Online gaming has played a major role in the success of the gambling industry in the recent years. While the rapid advancement of technology and the flexibility and durability of devices have made it easier for most people around the world to access gambling sites, traditional gaming consoles are still popular.
According to the global gaming market report, there was a 4.9 percent growth in the gaming industry in 2018. Research also shows that people are not just playing games for fun but making a living out them. Since we’ve seen or heard people winning loads of cash and other amazing prizes, we tend to prioritize gambling over our hobbies and interests most of the time.
The gambling market can be divided into different categories such as casino, online gambling, horse racing and lotteries to name a few. According to a report conducted in 2018, lotteries was the leading gambling market with a revenue of $207 billion. Online gambling followed closely behind with a 6.9 percent growth. Online gambling will take over the world in the next few years due to its reliability and convenience.
The rise of online gambling
Numerous countries have legalized online gambling because it offers a high employment rate and boosts the generation of revenue. When people participate in online gambling, they get the opportunity to use the best online casino welcome bonus and experience gambling activities in real time.
The development of new technologies such as blockchain and virtual reality is also accelerating growth of the gambling industry. This has been attributed by the fact that several companies have already integrated blockchain technology into their gambling operations.
This will help in promoting transparency while gambling and enhancing user experience. Another great thing about blockchain-based platforms is that they are decentralized, meaning that they are completely free of third-party influence.
The COVID-19 Impact
The outbreak of COVID-19 will impact the gambling market positively. In a bid to manage the spread of this deadly virus, most countries around the world have imposed restrictions and promoted social distancing. Restrictions on the movement of people will have a serious impact on land-based casinos.
However, casinolife.co.za and other gambling platforms are going to perform even better because the majority of land-based casino lovers are shifting. The cancellation of major tournaments all over the world will have a significant impact on the sports betting marketing.
Online gambling segments
The online gambling market is made of several segments such as poker, sports betting, casino and bingo to name a few. The sports betting segment dominated the market last year due to the growth of digital platforms around the world. Also, disposable income in Asia Pacific has been on the rise. And this has resulted in higher spending rates which is expected to contribute towards the growth of the gambling market.
College students have fallen in love with online roulette casino and poker. This gambling segment is expected to register an increase in revenue owing to the popularity of card games. In the recent years, convenience has been an important factor that has contributed to the popularity of online poker since most of the sites accept deposits from online wallets, credit cards and virtual currencies like the Bitcoin.
The usage of devices
The desktop was the preferred gambling device in 2019. This is due to its large screen and high quality graphics that improved player experience. Additionally, other parameters associated to performance such as storage capacity, picture quality and sound volume can be adjusted on desktops to enhance the gaming experience.
Technological innovations in the mobile sector have enhanced gaming graphics thus leading to the development of online mobile games. Online gambling makes it possible for people to gamble anywhere and offers a smooth gaming experience.
The availability of mobile phones with amazing features such as improved graphics and extended storage capacity has contributed to the growth of the market. Online gambling platforms are also evolving by including attractive features such as loyalty points, deposit options, bonus offers and promotions to name a few.
As the gambling market continues to grow, so does the number of people who are addicted to gambling. It’s not easy to explain when gambling becomes an issue because it manifests differently. If your family and friends start worrying about your gambling habits, it might be time to analyze yourself. You might find yourself spending a lot of money trying to recover what you’ve lost, chasing an elusive reward or escaping from stress. Remember, casinos aren’t built on winners.