Online gambling and online casinos have experienced dramatic growth in the recent past. Experts project that the online casino industry could be worth more than 59 billion USD. In addition, some commentators argue that the global pandemic has increased the number of people playing online casino games because of the lockdowns and other measures to curb the spread of the virus. So, what are the factors behind this steady growth of the industry? Read on to find out more.
Technology Is Becoming More Widespread
Studies have revealed that close to 4 billion people have access to a smartphone in the world. Moreover, gamblers can access a gambling platform from anywhere, thanks to the availability of betting sites like Betway. Also, internet connectivity has spread to the remotest villages globally, making it easy for gambling enthusiasts to access online betting sites.
For gamblers that relish the traditional gambling experience in land-based casinos, Live Casino games cater to their needs. You effortlessly play a live dealer.
Technological innovations have also improved the quality of online casino games. With inventions in AI, AR and VR, casino games have become more immersive, attracting more players in the process.
The Popularity of Sports Betting
Sports betting has contributed significantly to the rise of the online gambling industry. Undoubtedly, everyone has some kind of sport they like. In this regard, experts state that soccer is the most followed sport globally. Data from online sportsbooks like Betway has also revealed that many gamblers prefer to place bets on soccer. Major soccer leagues like the English Premier League, Spanish LA Liga, and German Bundesliga are very popular worldwide.
In other major gambling markets like the USA and UK, gamblers love sports like American Football, horse racing, hockey, and MMA. In addition, online sportsbooks offer gamblers many markets to bet on, making it the most preferred form of online gambling.
Player Safety in Online Gambling
In the beginning, many gamblers were skeptical about their safety when betting on online casinos. But, unfortunately, there were not enough regulations and technologies to keep online gambling platforms safe at that time.
However, the industry overcame these challenges. Nowadays, online casinos and sportsbooks operate under strict regulations. There are industry-set standards that every operator must adhere to. For instance, online casinos are required to use the latest encryption technologies like SSL to keep their user data safe from hackers and malicious programs.
Online gambling operators also use secure online financial transactions operators like Visa Cards and eWallets like PayPal. Gamblers feel more confident when their finances are well taken care of.
Jaw-Dropping Bonuses and Promotions
Online casinos are famous for offering their players mouthwatering bonuses. However, the competition amongst online gambling operators is very fierce, that they have to develop innovative ways of remaining attractive. The most common strategy is bonuses and promotions.
For example, when you join an online casino, it welcomes you with a great welcome bonus in terms of cash and free spins. This boosts your initial capital allowing you to gamble more. Additionally, other ongoing promotions are running daily on online casinos. Because of these tempting offers, online casinos have become very popular.
Friendly Gambling Laws
One of the biggest obstacles to the growth of online gambling was restrictive gambling laws. However, in recent years, many jurisdictions have revised their gambling legislation, making it friendlier to online gambling.
The friendly laws have given online casino operators like Betway to expand their operations to new markets. The spread of online gambling to newer markets has also played a significant role in making the industry very popular.
If you thought you had seen the best of what the online gambling industry can offer, you thought wrong! Whatever growth the industry is experiencing is just the tip of the iceberg. Gamblers should expect more growth in the coming years. Technological innovations and stiff competition will instigate this growth amongst operators. But, even as the industry continues to rise steadily, remember one thing – gamble responsibly!