Business on a domestic and international scale comprises various industries; however, has seen extraordinary growth over the last ten years, one seemingly stands tall from the rest – online gambling.
First appearing in the nineties, online casinos became a fan favorite enabling gambling fans to partake in their hobby from the comfort of home via the internet – or anywhere, anytime. Indeed, the first internet casinos began the trend – but the industry’s turnover has flown to phenomenal heights since its infant days. What does this growth look like in actual numbers?
Online gambling revenue has soared in recent years, which is ever-evident with Statistia’s sobering statistics on the industry. For instance, 2019 saw a global revenue totaling around $58.9 billion, with 2020 coming in even higher at $66.7 billion – sums indicating the gambling sector is on a clear upward trajectory of growth.
As revenue is expected to accelerate to $92.9 billion as of 2023, that growth becomes even more apparent. What’s more, compared to the domain’s income a decade ago in 2012 (which sat at just $30 billion), it cannot be argued that internet gambling is a force to be reckoned with – and one that’s skyrocketing in popularity and sales. However, just how, exactly, and why did online gambling become a big business so fast?
Why Have Online Casinos Grown in Popularity?
The answer to this pressing question flows through numerous facets, from technology, variety, and entertainment to convenience and transforming consumer behaviors – the latter of which has seen players seemingly prefer digitized gambling over its conventional variant. So, why do players enjoy casino games over the internet instead of in land-based establishments?
Convenience
Traditionally, people went down to their local betting shop, bookies, arcade, pub, or casino to gamble – many even went on casino vacations to the world’s greatest gambling destinations, such as Las Vegas in Nevada.
In the modern day, people can still go to brick-and-mortar gambling establishments during opening hours, but the option of playing at home (or anywhere, really) is now available. As such, many casino fans no longer have to get up, get ready, and go out to a physical place to play their favorite games; it’s as easy as starting up their PC, laptop, tablet, or smartphone, logging onto their preferred casino website or app, and playing, whether in their best dress suit or pajamas – easy. Thanks to providers such as Bingo Game Development Company, this is all made possible.
The Variety of Games
Of course, playing with money has always been part of the excitement of casino games; when dollars are involved, the stakes are higher – and players derive enjoyment from that thrill.
That factor hasn’t changed in terms of the online gambling realm; however, when it comes to online casinos, it’s not just about playing with real money that adds to the entertainment; the variety of games all in one place is as much a draw as playing with funds, as platforms like thesportsgeek.com illustrate.
From classic table games like blackjack, poker, and baccarat to luck-based titles like slots and roulette, every casino game that ever existed is playable over the web in online casinos at the touch of a button. That playing availability 24/7 from anywhere is convenient and exciting – something that land-based casinos, frankly, cannot offer.
Bonuses
Online casinos are also generous with their bonuses and special offers to entice players. Whether it’s free spins, complimentary credits, deposit bonuses, or anything else that garners customers’ attention, fans have a wealth of rewards to avail.
That’s not all, though; online, the power is in the players’ palms. With the sea of internet casinos vying for business, competition is high, meaning they have to be very bountiful to players if they are to win them over – and that’s why attractive offers from online casinos are aplenty.
Technology Changed Everything
While the COVID-19 pandemic was a strong catalyst in the online gaming and betting realm’s explosion in the last three years, momentum was already brewing in the casino chemical reaction, which began in the nostalgic days of dial-up and Windows 95 – the nineties.
Throughout the last decade, technology advanced, the internet got faster, computers and smartphones became powerful, video gaming revolutionized, and consumer habits changed – so did the gambling world.
Conclusion
Thanks to the quick evolution of tech, people favoring convenience, shifted consumer patterns, and the development of the video gaming sector, the online casino industry benefitted – as it combined technological innovation with video gaming and humans’ adoration of convenience to produce one of the most successful industries of the current time.
The result? Many have fallen out of love with in-person casinos and are instead enamored with their digital counterparts.
