The first land-based casino was opened in 1638 in Venice, and the first online casino was in the mid-1990s.
People are used to thinking about casinos as classy, fancy, and accessible only for rich people. However, the fast implementation of technology changed their perspective, and gamblers started to open online accounts.
Technology revolutionized every online business. Technological progress started with faster payment methods, safer websites with encryption, and mobile-optimized platforms. This increased casino game providers’ opportunities and people’s trust in online gambling.
Revenues constantly grew in the last decade
Until 2010 online gambling market grew slowly due to people’s lack of access to the internet and local laws. Each year after 2014 brought a minim of 12% CARG, which almost doubled from $287.43 billion in 2021 to $456.61 billion in 2022.
Analysts follow the gambling trends and assume a compound annual growth rate of around 16%, reaching or surpassing $842 billion US dollars by the beginning of 2027.
Did the pandemic affect the online gambling industry?
Specialists consider the COVID-19 pandemic a key point for the massive revenue the online gaming industry registered between 2019-2021. People got bored inside the house and started playing free spins slots or picking low-wagering poker tables. The middle class, in particular, exhibited a more significant interest in opening betting accounts on online platforms.
An industry adapted to the demand
There is no secret that gambling is one of the most competitive markets. Therefore each casino tries its best to attract more players and maintain the best relationships with them.
From the first encounter with a trustworthy online operator, you’ll receive a welcome bonus and many explanations about betting and gambling. Usually, more prominent companies have blogs and guides with valuable information about each game, odd and bet they offer.
Not only that, but providers have VIP and Loyalty schemes with numerous extra services. For example, some VIP services include an online personal manager, VIP rooms in land-based casinos and more considerable withdrawal sums with lower taxes.
Accessibility is crucial for gamblers, so casinos with games and rooms optimized for mobile devices are the number one pick. High-quality slots, and live dealer Blackjack tables, you can find them all on your phone in a browser and dedicated casino apps.
CasinoAlpha NZ’s experts elaborated an analysis which determined that over 74% of these younger gamblers (Millennials and older Gen Z.) choose to play on their phones rather than from a personal computer. CasinoAlpha NZ is a comparison platform between New Zealand’s top online casinos, their features, bonuses and mobile adaptability, giving essential inside knowledge.
Modern people interact and even work using computers, so naturally, the time we spend in front of internet devices grows. Data show that screen time has increased by an hour in the last decade. Gen Zers spend the most time on their devices and reach 8.5 hours of screen time daily. However, they are also the generation that takes more steps to reduce their screen time.
A broader range of payment methods
In Europe, in 2013, if you wanted to add money to your online account, you could only do so with a bank card and manual checks by bank employees. The process took more than one day, and transferring your winnings back to the card took at least seven working days.
Nowadays, you can pay with instant apps, e-wallets, vouchers and even cryptocurrencies. Moreover, classic card payments are fast – a maximum of a day for withdrawal and an hour for depositing. Specific services also securitize them, so your information can’t be seen or leaked.
Impediments that could decrease the industry’s growth
Every market has its risks, and gambling displays multiple drawbacks. First of all, the laws are still not fully updated with the latest casino technology and payment options. Each country has its gambling rules, and some even have regulatory authorities that handle the casinos’ working permits and taxation.
Besides grey areas and old laws, an upcoming recession will decrease people’s interest in gambling.
Technologies of the future – already present in casinos
In the next 3-4 years, we will witness a new era of gambling rising that includes Virtual and Augmented Reality. You’ll be able to play professional Poker with other online users from your living room.
Metaverse offers casino games to its users, so regular online casinos must keep up with technological trends. More prominent gambling companies already test and use AI and work to improve their functions and bring VR and AR gambling to another level.
How does the gambling industry help the overall economy?
Online casinos pay taxes to each country they legally function in. Gamblers pay winning taxes in most countries that allow gambling activities. Besides this, the expansion and introduction of new technologies require more people.
An online casino needs a complex team of gambling specialists, journalists, developers, programmers, live dealers, managers and more. The hybrid casino also needs hotels, restaurants and casino employees.