Online gambling has been gaining momentum for quite a while now since its inception sometime in the mid-90s. And from a measly 15 operators in 1996, the industry has grown to over a couple thousand operators today. As of 2019, the online gambling industry was worth $53.7 billion globally, and the figures continue to explode at an annual rate of 12%.
While the rate is bound to plummet in a few decades, there are quite a few factors working in its favour. However, there are some significant factors to consider while gambling online, as they are possible scammers along with highly-secure iGaming destinations. At this point, players who visit casino comparison sites can always pick the best options for themselves.
Nevertheless, let’s have a look at the factors that distinguish one from another.
The Pros of Online Gambling
- Welcome Bonus – Virtual casinos have a notorious reputation for offering some of the biggest online casino bonuses and free gifts for their patrons. Traditionally, online casinos are cheaper to operate, and the management usually transfers the perks to the punters.
- Convenience – Online casinos can be accessed anytime anywhere. You can log in from the desktop at home, from the smartphone on your way to work, during recess, or in the middle of the night. Online casinos are just more convenient any day of the week.
- Quicker Gameplay – Compared to brick-and-mortar casinos, online casinos are quicker as human interaction is limited. Machines respond quicker than the dealer, thus allowing more rounds within a fixed duration.
- Multiple Payment Methods – From credit and debit cards to eWallets, wire transfers, cryptocurrencies, and more, online casinos accept a vast array of payment methods. Crypto transactions are traditionally safer than fiat currencies and are hence popular.
- Quicker Payouts – Unlike traditional casinos that offer huge payouts at longer intervals, online casinos keep handing out wins intermittently. Although the amount is incomparable, online casinos more than make up for it by awarding frequent wins.
- Safety & Security – Security isn’t a major issue with online casinos as they employ the highest safety standards available. From end-to-end encryption to multiple security layers, online casinos are, in some ways, safer than traditional casinos.
The Cons of Online Gambling
- Societal Pressure – Gambling is still looked down upon in most parts of the world today, and this promotes numerous problems like addiction and societal disgrace. By regulating the industry and educating the masses, the side effects can be curtailed to a higher degree. Addressing a problem is the only way to come up with a solution. Online gambling worsens the situation as offshore websites can be accessed from any part of the world.
- Legal Issues – Although gambling is rampant throughout the world, it isn’t regulated in most countries. This promotes underground activities, which is more dangerous than a regulated industry. Disreputable online gambling platforms are known to siphon money, con unsuspecting punters, and launder currency. Therefore, we cannot stress enough the importance of signing up on a reputable website.
- Lack of Human Interaction – While social distancing is essential, we mustn’t lose our human qualities. Online gambling over extended periods could make us socially awkward. Therefore, it’s important to take a break once in a while.