their employees to cope with the new reality.
With many people at home having nothing impressive to do, they turned to internet gambling as an alternative source of entertainment. It was an accessible indoor activity, meaning it fell under permitted entertainment.
Incoming and established gamblers took to the internet to satiate their unquenchable need to find something exciting to do during this time.
And while sports betting took a back seat, other casino games benefited from this shift thanks to the cancellation of most sporting activities.
Urbanization and global internet penetration
The internet is a tool that significantly contributes to easy access to almost anything. One of the core factors contributing to the accessibility of this service in the most remote place around the globe is urbanization.
Predecessing years to the Covid era were full of developments in most developed and developing countries. Penetration of tarmacked roads, localization of international franchises, and collaboration with investors created a route into rural settings globally.
Naturally, the availability of internet services preceded these developments, making it easy for everyone, including gamblers, to access betting services effortlessly.
This factor led to an increase in the availability of internet casinos, which were responding to the growing demand for gambling services.
Gambling legalization in particular developed countries
Surprisingly, it has taken decades for some of the most developed nations to draft and pass laws regarding the legalization of gambling within their spheres. USA, UK, and Canada, among other developed countries, had contentions about the legality of wagering activities.
Considering these western nations are the key consumers of internet gambling, it was natural for online betting to stall now that the targeted audience wasn’t legally allowed to gamble.
One by one, these states took a chance at this phenomenon and set up laws that would regulate betting within their borders.
This move boosted the gambling scene now that there was more internet presence from these nations, who were the primary audience most online casinos were targeting.
Convenient access to gambling services on mobile gadgets
Over the years, several services have moved their businesses to the internet to offer convenience. Individuals can access anything over the internet with a single click. However, new dynamics to this feature made the gambling community prone to betting more.
Walking around with a laptop isn’t always possible, but people always have their mobile gadgets. Gaming companies took advantage of this factor and created apps and HTML websites that punters could effortlessly access.
Players did not have to find brick-and-mortar casinos to enjoy gambling activities. Easy accessibility enabled them to play for real money at meager costs, at whatever location.
Thankfully, the only prerequisites to accessing a real money casino on portable gadgets were the availability of a stable internet connection and some cash in the account.
Increased financial abilities that expand gamer’s expenditure
The global economy has grown steadily, even after the great recession. Several states around the globe felt the effects of this event and struggled to get back to normal. Nonetheless, economies have grown stronger and richer related to increased employee income.
With increased financial abilities at the disposal of a significant number of global employees, it gives them a chance to increase their entertainment expenditure. And while most other amusement activities help produce dopamine, gambling seems to be the most rewarding since it has potential monetary gains pinned to it.
Consequently, players flooded the web casinos in numbers, hoping to have some fun and get rewarded for it. Notably, gaming sites offer ridiculously low rates to their clients, meaning that even bettors with limited entertainment expenditure had a chance to join the bandwagon.
With easy accessibility, increased funds, and bored people lounging in their homes, it was natural for internet activities to enjoy the effects of these combined variables.
Offering top-notch services and up-to-date technology came into play when competition increased, and each holding company had to outdo its competition to get a share of the pie. These and more factors have and are still contributing to the growth of the online gaming scene at a high rate.