To understand the current state and future trends of the online gaming industry, we analyzed dozens of online sites focusing on revenue, player base, licensing and other complex stats that helped us get an accurate overview of the market.
Here are the findings.
The current state of the online gaming industry
The exact market value of the online gaming industry is hard to pin down but researchers put the number between $60-$70 billion and the market is expected to reach above $120 billion by 2027.
This growth is primarily driven by the freemium model of online sites that lure players in with no deposit bonuses and the rising popularity of online sportsbooks. Worldwide smartphone usage and cheap data availability are also contributing factors towards the growth of the sector.
With each day that goes by, industry experts and players are starting to accept that the transition to online gaming is inevitable, and sooner rather than later, online sites will replace physical land-based casinos with advanced virtual reality environments.
Below I’ll attempt to explain some of the reasons why online gaming is the future of the casino industry.
Emerging online casino trends
Crypto payments are overtaking traditional banking methods
With blockchains and cryptocurrency getting more attention than ever before, the implementation of crypto payments by online casinos is one of the major driving forces of growth.
Cryptocurrencies like Bitcoin, Ethereum, Tether, etc. are rapidly becoming a preferred payment method amongst online gamblers due to the advantages they offer which include: instant transfers, transaction anonymity, protection against inflation, bonuses for using crypto, and several other benefits.
Perhaps the biggest benefit of using crypto for online gambling transactions is the increased anonymity and encryption technology which ensures that your transactions will be protected from malicious hackers and scammers.
Having a gaming license is more important than ever
Unlike the past when online gambling was the wild west and casino operators could easily cheat their players, online casinos operate by more stringent standards today. There are several entities dedicated to regulating online casinos, issuing licenses and verifying that the operators have not tampered with the game.
There are lots of licenses and gambling regulators out there but some of the most trustworthy are: The Malta Gaming Authority, Curacao Gaming License, UK Gambling Commission and Kahnawake Gaming Commission.
To ensure that you’re playing in a safe environment with no risk of losing your money, check out the footer of any online casino you’re planning to join to see if they have a legit gaming license. Some online casinos, like Betiton casino, even have multiple gaming licenses.
Virtual Reality and Augmented Reality casino games are around the corner
Although VR and AR technology are still in early developmental stages, the consensus among experts is that the technology will revolutionize the gambling industry once released to players.
Already several online gambling giants are racing to bring a VR game to market and the first of these to be successful will definitely make a lot of money.
There are also talks that some top online casinos are coming together to create a VR casino where players can walk in, interact with other players and gamble with real money like in a physical casino all without leaving their home.
Gambling restrictions will soon become obsolete
Already, international gambling websites and cryptocurrencies have made it possible for players from banned countries to gamble online.
Soon those countries will have no choice but to lift their gambling restrictions or lose access to the tax revenue and development that comes with legalizing online casinos.
Online casinos are in, land-based casinos are out and the divide is only going to get wider as more online casinos adopt crypto payments, VR, and international licenses.