Mostly thanks to the internet, the online casino industry is growing at a staggering speed. With an annual growth rate of 11.5% from 2020 to 2027, the global online market generally is expected to reach an unusually remarkable level by the end of the next decade.
Along with the sports betting site of gambling, online casinos continue to contribute to the growing trend of gambling. The global market size value of online casinos, with sports betting, has been growing steadily in the past few years. From USD 53.7 billion in 2019 to expected USD 59.6 billion by the end of the year, maintaining a CAGR of 11.5%, the Size is expected to reach USD 127.3 billion by the end of 2027.
More people, especially the younger generation, are seeing online gambling as an escape or a leisure activity. Yet many people and countries are still anti-gambling, which begs the question, what’s behind the unrestrained growth of the online casino industry?
Technology driving the growth of online casinos
The driving force behind the growth of online casinos is predominantly technology led by the internet. It took a while for online casinos to catch on after the first money was staked on an online casino game in 1996 at InterCasino. The growth of online casinos is fuelled by affordable internet services in all parts of the world.
Back in the late 90s, when online casinos came into being, the only way to play online casino games was through an internet-connected expensive PC. These days, manufacturers of different brands of computers have made it cheaper for people of different classes to afford. Also, the constantly improving online casino industry does not restrict the players to playing only on computers.
Gradually mobile devices are replacing the traditional desktops as the goto tool for accessing the internet. Other than the increased capability of smartphones, they offer the users flexibility, adaptability, and convenience to play casino games from anywhere. The online casino industry is leveraging mobile technology to provide immersive casino games on all types of Smartphones and iPad.
Online casinos are among the most technology-loving industries and always ready to integrate new technology into its operation. Other trending technologies have been infused by the industry into its operation to give the players a more convenient and highly entertaining gaming experience. Notable ones are Virtual reality, Blockchain, and cryptocurrency, and IoT.
Less rigid legislation is a catalyst
In several countries, the regulation of the online casino industry goes deeper than legal or illegal. Most of the Gambling Acts of countries were created before the first online casino was launched, and do not include online gambling. They do not give a clear insight into the operations of online casinos in these countries.
With the lack of technological tools to restrict online casino’s services and no clear regulatory framework, countries are seeing online gambling in a new light, revenue-generating. More jurisdictions are open to regulating the activities of online casinos instead of restricting them.
The relaxation of the laws and regulations governing the operations of online casinos has been one of the contributing factors to the growth of online casinos.
How online casinos are attracting new customers
The industry is one that perfectly describes how competition drives growth. The cost and the ease of getting an online casino license compared to a physical casino making it attractive to investors. The sheer numbers of online gambling ads on the internet and sometimes our TV screen show how lucrative the industry is and its competitiveness.
With the players having many options, half the game is getting them to visit while the other half is getting to stay. One common strategy online casinos attract new players is offering them exciting bonuses and offers. One attractive promotion that has become a staple in the online casino sphere is the welcome bonus, from 50% to 500% of the customer’s first deposit. Some online casinos add free spins or other incentives to the welcome bonus package. Other popular online casino bonuses are free spins no deposit bonus, cashback, loss back, reload bonus, etc.
Online casinos may be attracting an influx of new players with mouthwatering bonuses, but the goal is to keep them. One strategy of keeping the customers for the long haul is offering them loyalty rewards and providing exceptional gaming and gambling services.