Online Casinos are a virtual form of traditional brick-and-mortar casinos. It enables gamblers to play casino games online through virtual media. Online Casinos act as the backbone for online gambling.
Growth of Online Casinos
The pandemic has been a bane to the online gambling industry. Along with the veteran gamblers, it has brought in new gamblers into the market because of the high rate of job loss and financial instability during the pandemic. The size of the online gambling market today is approximately around $54 billion and is expected to reach $127 billion by 2027.
Factors contributing to the Growth of Online Casinos
Increasing use of smartphones and easy access to gambling platforms are driving the market. Moreover, the pandemic has led to an increase in demand for online gambling. As per American Gaming Association, over 2800 websites are active online and offer casino games like poker, bingo, and lottery. Secure and easy-to-use digital payment platforms are additional factors accelerating the growth of this industry. Many countries like the UK, Japan, Spain, France, Australia, China, and Thailand have started legalizing online poker. Germany legalized poker in the year 2020 and now the game is legal across the country.
How has Technology contributed to the Growth of Online Casinos?
The growth of the online gambling industry is in sync with the innovation and growth in the IT sector. Casino companies invest heavily in technology to be able to provide the best and most seamless services to their customers. Easy and free access to educational and tutorial videos has led to an increase in the number of young individuals opting for gambling as a serious career option. The rising popularity of cryptocurrency and blockchain are other technological aspects contributing to the growth of the market size of online casinos.
Virtual Reality Devices and Platforms
The rising trend of VR Applications is creating additional demand for online casinos. Virtual reality devices give gamblers a real-life experience of playing games in a casino. It gives them an interactive and immersive experience.
Extensive use of Online Marketing
Casino companies invest heavily in marketing campaigns like Facebook and Google ads and use various other social media platforms to reach their target customers. Google analytics has been it very easy to track and analyze consumer trends, behavior, preferences, etc which helps these companies to cater to the right customers and customize their ads to gain maximum return on their investments.
Rewards & Bonuses
Other factors that attract gamblers to online platforms are the rewards and bonuses offered by casinos. A new user gets a bonus to start playing his games and sometimes these bonuses are paid in the form of real cash. This attracts millions to join the online casino community.
Online Gambling is by far one of the most entertaining forms of indoor recreation for the young and the old alike. Who wouldn’t like games that pay you money at the end of it! The online gambling industry is expected to grow at a CAGR of 11.5% in the next five years contributing immensely to the growth of economies! As long as you are safe online and choose trusted sites to play your games, online casinos are a great way to make a livelihood from the comfort of your homes!
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