In recent years, the world of online gaming and gambling has expanded far beyond its brick-and-mortar predecessors. There are approximately 1.6 billio
In recent years, the world of online gaming and gambling has expanded far beyond its brick-and-mortar predecessors. There are approximately 1.6 billion gamblers worldwide, and the online market is constantly growing, currently bringing in around $46 billion annually. But why, when so many industries are seeing a decline in business, does this one seem to be flourishing?
One possible reason is the wide variety of games and applications that are now available in the sector; from bingo to roulette to sports-based gaming, there is something for everyone. This means a broad demographic to market games to and in turn, a higher amount of visitors to online sites. Businesses generally thrive on the idea of ‘something new’, and the fact that most gaming sites regularly update their games and apps allows new players a wide range to choose from, and old players to continue playing without getting bored.
Another reason is the accessibility of the gaming industry, as it has never been easier to play online. A player can access mobile wins betting from their sofa, or while sitting on the bus, which means that they don’t have to commit a lot of their time or money to access games. Most people have access to a smartphone or a computer at home, but may not have a real-world casino in their area, which allows online sites to capitalise on a much larger market. This technology and accessibility also allows online gamers to live stream games and tournaments, with fans of the games able to watch from remote locations, which builds a larger community and encourages new players to take part.
Another reason that online gaming is so successful could be the fact that online advertising that leads to an online product – in this case, games and gambling tips – can be more effective than advertising for a product that you have to leave your home to obtain. This is because the person who is seeing the advert will likely be seeing it on a device that is already set up to play the games being advertised, cutting out a period of time in which a consumer may decide against using the product.
Furthermore, as technology has improved, so has the safety of the online world. With secure payments, anti-virus technology and blockchain-based gambling, players now feel that they can enjoy gaming sites without worrying about the safety of their money and information. This is also a cyclical benefit because as an industry gains a more positive, safety-led reputation, investment often follows, which, in turn, allows companies to spend more on their infrastructure.
All of these developments have allowed online gaming to adapt to the daily lives of consumers and address their needs more quickly than a traditional casino might be able to as they are focused on the hospitality of their businesses, as well as the actual games. Technology is the key to success in today’s business market and can be used to explain why the online gambling market is set to grow to $66.7 billion in 2020.