The global online gambling industry is forecasted to reach $127.3 billion by 2027. With an estimated CAGR of 11.5% in the next 7 years, the industry has promising prospects. From humble beginnings to a massive billion-dollar industry, the online gambling market has displayed phenomenal growth since its inception, and it shows no signs of slowing down.
We have listed down a few factors that have contributed to making online gambling a worldwide phenomenon.
The rapid onset of internet technology
Compared to traditional gambling, online gambling is a relatively new phenomenon. Its origin can be traced back to 1993 when the first real money online casino was launched. At the same time, the first online gambling venue that became available to the general public was in 1994, with the launch of the Liechtenstein lottery.
It paved the way for other players to enter the field and led many individuals to enter the world of gambling through digital mediums by acting as an entry point for them.
Over time, the use of the internet has increased manifold. Businesses opted to shift to digital mediums to promote their products and services and increase their customer base through enhanced outreach. While many industries adapted to the shift, the online gambling industry leveraged from the opportunity and expanded its services as the number of users continued to grow.
The wide availability of the internet has made online gambling accessible to individuals as they can play anywhere at any time, regardless of their location, through a viable internet connection.
Increased use of smart devices
Thanks to technological advancements, we hardly see an individual without a smart device in their hands nowadays. Most slot online casino sites are now compatible with mobile interfaces and can easily be accessed on smart devices, be it a cellphone or a tablet. With the increased use of smart devices, it is no wonder that individuals have begun using them for entertainment purposes, and online gambling remains a top choice for many.
Online gambling in recent times; the Covid era
The onset of the pandemic saw a major shift in how multiple industries conducted their business. There was also a noticeable shift in individuals’ internet usage and buying behavior. As the pandemic brought all social life to a halt, major events were canceled; people were locked in their homes, and most businesses shifted to a remote working model.
Consequently, the use of the internet increased tremendously as people had ample free time and nowhere to go. It was only a matter of time before many people found online gambling to be a good way to pass the time. Moreover, avid gamblers who could no longer go to land-based casinos found the online alternative quite enjoyable and preferred to continue playing online even after normal life resumed and gambling venues opened.
Today the online gambling industry has become a worldwide phenomenon. Online casinos offer the consumer a multitude of games in multiple variations to cater to diverse customer needs. With an increased focus on integrating advanced technological features and improving customer services, the industry is on the path to rapid and constant growth.