The gambling industry is among the fastest-growing, and it makes all the sense in the world.
The gambling industry is among the fastest-growing, and it makes all the sense in the world. People spend an insane amount of time online, so businesses simply meet them there. You can do most of the things online, and gambling is certainly one of them.
According to the results of the most recent research, the growth observed in the last few years will continue at the same rate, percentage-wise. The annual growth rate of the virtual gambling market reached an impressive 450 billion US dollars in 2018. That means a 4% increase over the past five-year period.
Based on the trends in online gambling observed at the moment, the forecast is for the market to increase even further – a bit shy of 6% by 2022.
Markets with most potential
The Asian Pacific region claims the largest share of the global market, close to one third. North America and Western Europe are 2nd and third, followed by various other regions and countries across the world.
That large market is predicted to grow at an increased pace. The experts estimate an increase of around 7-8%.
Australia has always been among the most gambling nations. This can explain the impressive ratio of Australian customers at many online casinos. At Televega casino, for instance, every fifth registered customer playing for real money comes from Australia.
Factors that speed up and hinder the development
Here are some of the factors that contributed to the growth of the industry so far:
growth of experience economy (estimated to be worth 12 billion US dollars by 2023);
booming related emerging markets (virtual reality, augmented reality, etc);
popularization of mobile gaming, with users getting just the same quality on their devices;
increasing share of female gamblers.
It will also be fair to note some of the factors that hindered growth. These include the following:
heavy taxes on casinos operating online;
demographic situation (a significant share of the elderly population in many countries);
government policies (restrictions).
A race with many winners
At the dawn of online gambling, players were happy with a handful of pokies. These days, with all the technologies in play, it’s a race.
Casinos are outdoing themselves trying to impress the players. Because most of them already have hundreds of games to offer, including high-quality live games, it comes down to standing out.
Casino operators are resorting to the latest technological achievements to make the user experience unique and memorable. That way they ensure the players will come back for more.
Technology as a way to appeal to new players
If we talk about technology, two important trends stand out. One of them is virtual reality, the other one – augmented reality.
Augmented reality is another innovation that some online gambling facilities may find useful to rely on. AR is just what it sounds like – using digital elements to enhance your virtual experience.
You’ve got AR apps that seem more like toys now, but the technology itself has a lot of undeniable potential to it.
Virtual reality was somewhat of an exotic feat even a few years ago. But it’s making a confident entrance into the gambling market as we speak. New casinos emerge offering VR experience to users that won’t settle for just sharp graphics and nice sounds.
Players are eager to enhance their online experience to the point when it will feel acutely real. VR technologies can give them just that. There already are brands that have all the market segments covered – poker, roulette, blackjack, and slots.
It’s expected that more casinos will follow suit and start offering more technology-based gambling solutions. It may seem avant-garde even now. But all that’s really needed is a VR headset and a casino that offers a realistic virtual environment.
As online gambling operators realize they can outdo competition only by using new technologies, we are in for thrilling changes in the gambling scene.
Northern girl Laura is the epitome of a true entrepreneur. Laura’s spirit for adventure and passion for people blaze through House of Coco. She founded House of Coco in 2014 and has grown it in to an internationally recognised brand whilst having a lot of fun along the way. Travel is in her DNA and she is a true visionary and a global citizen.