The number of people playing at online casinos has increased in recent years and according to forecasts, the global online casino market valuation would reach $112.09 Billion in the next five years which represents a compound growth of 12%.
Even though the pandemic has affected a lot of businesses, online casino appears to be growing. What are the causes of this expansion and growth? In this article, we’re going to explain the elements that contribute to the recent growth of online casinos.
Factors that contribute to online casino growth
Stable internet connection and Accessibility
The accessibility of online casinos to everyone is the first factor that affects the rise in the use of online casinos. For players to have access to an online casino from anywhere is because they have access to a working internet connection. Something that is not possible when playing at land-based casinos.
The internet service providers have also increased their internet speed which makes gameplay quicker and more efficient. The launch of the 5G network has caused an expansion in the online gambling industry. With the 5G network, players can link with other players and devices in real-time and devices can also send huge data archives faster and safely.
Blockchain and Cryptocurrency
The use of blockchain and cryptocurrency has made it easy for online casino gamblers to carry out transactions more efficiently, at a lower cost, and securely away from the use of third-party interactions.
Due to the numerous advantages cryptocurrency offers, many online platforms have now created an option for digital currency. The widespread acceptance of blockchain and cryptocurrency has impacted the growth of online casinos also.
These casinos have created different marketing techniques to help them attract a large number of players on the live casino. One of their marketing methods includes digital marketing which has shown to be very efficient which is why the popularity of online casinos has increased.
Availability of virtual reality-based slots
The increasing popularity of virtual reality has helped the development of online casinos. Virtual reality has to do with a computer-generated simulation that allows users to interact with each other through an artificial 3D environment using certain electronic devices.
Through the use of VR headsets, players can enjoy an interactive and realistic casino experience. They can be a part of virtual reality games where they can gain a realistic experience. With the increase in virtual gaming popularity, many online casino platforms have started creating virtual games to add to the experience of their visitors.
Comprehensive marketing has been another factor that contributes to the growth of online casinos. Many online casinos have set aside budgets to market their products and services.
Availability of smart devices
Smart devices have become readily available for players to use in accessing different online casino platforms. The use of smartphones, tablets, and other carriable devices has made it convenient for gamers to access their favourite platforms on the go.
Also, smart devices which are used to play online casino games are now more appealing and very functional. Players can play their games from anywhere and at any time due to the portability of these devices making it easy for the online gaming industry to witness massive expansion.
Recent years have seen online casino platforms experience rapid growth and expansion. Despite that, the industry will still witness more growth and expansion in the years to come. With this expansion, the economy has also been impacted as more jobs have been created and more tax income generated.