Gambling was always one of the most successful industries out there. As long as people had enough money to wager, they were willing to do so. However, nobody could really predict the speed at which the online gambling industry will grow. The gambling world has been going through a major transformation since the Internet came to be.
Before online games of all sorts took the world by storm, you had to go to a physical casino to gamble. But now, you can actually do it from your favorite rocking chair, if you so please.
How Big is the Online Casino Industry?
Online casinos earn incredible amounts of money. And, the numbers are growing at incredible rates each year. When online casinos only came to be back in the late nineties, they were a part of a small industry. Namely, the entire industry’s worth was about 20-30 thousand dollars. Quick jump to ten years in the future – in 2008, the industry was already massive. Online casinos were making well over eight billion dollars each year in revenue. But, that wasn’t the end. The growth became exponential, and four short years later, the earnings came to an astonishing amount of 28 billion dollars. The revenues are still growing with each day.
The gross revenue is not the only way you can see the size of the online casino industry. You can see that the extent of this service is also incredible. You can play in online casinos from almost every part of the world. The websites support every language you can think of, and you can use any type of payment you want.
Why is it Growing So Fast?
This question actually has an incredibly simple answer – people love gambling. In fact, studies show that people even enjoy losing money in casinos. However, most people around the world don’t have access to traditional casinos. The casinos are simply too far away. Most of them also don’t have the money you would need to be able to gamble. However, online casinos make gambling incredibly accessible. Not only can you play from anywhere in the world, but you can also gamble with pennies.
When they were first starting out, you had to download their software on your computer to gamble. It would take a lot of time, and there weren’t many games you could play.
However, the 21st century changed all that. Nowadays, computers are incredibly powerful and easy to use. That means that you can easily play your games without any downloads. In fact, there are websites that let you gamble without spending any money. If you choose to do so, you could be betting online in less than a minute, on a website like Wild Wins, after reading this article. It is that accessibility that gave the casino industry an incredible boost.
Not to mention that online marketing has become an artform of its own, and is bringing in new users each day.
Enter the Smartphone
The next big step for this industry was the introduction of smartphones. As we all know, even old smartphones have the power to support various online games. So, casinos didn’t waste any time; they hired game developers in order to adopt the new technology and make their casinos available to anyone who has a smartphone and Internet access. You don’t even have to be on your computer anymore to gamble. You can just do it from your phone. And, you can only imagine the rise of popularity the online gambling industry saw. Furthermore, you are not limited to gambling in casinos from your country. If you want, you can gamble by using a Norwegian online casino instead.
The Next Step
If we take a step back and look at the reviews of online casinos, we can see that people love them. And, that indicates even more growth. In fact, European countries,especially, are witnessing incredible gains. One of the reasons is that the governments of some nations offer regulation for the casino services.
In the following years, we will probably get to see an improvement in the U.S. front as well. Delaware, Nevada, and New Jersey already have casino regulations that are helping online casinos bring in a lot of money. And the trend will probably continue to grow. Countries that have proper regulation make a lot of money, and others will follow soon.
Another big selling point for these casinos is that they utilize the newly available technology to boost their popularity. We can expect the development of virtual casinos soon, and, once the VR tech becomes common enough, the online casino industry might even take over the role of Las Vegas entirely.