Growing Potential of the Online Casino Market

Elias Hubbard
August 19, 2020

 

Online gambling has become a very popular phenomenon amongst gamblers and it has unlocked great possibilities for this market. Gamblers that were scared to partake in gaming and wagering because of stereotypes can now access the market. 

Besides, since online gambling has migrated to mobile devices, it has reached more people than expected. There are a lot of developments experienced by online gambling that widened its reach and caused massive growth. 

What are the growth prospects of digital wagering? Here are global forecasts and projections on future of this industry:

Gambling market size projections

If you are wondering where this gambling market will be as years unfold, there is a lot of growth expected and projected. All historical growth attributed to online gambling has been profound and made great strides. Right now, the market is currently at its peak and market analysts reveal that it will only get better. 

Recent statistics reveal how much growth is expected in the online casino worldwide industry. This industry’s compound annual growth rate is expected to reach a whopping 11.5% by 2027 which is a very impressive percentage. At the current market size, this growth will translate to revenue reaching more than $127 billion by 2027

There is a lot involved in the reason behind these statistics, but mostly because of the accessibility of this type of gambling. These market size projections indicate the growth potential of online gambling as this industry seems to be rapidly growing.

Availability and accessibility of the internet casinos across the globe

Worldwide, people are starting to gain better access to devices that have internet capabilities. For example, developing countries are starting to be proliferated by smartphones that have access to internet services. As a result, more people are starting to gain access to the best casinos worldwide to place their wagers regardless of the area they are in.

 Another factor contributing to the rapid growth of this internet casino industry is its approach to being accessible through mobile devices. Desktop computer sales are declining and it is mainly because of the development of smartphones that can undertake almost all tasks an average citizen requires.  

Also, mobile device gambling has reached the hearts of busy individuals who are always traveling. They can simply place bets and wagers on games and enjoy winning massive amounts of cash. All of these technological developments have contributed to the projected growth of online gambling.

Growth of affordable casinos

Affordability has always been an issue in almost any type of market and online gambling was no exception. Before, casinos had minimum wagering requirements that were not affordable to most gamblers so they did not pay much attention. Casinos that were affordable and did not have high wagering requirements weren’t trusted or regulated. 

To resolve this problem, there was only one option which was creating trusted affordable casinos with low wagering requirements. Fast forward to online gambling nowadays and you see $1 deposit visa casino offers that gamblers can take advantage of. Undoubtedly, that accelerated the global casino and gambling industry growth and will continue doing so as long as such affordable options are easily accessible. 

Another aspect that contributes to an affordable gambling experience is the bonus offers provided by casinos. All competitive bonuses offered by casinos will continue propelling the growth of gambling sites open for public use.

Regulatory compliance of gambling sites

In some countries, gambling was perceived as an unethical act and it was banned, whereas others simply banned the online casino market in totality. Such regulatory problems created a great bottleneck for this market. As time went on, world leaders realized economic benefit possesses by gambling sites and created legal frameworks they were going to operate under. 

For example, several states in the U.S are allowing gambling sites to offer services to their citizens. In Europe, countries like France reviewed their regulations and formulated legal frameworks that are more lenient. That has resulted in regulatory compliant online casinos available worldwide. A lot of countries have followed the same suite except for those bound by religious and cultural customs prohibiting gambling.

Even in such countries, some gamblers find backdoors to accessing online gambling, such as using Virtual Private Networks and other means. As more countries and states become more lenient towards online gambling, you can expect an acceleration of growth in wagering sites.

The emergence of bitcoin gambling

One main reason why the gamblers like the online casino industry is because of the privacy and confidentiality involved. Gamblers that use any online gambling platform to escape stereotypes need absolute discretion and using a credit or debit card was defeating the purpose. 

To make this market more accommodating, bitcoin casinos were developed to provide absolute privacy and confidentiality to customers. These types of casinos rapidly gained traction and started being popular amongst a lot of gamblers. In the process, these casinos became a major growth driver for this industry. 

More cryptocurrencies are being added as payment methods for various online casinos. As more options are starting to be available, you can expect a lot of growth in these casinos. As a result, the entire online casino market will be driven to grow and meet or even supersede projected CAGR statistics.

Results of securing online casino transactions

A growing concern that has attacked online gambling was the security of the systems involved. One of the crucial aspects that some gamblers were concerned about is payment methods that could have been vulnerable to attacks. To address that, the global casino network started implementing the latest security systems designed to withstand very sophisticated attacks. 

Improving security measures has brought excellent results because customers started trusting these systems more. As more people recognize how much-advanced cybersecurity systems are, you can expect positive growth in online gambling. 

Cybersecurity is consistently being upgraded, ensuring the safety of online gamblers and that should be more than enough to attract new customers. Implementing secure, trusted payment gateways also increases the confidence of customers. That is one of the major reasons why this industry will continue thriving.

The bottom line

Online gambling is an industry expecting major growth exceeding with a projected CAGR increment of 11.5%. Various reasons are justifying this growth, such as the improvement of security systems securing online wagering platforms. 

Also, the implementation of cryptocurrency payment methods has enhanced the public image of online gambling. Countries approving online gambling are also increasingly making it easier for gamblers to access this market. Lastly, the number of affordable online casinos is steadily increasing, making it possible for more individuals to be a part of digital wagering world.

 

 

Other reports by Click Lancashire

Discuss This Article

FOLLOW OUR NEWSPAPER