The internet changed our lives, from how we do business to what we do for fun. It’s almost impossible to lead an offline life. And why would you when you can find so much useful and entertaining stuff online?
It seems that web gambling is among the favorite leisure activities of millions throughout the world. The industry’s popularity went through the roof, but can it grow further? We consulted experts and analyzed the market. Here is what we discovered about the online gambling’s industry potential growth in the coming years!
What Makes Online Gaming So Popular?
If you check out the list of real money online casinos by SA CasinoHEX, you’ll discover what the top gambling platforms have to offer to their visitors. The impressive game selection is supported with generous bonuses and loyalty programs. The operators put maximum effort into securing a memorable experience for each visitor, and that’s why players love these platforms.
Check out the advantages of playing in online casinos:
- Available 24/7 – these websites work around the clock, and you are welcome at any time.
- Cross-platform support – you can play on PC while at home. Once you head outside, use your smartphone or tablet to access the website and continue playing.
- Safe and secure – the platforms acquire a license from relevant authorities and apply security layers. That guarantees that the website is secure and transparent and secures fair play conditions.
- Game selection – the list is usually far more impressive than in land-based facilities.
What Do the Numbers Say?
Although there are no official reports for 2023, the experts agree that the global gambling industry only improved its position. The estimations are that the industry’s current value is from $55 to $60 billion.
It’s critical to underline this growth is steady and lasts for years. The experts believe it will continue, and the reports predict the value will increase to $127.3 billion by 2027. That means the industry will double its worth in seven years. If we do the math, the expected CAGR is 11.5%, which is impressive.
Although internet gambling might have expected growth, it exceeded all its expectations in 2023. Along with video gaming, this industry was among those that ended up profiting from the lockdown. This impressive growth might not stay at the same level as we see things returning to normal. However, multiple reasons indicate that this decade will be exciting for online gambling.
How Can Online Gambling Achieve Growth in the Coming Years?
Where do the opportunities lie for this industry? If anything, casino software operators and developers showed dedication to innovation. They know how to recognize opportunities and leverage technology to improve their services. Here are some critical trends we expect in the next several years.
1. Accepting Cryptocurrencies
It’s a trend that has already started, but the industry still needs to take it to a higher level. Only a small portion of casinos accepts cryptocurrencies now. Not only is it usually BTC, but the depositing process takes time. Since most deposit methods are instant, it’s imperative to ensure Bitcoin and crypto depositing becomes immediate, too.
The experts believe casinos will welcome other cryptocurrencies, too. It’s an expected trend because players appreciate the anonymity. Using cryptos means you don’t have to share credit card and other financial data with the platform. Many players believe it’s a safer option than fiat currencies, so it’s in casinos’ interest to implement those payment options.
2. Exploring Unregulated Markets
According to Yahoo Finance, Canada’s illegal online gambling share is around $1 billion yearly. The country and the provinces have a legal framework, but it seems too strict. In practice, it doesn’t stop people from gambling, and it also doesn’t generate income for the authorities.
Canada is only a single example of unregulated gambling markets. Legalization could attract more players, create a safer playing environment, and increase government revenue. More states throughout the US make online betting legal. Players welcome that decision, and we can already see sportsbooks having a large user base in those locations. People love watching big events like major horse races and betting on their favorites.
3. Improving Mobile Support
Portable gadgets have become the preferred devices for surfing the web, and that includes playing casino games. It’s understandable since you can use them anywhere. Even if you are at home, it’s much better to lie down in your bed than sit by a PC table.
Although mobile support on web casino sites exists, there’s still room for improvement. For starters, more operators should offer specialized apps for Android and iOS. They provide an enhanced experience compared to only a website with a responsive design. Also, the developers could offer unique mobile bonuses and other benefits. Thanks to the enhanced mobile support, they could interest more people in playing and learning more about gambling online. It leads to attracting new players and increasing revenue.
4. Creating Virtual Casinos with VR Sets
You can already find online casinos that offer 3D games that support VR sets. The idea is to wear the virtual reality equipment and feel like you are at the table. It’s an excellent idea that works like a charm.
That could serve to attract all those who don’t believe that web-based platforms could replace land-based gambling facilities. By wearing a VR set, they’ll feel like they are in the casino. If the developers leverage VR and AR technology properly, even interaction with the dealer and other participants might be possible.
5. Leveraging Technology for Improved Video Quality
Live gaming is an essential part of every web-based casino. The technological advancements allowed developers to stream in high resolutions. The next step is migrating to 4K to ensure an even better visual experience for the visitors. 4K support ensures the viewer can see even the smallest details clearly. It also allows them to stream the action to large monitors and TV screens.
The experts leave no doubt the future is bright for the internet gaming industry. While growth is certain, the actual rates remain to be seen. The industry has numerous windows for increasing growth, and it’ll all depend on how well they use these opportunities. From the perspective of players, online gambling can only get better. That’s why now is the time to jump on board and give casino games a shot!