We’ve seen some substantial growth of online casino market over the past few years. Currently, the online casino industry is valued at $59 billion. According to Statista, this value will rise to almost $93 billion by 2023. That’s more than 50% market growth in just three years.
The global pandemic crisis is a very beneficial situation for online casinos, too. People are afraid to go to land-based casinos due to COVID 19, or they are forced to stay home, so they rather spend money in their online counterparts. The barriers traditional casinos had are no more there because everyone can play online. Online casinos and gambling companies offer the same games, such as table games, or poker, as the land-based casinos are. There’s no discrepancy between their services. Millions have made the switch from traditional gambling to mobile.
Here are the reasons why the rise of the global online gambling market is going on.
Table of Contents
Technology is becoming more common
Everybody has a smartphone now. There used to be times when such things weren’t very much available. Currently, anyone can gamble virtually from any place, as long as they have access to the internet. That made online casinos so much more accessible for people. There is no need to find casinos and travel to them. You don’t need to leave your house.
If you would like to experience what it’s like to gamble traditionally, live online casinos are the way to go. You can play with a real dealer with ease and see for yourself. Even if you want to interact with people physically as you play, you can just gather a few friends, find some nice place and just gamble there using online casino games.
Sports betting is getting hugely popular
In 2018, sports betting accounted for 42.5% of all online gambling industry in Europe, according to EGBA. We can assume that this percentage is similar currently. Sports betting is much more prevalent in online casinos than in traditional ones. In the USA, roughly 80% of bets are placed online. Therefore, with such a high prevalence of sports betting, traditional casinos are getting hurt. Mobile betting is much more convenient than going to a physical establishment.
While horse racing establishments were mostly land-based, now we can see the switch to mobile due to the pandemic. Gamblers nowadays have the opportunity to bet on horse racing from their homes.
The pandemic and lockdowns
At one point during this year, traditional casinos were forced to close. That’s when online casinos saw the most significant rise in their player base. Online gambling became the only way to play for a while. With companies switching to remote work and people staying in their homes, more people started gambling, as one might get bored with a constant stay at home. While the growth has slowed as governments began to go easy on the safety measurements, it’s still there. Google Trends reported the highest increase for online gaming in July 2020, right at the time when countries started the lockdown. Online gambling business will keep growing along with the prevalence of technology.
Safety of online gambling
Some people might have had some bad experiences with online games ten years ago when there weren’t that many regulations and technology wasn’t as popular. People generally were much more suspicious of scam websites, and rightfully so. Some gambling service providers practised scamming at one point.
Right now, the online sites are just as secure as their traditional counterparts. Many people overlook and regulate online casinos that ensure the players’ safety. The industry has to follow regulations such as background checks of their employees, tight security, continual supervision, and proof of owners’ financial stability.
All of those measures are taken to provide the best experience possible for customers and create a great environment to play. For that reason, these days, you can safely deposit money and not worry about losing it or getting scammed. Above all, you are ensured of getting the profits if you win.
Bonuses
Online casinos are most known for free bonuses to play with. That’s an excellent incentive for betters to come and gamble. You can even go as far as playing for free in different casinos using just the bonuses. Yeah, that’s cheap, and these bonuses won’t last very long, but still, it’s a great motivation.
As far as bonuses for regular players go, these exist, too. You can get some excellent deals if you decide to stick with one casino. To find such bonuses, people read forums and review websites.
Fewer legalisation issues with gambling laws
The law aspect is another one of the deciding factors. Some states in the United States are going in the direction of Europe as far as online casinos go. In the US, states such as Pennsylvania, Delaware, New Jersey and Nevada all decided to legalise gambling. Many states legalised a portion of online games such as poker or sports betting.
Better availability and no fear of doing something illegal is a factor that decides the growth of online gambling, too. The whole world seems to be going in the direction of allowing casinos, as it’s an industry that brings immense revenue. European online gambling has a market share of almost 50%, hence the legalisations in many countries such as Spain, Malta, Italy and the Netherlands.
Low cost of online gambling
Online gambling, with all the bonuses and low entries, is much cheaper than traditional gambling. To illustrate, you can enter with as little as $20 and play casino slots 100 times. Using free bonuses, you can even play without depositing a single penny to the online casino.
You have all kinds of bonuses and benefits such as free spins to keep you playing longer, bonus rounds and other various incentives. Traditional casinos don’t really have such things. Online casinos are the way to go if you play low, and many people do, hence the popularity. Most players just play from time to time depositing little money. You can find free spins, no deposit at WiserGamblers.
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