The Four Main Drivers of the $73 Billion Gambling Industry
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Well, the gambling industry hasn’t quite got to the 73-billion-dollar mark just yet, but it is expected to reach that value by 2024. Industry experts are counting this decade to be the halcyon days for online casinos, given the rate that it has been growing. There are four key drivers behind the evolution and expansion of online gambling, but the key driver is the dedication from the game designers to be at the forefront of the technical renaissance and to attract new breeds of players.
Now, the gambling industry’s focus is much less on the evolution of land-based casinos, instead, the game developers are keen to appeal to the millennial players who are keen to immerse themselves in innovative gaming experiences. Games developers have paid close attention to what sells, and currently, that’s culturally-relevant and more immersive games to play on online casinos.
Along with the increase of players in the UK and the US, more countries are starting to join the online gambling industry. Even countries such as Columbia are starting to get lax with their regulations and enabling their citizens to play on online casinos which currently have a licence to operate in the region. In this article, we’ll illustrate the four main reasons why the gambling industry is currently booming and is set to grow to unprecedented levels.
The Rise of Mobile Gaming
We all know that many people live busy lives, so, convenience thrives. This rule especially applies to online gaming. As many of the games which feature on online casinos are now available to download via an app, players can log in in a matter of seconds and place a bet. There are even games which give players the option to play in auto play modes which is of great appeal to those who like to multitask while mobile gaming.
The apps have come along way in recent years, as has the technology which goes into smartphones to ensure that players get the best possible gaming experience. Whilst games were prone to crashing and couldn’t support high-quality graphics in the past advancements have been made to ensure that a glitchy gaming experience is a thing of the past. Some smartphones now even have the capacity to become just as powerful as PCs when it comes to gaming.
One particular branch of gaming which has boomed under the optimisation of gambling for handheld devices is sports betting, which is currently the biggest market for mobile gamers. Recent studies conducted by the Gambling commission have shown that over half of the adult population in the UK has put a stake on a sport bet at least once. The study was conducted in 2017, and with online casinos and betting shops gunning for millennial appeal, that figure is only set to rise.
The budget range of the bets is yet another appeal of mobile gaming. Online slots which have become the flagship games for most online casinos accept bets from as little as £0.01, whilst the maximum stake amount can be set up to £250.
Gambling Regulation Evolution
Even though the European market is leading the way and is by far the most valuable region for online gambling, many more continents are looking to cash in on a slice of the industry and it may become more difficult for European gamers to log onto their favourite websites. Regulators have made it known that they are taking a tougher stance on the industry in Europe, yet, just how far the legislation will go is quite another matter. With the uncertainty over a no deal Brexit, it is also uncertain how any changes to European legislation will affect the UK’s massive industry in the future. Currently, it is the British government which regulates the gambling industry in the UK. Yet, even the UK are starting to tighten up on the laws with consideration to lowering the maximum stake amounts for many online slot games and wanting to make betting advertising less prevalent.
However, over in the US, Japan, Africa and Latin America, regulations are slowly being lifted, and Donald Trump is expected to revolutionize the industry in the states. 2018 saw the first-year sports fans could legally place a bet on a match for the first time in decades, and now, it looks like there will be many changes to both online and land-based casinos. Trump is set to cut ties with the land-based casino tycoon Sheldon Adelson who unsurprisingly is very vocal about his anti-gambling stance. Countries are looking to generate revenue for hospitals, schools, welfare and transport in any way that they can, and right now, the gambling industry is looking like a safe bet.
Years ago, online casinos weren’t the place to go if you were looking for high-end graphics and immersive game experience. If anything, online casinos were primitive by today’s standards. But with so many industry giants all competing to create the games with the best graphics and the best gaming experience for their customers, the winner is the online casino users.
The advancements in technology mean that players can set up safely with the casino, make instantaneous deposits and enjoy 24/7 customer support which is readily available to players should they need it. Some games now enable players to interact with other players online or even play with the croupier in online versions of table-based games. Online casinos may have taken the social aspect of the casino experience away from the players, but games developers are doing all they can to ensure that they bring the exhilaration and the social interaction back into the game. VR technology may also hit the online gambling community sooner than was expected. While the tech may have been around for a while with console gamers, the same tech will soon be able to transport
players to the action of Vegas casino.
Niche Gaming Experiences
Even the largest land-based casinos offer only a fraction of the diversity which is provided to online casino players – especially when it comes to online slot games. The range of games which feature on online casinos such as Clover Casino is limitless. Players can choose from football-themed games, film-themed games, Irish-themed games, music-themed games or, choose to play with cute and cuddly characters. Ensuring that popular culture is represented within their games is one of the reasons why online casinos featuring online slots as their flagship game are now only second behind sports betting for generating the most revenue in the gambling industry.