Over the past two years, with the COVID-19 pandemic, people are spending more time than ever at home on their mobile devices, and with a lack of social connection, gaming has become one of the most common activities in our daily lives . As the gaming world continues to grow and welcomes millions of new players every day, the market is expected to reach a huge size in the coming years. The past 18 months have been a period of rapid growth for the global games industry, but what does the future hold for the industry? To answer this question, Google partnered with Newzoo to conduct extensive market and consumer research in 16 countries across four regions around the world.
Online gambling and casinos have been a controversial topic ever since their inception. Even in states where gambling is legal, online casinos are banned. However, in spite of the tight regulations and restrictions, the industry managed to thrive. In fact, iGaming has become so popular and profitable that some states are reexamining their decision on the ban, given how this industry can be a strong boon for any economy. Here we will analyze some of the factors that helped the online casino industry expand rapidly and some trends that emerged as a result of this industry.
How Online Casinos Became Popular
The gambling industry had steady and stable growth. We talked with Realcasinoscanada casino experts and they predict that it will continue to grow by 10% on an annual basis until it hits a plateau. Of course, one of the reasons why this industry had a more aggressive growth rate in the last few years is the results of the pandemic and lockdowns. Many people were simply bored, and given how the games are accessible and easy to learn, it’s no wonder that a horde of new users joined in on the fun. That being said, the industry was already doing great and here’s why.
Mobile games have become a brand new trend in gaming overall. The games were easy to pick up and install, and a lot of them are actually free. Some don’t even contain in-game purchases, they are monetized via ads, which sacrifices player experience, but still, they are free. Online casinos also made gambling apps, which allowed iGaming enthusiasts to play their favourite games on the go.
Highly competitive market
Thousands of different online casinos are competing with one another. So, much so that many websites are actually reviewing these platforms and have a well-established affiliate branch. As a result, the welcome or bonus offers are really generous, and users can play with a really minor investment.
This also means one user has multiple accounts and can benefit from multiple bonuses, which in a way makes online casinos a superior option compared to land-based ones. It’s more cost-efficient, and you can be in one place while playing in 3 different casinos.
As stated, this is a controversial topic, but with trusted regulatory bodies, the countries made it work. There are multiple reputable licensors in Europe, especially in the UK, so the possibility of being scammed online is pretty low if you play at a licensed platform. Moreover, restrictions and regulations that promote responsible gambling are constantly evolving, so it is possible to keep this negative side at bay.
Cryptocurrencies had their ups and downs, but in order for them to maintain or increase value, they need to be useful. Online casinos really helped out this trend, and cryptocurrencies also helped casinos in the way. By enabling users to fund their accounts via crypto wallet and withdraw their earnings, the online platforms made digital currencies more versatile. Also, users who have crypto wallets now decided to shift to those platforms that can accommodate this payment method.
VR technology still has a long way to go, but for some simple games like slots or pokers, the current infrastructure really works. It’s simply more fun to play poker if you feel like you are at the actual poker table. The same goes for blackjacks. Online casinos that care for superior user experience and want to stay competitive jumped onto this trend and created virtual tables and dealers. This also helps VR tech to become more popular.
So these were some trends and factors that helped the online gambling industry flourish. Also, all of these trends benefited from being a part of online gambling since there was a whole user base interested in those products. The industry will continue to evolve, and it’s still to reach its peak. Moreover, people in general love luck-based games, so there is no need for developers to reinvent the wheel just to figure out how to make the existing one better.