5 factors contributing to the rise in online casinos
Over the last 20 years, we have seen a migration of casino activity into the digital space. Historically, casinos have thrived earning casino owners hundreds of thousands of dollars each year. However, with the growth of the Internet and smart mobile devices, it is fair to say that the industry has exploded in growth by reaching a wider audience globally and by tapping into a new demographic. On the web, it is common to come across several online gaming advertisements trying to lure new punters to try their hand at web casino games. And the rise of the app market has rekindled interest in traditional casino gaming activities. In fact, a report published by KPMG cited the global online gaming market surpassing $30 billion USD in revenue. It’s no wonder we are seeing popular gaming sites such as 888 Casino leveraging the market opportunity. We take a look at some of the contributing factors for the rise in online casinos.
The new demographic of millennials.
Each year, there is a large amount of people entering the workforce. There are high school leavers and university graduates who will enter the workforce and will become a part of a market eligible to participate in gambling activities. While they are getting access to income and are eager to participate in new activities, gambling in the traditional casino way isn’t proving to be as popular as they opt for new and more innovative ways of staying interested through mobile apps and web based casino platforms. Where people would go to the casino and make an event out of it, the newer generation seem happy to play the games at a location and device of their choosing.
The preferred use of skill.
An interesting dynamic among the millennials is how they are opting for more skill based gameplay as opposed to relying purely on chance. Chance isn’t completely taken away from the betting equation across the digital platform. However, it does make the person feel like they are in more control with their bets and overcoming the odds. This is particularly true with poker, which has seen a sharp rise in popularity and has even transcended the industry to be seen as a sport.
The relaxing of state and national regulations for web based operations.
Traditionally, gambling houses have been restricted in their activities due to location. If you think about it, gambling locations have required a license to operate and the only way potential gamblers could engage with casino games was by playing at the premises. The growth of casino apps and online casino games has removed that barrier and allows gamblers to enjoy their favourite casino games on their smart devices in the comfort of their home. Since they are also roaming in a virtual environment, they will get greater access to a variety of games to chance their luck on.
While many countries still have gambling restrictions, the accessibility is available through the internet with many online casinos and betting companies being registered as offshore companies. In theory, anyone from anywhere can play as long as they have access to the website or application through a stable internet connection. And even if security measures such as firewalls are put in place, there are workarounds through VPNs that will still give people access to betting on those sites.
The massive differentiator when it comes to online casino games is the fun factor. While the older generations preferred to have fun by being in the casino and being surrounded by other casino goers while on a hot streak, the new generation are more into the digital experience through interactive games. Some examples includes live dealer plays for blackjack and poker games.
While some casinos have been able to leverage this trend by offering slot machines that are similar to some popular gaming applications and popular movies or television shows, the trend of interactive gaming needs to continue.
There are many websites that offer different types of jackpots for different games. There aren’t shortages of jackpots on offer, however, digital players want to know the frequency of payouts and will network with other online players.
The perceived ‘No risk’ factor.
The online games and mobile applications won’t always force you to play with cash. You can play with fake money or with credits. This is a safe way to introduce people to casino games and then later on, they can transition into paid forms once they have the confidence to play. (Again, this shows how the millennial generation prefer to play with skills rather than chance.)
Online casinos will continue to rise in popularity. Everyone wants to have a chance to come away with a win and they also want to play on demand. In the end, everyone wants to have as much fun as they can. Online casinos provide the perfect platform for millennials to enjoy themselves.