Online casinos have become increasingly popular in the last couple of years. Swift technological advancements and increased use of smartphones are among the factors that have contributed to the growth of the industry.
Casinos like Betway online casino have registered an increase in their punters and online activities thanks to their online platforms.
It is estimated that there are more than 1.6 billion gamblers worldwide in a gambling market worth around 40 billion USD.
By the year 2023, we expect the industry to generate revenues of up to 74 billion USD. In this article, we discuss the forces behind the rise of the online casino industry and an overview of the market.
Online Casino Industry – Market Segmentation
Geographically, the online casino industry is divided into Europe, Latin and North America, APAC, and EMEA. The European casino industry has dominated the market in the recent past with a market share of 48.9% worth 19.91 billion USD.
Their growth rate is estimated at 10% per annum.
The global online casino industry is also segmented by game type into the casino, betting, online bingo, lottery, poker, among others. The casino segment accounts for the lion’s share of the market.
The market has also been segmented by device type into mobile and desktop. The mobile segment accounts for the highest market share. The increased adoption of smartphones is likely to lead to a higher CAGR.
The online casino market is also segmented by end-users into enthusiasts, dabblers, and social exuberant. The gambling enthusiasts segment is the dominant segment.
Factors Contributing To the Growth of the Online Casino Industry
Increased Use of Smartphones
Increased use of smartphones is among the main contributors to the rapid growth of the online casino industry. The millennials are the dominant age group that has adopted online casino gaming from their smartphones. They find playing online casino games on Betway and other online casinos to be similar to regular gaming. This uptake of mobile casino use has led the vendors to develop mobile apps that run seamlessly across a wide range of digital devices.
Augmented Reality (AR) and Virtual Reality (VR)
Online casinos were accused of taking away the feel of the land casino. Not any more, the introduction of the VR and AR technologies in the online casino industry was a game-changer. These two technologies, coupled with fast internet connections, provide casinos with better opportunities to offer a more immersive online gambling experience.
Live casinos have presented an excellent option for punters that fancy a similar gambling experience to that in traditional casinos. The live casinos offer the gamblers an excellent alternative that allows them to play with real dealers.
The expansion of the online gambling market has also been positively impacted by legislation that has legalized online gambling in different jurisdictions. More than 85 states across the globe have legally recognized online gambling.
Other countries are also revisiting their gambling legislations to make changes regarding the ban on gambling. When this happens, online casino providers like Betway will expand to more markets leading to the further growth of the industry.