As the number of internet users grows and the internet technology develops, the more popular the online gambling industry becomes. This is explained by viewing that the internet allows people to get things done fast and easy without them having to be at a certain place physically. For example, why would you go to a land-based casino when you can just log in and set the bet online in an instant?
Here are the main reasons for the industry’s development:
- Accessibility
- New gaming and security technologies
- Innovational payment methods
Greater accessibility of online betting services is a huge part of why the online gambling industry has levelled-up during the past decade, but it certainly isn’t the only reason. To provide safe and secure betting transactions, online casinos have to use available technologies that would assure user safety, but it wasn’t long ago when this could not be achieved. Nowadays, users don’t have to worry so much about their data being compromised, like being a subject of hacker attacks since online gambling became regulated and online casinos have adequate security technologies implemented in their systems.
By heading towards providing the best and the most secure online services, many online casinos noticed that the crypto-currency might offer just that. As the crypto-currency operates on a decentralized platform, the user’s anonymity is secured in terms of identity and transaction information. This is another reason why the online gambling industry levels-up rapidly. The industry follows the new trends, which is a great thing because it allows for the industry to grow and generate profit and provides a better gambling experience to the user.
If you are a fan of VR technology, you will be glad to hear that it will soon become a big part of an online betting experience. Many betting games are being optimized for such technology, but it still hasn’t reached its peak yet.
Online Casinos & Gambling Industry
The gambling market consists of many companies where the major ones like Las Vegas Sands Corp., MGM Resorts International, SJM Holdings Ltd., Golden Entertainment, Caesars Entertainment Corp., and such hold its biggest percent. However, the growth of the mentioned companies enables an adequate platform that will allow for new online gambling businesses to develop and prosper, which ultimately leads to the general growth of the industry. Online casinos are not the only thing that makes-up the online gambling industry. However, they are the most responsible for its growth.
Almost all casinos today provide online services, as it would be a big mistake not to do so. First of all, the internet is a great marketing tool. The information spreads rapidly and reaches the potential user faster than ever. The person can then choose which online casino is the right choice since each has something different to offer, and that is the charm of the online betting industry. The games that the casino has to offer is based on its relationship with certain software providers, so one can find casinos that include products developed by several of them.
It is not a rare case that the software provider itself owns an online casino in order to promote and launch its products. To access an online casino, the only required thing is internet access, but to sign-up to an online casino requires personal information input. However, once that is finished, the user gets rewarded with various bonuses and gets access to the casino games.
Although you could bet for real money at online casinos, there are also free sites where you can enjoy free slots for fun, for example, or poker and roulette ones, and try them out without having to register or download. The fact that one can go to an online casino website, create an account, and start betting in a very short period alone is a huge level-up factor for the online gambling industry. Not only can you do it fast, but in a very secure way as well. Online casinos include numerous security measures that allow the user to feel safe while betting online, and it is all thanks to the advancement in internet technologies.
Cryptocurrency in Online Gambling Industry
Cryptocurrency is still a new thing to many people, but to online casino businesses, it presented itself as a new payment method that would suit some users. The more the casino has to offer, the higher is its marketing potential. As a result of that, numerous crypto-online casinos offer their users depositing and withdrawal services through cryptocurrency.
The most popular currency is Bitcoin, but there are several offered by online casinos. Due to the nature of cryptocurrencies, transactions occur without the government’s supervision, and the best part is that the cryptosystem cannot be hacked since it includes an unbreakable algorithm. So, it is the most anonymous and secured money-transaction platform ever created. This is why it is so appealing to users and great for the online gambling industry.
However, cryptocurrency is very volatile, which presents a risk to online casino businesses. Its value can grow or drop in matters of seconds, so it is up to the industry to figure out the answer to that question. Nevertheless, it is a great thing that the industry keeps up with the trends and constantly implements new things that ultimately enable it to grow bigger.
VR Technologies in Online Gambling Industry
VR is a term that stands for virtual reality. The purpose of this technology is to give people a new perspective of looking at the mobile or desktop experience. Of course, it found a huge role in the gaming industry as well as in the online gambling industry. Many games are being optimized for such platforms, but we have yet to see their success. As more people own VRs, the bigger the VR-game’s success will be, or it is believed so. The fact is, this technology attracts players and is for sure a huge factor for the industry’s growth.
COVID-19 Lockdown & Online Gambling Industry Growth
The online gambling market just boomed recently due to the pandemic caused by COVID-19. During the lockdown, no one could leave their homes, so the chance of visiting the land-based casino did not exist. The only way you could place the bet is by visiting one of the online casinos. During this period, people saw the potential and benefits of online betting, which is exactly what keeps them engaged further. The best thing is that one can bet via desktop, tablet, and mobile devices since most of the online gambling games are optimized for the mentioned platforms. Mobile online casino apps can be downloaded for free, and their advantage is that they allow even great accessibility to online casino services. Besides that, one can move around while enjoying online betting.
Outro
Surely, the main reason for the online gambling industry to level up in 2020 was the global lockdown situation, which forced people to bet online only. However, the thing about this industry is it keeps pace with innovations and makes sure to use them in its favour to grow businesses and build a rich growing platform for the new ones.
International Relations BA by the Federal University of Pampa, Brazil.Author of the Bachelor’s Degree Thesis: The Securitization of the Organized Crime inside the American Foreign Policy in the decades of 1970-1980s: a study of case of La Cosa Nostra. Researcher about the Italian-American mob, international security and politics.
E-mail: [email protected]
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