The iGaming industry has existed for almost two decades and, in that short period, has amassed a worth of $152.1 billion. The worldwide success has attracted a lot of media attention and many new users on online gambling sites. So, what is behind the incredible growth of the online gambling industry? Let’s take a closer look at the main factors that propelled the astronomical rise of this sector.
Safe Payment Options
The introduction of e-wallets, cryptocurrencies, and mobile payment apps, is a major reason that made online gambling sites more popular. It also boosted the profitability of gambling websites as a lot of users wanted to be able to choose from a variety of payment methods. In other words, today, you can use popular payment methods like people Google Pay, Apple Pay, credit cards, debit cards, and also cryptocurrencies to make deposits and withdrawals on casino sites, for example. Hence, you can easily find a reputable instant withdrawal casino.
It’s worth mentioning that the introduction of cryptocurrencies as a viable payment option on gambling sites is another factor that boosted their popularity, especially among crypto users, because it allows them to make deposits with their crypto funds or withdrawals instantly. This also included an entirely new audience of casino players.
But, mainly the range of payment methods that allow users to make deposits and withdrawals safely became a major advantage for any online user because they are able to have a smooth gaming experience on every device.
The introduction of mobile devices has made the online gambling sector more appealing and accessible to a great range of users. Actually, it is estimated that there are 3.8 billion people around the world that own smartphones.
The smartphone is a device that has undoubtedly changed the habits of a lot of people when it comes to consuming digital content. This trend also translated to mobile games and online casino games.
Consequently, online casinos became aware of the importance of mobile devices and quickly adapted to the newfound interest in mobile gaming by developing mobile-friendly websites and even separate apps. Today you won’t find a gambling platform that doesn’t have a mobile adaptive website.
Also, this trend triggered the rise of mobile casino apps because casinos have found out that some users want to access certain casino games immediately. For example, the are mobile apps designed for live casino games that only provide different live casino titles.
Generally, mobile casino apps and websites made online gambling more convenient and affordable because users weren’t obliged to buy computers if they wanted to have access to a certain online casino regularly.
Online Gambling Regulation
The online regulations were considered a challenge for the growth in the market because each country has its own set of regulations regarding online betting and online casinos. But, the real difference in the market was achieved with the Free Trade and Processing Zone Act by Antigua and Barbuda in 1994.
Since then, new online gambling establishments have continued to emerge on the market. Another important factor that boosted the number of online gambling sites was the introduction of the Gambling Act and Gambling Commission in the UK which also had a positive impact on this growth.
Other great countries like Canada also supported the growth of online casinos because online gambling is legal in Canada as long as it is conducted on a licensed establishment. Of course, with the rise of popularity of online gambling platforms, many countries around the world have adopted this trend and legalized online gambling. But, it’s worth noting that online gambling regulations will always represent a strong factor that promotes or hinders the expansion of the gambling market.
The technological advances in the market prompted a lot of developers to continuously improve the quality of the games. As a result, you will find that not only are there many classic casino games on casino sites, for instance, but also there are many innovative titles that have interesting characters, cutting-edge graphics, and special features.
The developers were also quick to adapt to new technological innovations. This means that most of the games that are created for online gaming establishments are mobile-friendly. In other words, users can have a seamless gaming experience on any device of their choice.
Lastly, the huge number of options available online outnumbered the games accessible in traditional gambling establishments, which is a major factor why online gambling has become a significant aspect of the online entertainment sector.
In conclusion, the rise in popularity and profitability of the online gambling sector is mainly due to the various technological advances and the ability of the online gambling market to adapt to macroeconomic changes and new technological innovations constantly. Another advantage is that many countries across the globe are looking to regulate online gambling which also has a positive impact on its growth.