How do you double your take of an online gambling market worth $50billion per year? That’s a question worth asking as the online casino industry continues to grow in big fits and quick bursts – bucking economic trends and making a lot of people, including of course many gamblers, very rich indeed.
That, if it’s not instantly obvious, is a massive sum of money for a single piece of a market – double it’s take from a decade ago –and if we factor in the increased regulation and the ‘responsible gambling’ approach which most in the industry now adhere to, it simply means that more people are playing online casino games than ever before…but why?
Vying with lotteries, sportsbetting, online poker, bingo and host of other online gaming alternatives, the virtual casinos have been gaining ground and exceeding the majority of their competitors for a number of reasons:
- Technology: You can build your own ‘virtual Vegas’ wherever and whenever you want it. Although you could say that all the other forms of gambling also have this option nowadays, as Casinopedia explain, nothing else offers you the chance to switch venues, stakes, game-types and devices quite as easily as an online casino does. The technology, of course, also extends to vastly-improved player experience, with innovative games utilising the latest advancements to make the experience more realistic, live dealer casino games topping the charts regularly in online casino reviews and, importantly, revenue.
- Bonuses: Online casinos are always vying to provide the best bonuses, the most attractive promotions and player reward schemes that will keep gamblers with them, or ensure they return, or at least pass on the ‘good news’ to friends and fellow community members. Self-serving for the casino providers, sure, but mutual back-scratching makes the world turn round, and players who understand this are usually among the happiest and best-rewarded in the gaming community.
- Jackpots: These are the life-changing wins that make the headlines, driving growth and working in the same way as the big lottery scoops, with Progressive slot jackpot winners walking off with anything up to $10million.
- Regulation: Dull stuff for many, but hugely important for online casino operators to expand their offerings – and market share – and countries as far afield as the US, to the UK, to Singapore, have all seen online gambling come under the regulatory microscope and scalpel and emerge in better shape – with many others set to follow.
It’s fairly clear that these factors and many others have contributed to the huge revenues that online casinos draw, but where is the money distributed on a global map?
Unsurprisingly, the USA and China top the list, with Japan another huge market, as is Canada, but Europe - taken as a whole – is the biggest growth area of all, although it obviously varies from country-to-country, just as the USA does state-by-state.
What does the future hold for online casinos? That again depends on many factors, naturally, but if virtual reality gaming and gambling takes off over the next decade as many predict, the sky is the limit – and it can be any colour a player wants.