Online Gaming Industry – Statistics and Trends
The digitalization of many different industries has made things more effective and accessible for customers. Almost every industry has technological tools that they can use to simplify their workload and meet customer expectations. The gambling industry is no different. It has been digitized with the intention of making games more accessible.
Through online gambling, users can gamble wherever they are at any given time depending on their local laws against this type of wagering. Here are some statistics and trends to show the growth, trends, and forecasts of online gambling:
Diversification of customers
Ever since the online gambling model went live, the industry has seen an increased amount of diversification among customers. At traditional casinos, you would expect to see mostly men since it is a male-dominated industry.
Social stereotypes have also made women more conservative on the matter of gambling and going to casinos. Although that is true, online casinos have offered women an opportunity to also participate in gambling activities.
Since everything is done digitally at home, the trend that has grown remarkably is female gamblers. Undoubtedly, that grows this industry exponentially and indicates positive growth prospects going on in the future.
Growth and forecasted market movement
There has been a lot of growth in the online gambling sector and the revenue has been increasing each and every year. The growth measured since the last decade has been calculated at 28% annually.
New technologies have contributed greatly to the tremendous growth of this sector and you can expect more of this increase over the coming years.
From 2020 to the year 2027, the growth has been estimated to reach 11.5% of CAGR. There is an increase in Casino sites without wagering requirements that are generating a lot of revenue. Since countries and regions of the world are easing up restrictions on online gambling, this will contribute greatly to the forecasted growth.
Increase of options in online betting
Countries and States are changing their viewpoint on gambling and allowing more types of wagering to be available online.
For example, in many states in the U.S, sports betting online is starting to be permitted and that increases the options of gamblers. Other countries are also allowing online betting but under very strict regulations and legal frameworks.
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AR and VR
Different technologies are used to make the experience of online gambling a great one. From artificial intelligence chatbots to more intricate parts of the website that use machine learning.
All these sections are necessary but Augmented Reality and Virtual Reality have also come into the picture. The latter technological systems enable customers to have an exclusive experience when gambling online.
Graphics are enhanced to a whole new level and immerse the users to feel like they were in a real casino. Continual growth in these technology industries will also prove meaningful to the online gambling sector. The new technologies will be implemented to take the experience to another level.
Mobile applications
Desktop computers have always been given the preference when it comes to gambling websites. Their wide screens allow users to have a unique experience and see each and every detail clearly.
That has called for companies to develop responsive websites but they also have not satisfied the need completely. As a result, mobile applications have been developed using Augmented Reality.
The mobile apps created for online casinos give users a realistic experience and also real-time feedback on the gameplay. The need for mobile applications has been identified since the majority of internet users access the world wide web with their smartphones or tablets.
Largest players in the industry
Unfortunately, most countries require licensed gambling service providers to market their services online. Therefore, the number of companies that are involved in this sector is limited. There are some international companies, but in some countries, they are not allowed.
The large companies include BET365 Group Ltd, Betfair PLC, William Hill PLC, Sky betting and Gaming, etc. These companies have met the strict requirements of each country they operate in and do so legally under the frameworks set in place.
The bottom line
The online gambling industry is gaining momentum and it has reaped a lot of benefits, especially regarding market diversification. More people can get engaged now without the fear of being judged or subjected to local stereotypes. The regulation of online gambling makes users feel more at ease spending their money on this activity. Although this is true, there are still some illegal sites flying under the radar, so online gamblers should be wary where they spend their money.