The Growth of the Online Casino Industry
If there is one sector that has grown at an accelerating pace in recent years, it is the casino industry. In fact, the global online gambling commerce was valued at USD 207 billion in 2021, and of this, online casinos represents a significant share.
Ten years ago, no one would have predicted the developments within the global gambling industry would turn out as they have the last couple of years. But as most countries have become increasingly digital, online gambling has become more important to people.
Gambling allows us to enjoy a moment of relaxation (if done responsibly) alone or with friends, while online casinos also offer us a thrilling experience because money is at stake. Not to mention that the industry is constantly evolving, as new versions replace outdated ones with technological advances.
Online Casino Boom in the Nordic and Baltic Countries
As mentioned, the global gambling market is growing rapidly, which may partly be due to the pandemic and the increased technological developments seen in society. However, the industry appears to be particularly hot in the Nordic and Baltic countries. Among others, we see Denmark and Sweden at the top with liberal regulations and growing economies.
The Danish gross gaming revenue saw an increase of 20% in the first quarter of 2022 compared to the same period in 2021. When land-based casinos had to close to prevent the spread of the Covid-19 virus, many Danes turned online to gamble.
In Sweden, the industry has grown exponentially since the state removed its monopoly on gambling and opened up for foreign operators to be regulated by a license from Sweden’s new gambling authority, Spelinspektionen. Since then, the industry’s turnover has slowly but surely increased.
Estonia and Gambling: Small Country, Huge Demand
The Baltic countries are also brilliant examples of countries that have benefited from the digitalisation of the gambling industry. In particular we are seeing that online casino is growing rapidly in countries like Estonia, which is currently experiencing a kind of golden era for online entertainment.
Estonia legalized gambling in 2010 and its progressive approach to the phenomena, similar to the Nordic countries Sweden and Denmark, can be said to be one of the reasons for the flourishing industry.
Today, Estonia is home to hundreds of reputable online casinos that have licenses issued by various gambling authorities around the world. All legal forms of gambling within the country are regulated by the Estonian Tax and Customs Authority and more information can be found in the ICLG’s Estonia chapter on Gambling Laws and Regulations.
Some Key Trends That Can Help Determine the Future of Online Casinos
The iGaming industry depends on things evolving and on obsolete games and devices being replaced with new, improved versions. If nothing else, they should be up to date. After all, gamers are part of the digital ecosystem, where we want to see new developments because we easily tire of what is there already.
This is something that we have seen time and time again throughout history. From arcade video games to mobile games, so much has happened. But the analogue elements are still loved by many, otherwise Nintendo would not still be able to profit from console games. Casinos, however, are, and will likely remain, dependent on their mobile function. Despite this, it is undoubtedly an industry that continues to grow thanks to technological developments.
Having that said, the future of the online casino industry depends on those technological advancements. Without them, the industry might come to a halt, and risks being replaced by something else. Some of the key trends that are expected to grow in the near future within the online casino sector will be discussed below.
Blockchain-based Gaming
Blockchain is a concept that most crypto enthusiasts are familiar with, but the general public may not be. However, as the commerce is expected to be valued at USD 218 billion in 2023, now might be the time to get familiar with it. In short, blockchain technology has laid the groundwork for a form of gaming that is much more evenly distributed between gamers and developers.
Augmented Reality (AR)
Something else that seems to become more widely implemented in the online casino industry is Augmented Reality (AR). This technology allows for players to be enclosed by the virtual casino in a way that was previously impossible. With AR gaming, you can see a 360° view of the poker room and slot machine arcade, making the experience 100% immersive.
Smartwatches
As more and more people want to be entertained every minute of the day, smartwatches can be the way to offer players this. The market for wearable technology has always been popular and will most likely continue to be so. If future online casinos will adapt their interfaces to fit these small screens it would not surprise us, at least not when it comes to games that do not require bigger screens, like slot machines