It’s no secret that the online casino industry has been on the rise, with more people preferring to game online than offline. Online casinos offer a bevy of benefits. These include the ease of convenience, an array of bonuses, low ticket prices, and fast access to winnings. That’s why the younger and even older generations have been favoring it more in the past decade. Besides, more online casinos keep popping up, and the variety has made them even more accessible. So, what’s the current online casino industry scope, and how will it affect this proliferating industry?
Market Value
While Europe holds the biggest online casino market share, the North American market has been growing fast. The global online casino industry is projected to hit more than $80 billion in 2022, owing to a compound annual growth rate of 10.4%. Major players in the industry are set to benefit from this growth. Most of them are working hard to recover from the effects of COVID-19. In the past two years, most online casinos suffered a dip in operational activities as they had to comply with regulatory rules that affected how much they might penetrate the market.
Interestingly, the last two years saw many people embrace online casinos as they might no longer enjoy physical casinos as was the norm. As such, business was good for the most part, and the compound annual growth rate heading into 2026 is estimated at 9.2%, which will see the market exceed a value of $110 billion.
Remote Gaming
More people now have access to remote gaming devices, which has propelled the growth of online casinos. Players can now access a wealth of resources from their smart devices. For example, a beginner can test the waters by reading online casino reviews like this 22bet casino review, figuring out which site to use, depositing money into the site, and start playing. More people are ditching their desktops in favor of:
- Mobile devices,
- Tablets, and
- Gaming consoles.
According to current reports, an average of 80% of players use their mobile devices to access online casinos. This trend is especially seen in younger people who use their mobile phones to carry out various activities. These devices are highly accessible, and players can game on them, provided they have a stable internet connection. Moreover, the variety of games on online casinos has increased. Most offer bingo, lotteries, poker games, table games, and other casino games. They also offer variations to the classic games, making it more fun for the players who can get their needs met under one roof.
Internet Penetration
A stable internet connection is integral to a smooth playing experience in online casinos. According to recent reports, the number of internet users is set to hit 5.5 billion by 2023, thanks to a compound annual growth rate of 6%. Additionally, the number of smartphone users has a compound annual growth rate of 7%, which will fuel the number of people who play online.
Regulatory Framework
Gambling laws are not standard and thus depend on the jurisdiction in play. Some countries are lax regarding the laws, others have gray areas, while others are quite strict. Take the USA as an example. The laws are pretty complex as they depend on the governing state. India, on the other hand, has a grey legal framework. While online casinos do not have the legal right to operate in the country, they still offer their services to willing citizens. And when it comes to the UK, the gambling commission is quite stringent and requires all operators to hold a license before offering their services.
As such, operators must look into the applicable rules in each region before offering their services. And this proves hard because the gambling laws are dynamic and different. However, they are toeing the line more than ever as their clients are more familiar with the need to work with licensed gamblers. Reputable sites are garnering more recognition as more players steer clear of sites that do not have oversight.
Emerging Trends
More online casinos are relying on technology to make gaming more accessible, convenient, and interactive for their players. Some of the most common trends include:
- The use of virtual and augmented reality to depict actual physical casinos: These technologies introduce the elements of real-world settings such that players can feel like they are in a casino. They allow players to interact with each other and will be integral in the making of the metaverse.
- The use of blockchain technology, more so in the payment systems. More players can now deposit and withdraw money from online casinos without using their credit cards because they can now use cryptocurrencies. This measure has been beneficial to people who prefer playing anonymously. Blockchain has also been beneficial in maintaining transparency in online casinos that have previously been accused of hiding their dealings.
Additionally, more casinos rely on social forums to market their services and interact with existing and potential clients.
Besides sports betting, the online casino industry accounts for a considerable chunk of the gambling market. And as things stand, it is set to be raking in hundreds of billions of dollars in the next four years thanks to increased awareness, internet penetration, and access to smart devices.
