Arguably one of the most lucrative and fastest-growing industries in the world, the online gambling sector has witnessed a huge growth explosion over the last decade and continues to be as popular as ever.
Now with new markets opening up as well, this has definitely had a favorable effect on the growth of the online gambling industry from a wider perspective. Furthermore, new online casinos are launching on a regular basis, some of which are part of major companies, while the amount of acquisitions in the marketplace that have happened recently, is another sign of how fast the industry is growing.
We reached out to online casino bonus comparison site Casino-Bonus.me.uk who emphasized a number of factors for the growth of the industry: “What appears to be a major factor that has influenced the increase in the value of the online gambling industry is player behavior and preferences.”
“This has meant that online casinos now are able to recognize and pinpoint more accurately what players want from their experience and as such have been able to provide them with their relevant preferences, whether this be a wider range of games or better bonuses and promotions.”
Factors that have influenced the growth of the online gambling industry
According to Statista, the online gambling market is estimated to reach an overall conservative value of $92.9 billion by 2023, which means that it would effectively double in size in just three years. Let’s take a look at some of the factors that may be influencing the growth of what seems to be one of the most lucrative industries in the world.
New markets opening up
While the UK and European online gambling market have witnessed considerable growth over the last two decades, other markets are starting to now capitalize on this and as a result, this has led to more legislation being passed. One of the reasons for this is because governments now can no longer ignore such a large source of income, based on the demand, which is reflected in the taxation of gambling companies. The UK government makes over £3 billion every year in taxes from operators and as a result, other countries have realized the value of approving online gambling legislation.
New technology
Over the last decade, the online gambling industry has been able to cleverly leverage new technology, especially with regards to mobile gambling. This is because gambling operators recognized early that players prefer to play using their mobile devices and as a result, have been able to optimize their websites to cater to this.
As a result, recently we have seen the rise of new mobile payment integration methods, such as the innovative ‘paybymobile’ option. This allows players to make a deposit efficiently while they are playing using their mobile, with this amount added onto their phone bill.
Related: What Is No-Deposit Bonus and How to Receive It
New niches
In recent years, the ‘live casino’ niche has been particularly profitable for the online gambling industry. This has meant that players could get a feeling of an authentic casino experience from the comfort of their own surroundings, via a live feed to a dealer in an actual casino. It is niches like these that have helped to differentiate the industry and as a result, can be attributed to the increased value of the iGaming market over the last couple of decades.
