Casino Online Gaming has gone from strength to strength. The ongoing legalisation of licensed casinos has allowed them to expand into new markets and generate staggering, record-breaking revenues. The market size of the global casinos and online gambling industry has hit a whopping $232 billion, according to stats published on the website of consumer and market data company Statista.
Below is a look at the online casino market and some of the trends that could have a major impact on the market in the future. This post also features a review of some of the technology that is driving the market forward currently.
Expected growth of the market
For the period 2021 to 2026, experts have predicted the online gaming market will experience a compound annual growth rate (CAGR) of 11.49%. They believe several factors will drive the growth of the industry during this period.
The first thing to note is that the industry is highly competitive. Operators are striving constantly to gain an edge on each other. Even the slightest advantage can translate into significant increases in revenue for them. Major players are focusing on mergers and acquisitions, product innovation and partnerships. Expansion into the global online gaming market is the next preferred strategy. All of this is so that the operators can strengthen their brand portfolio and cater to the different tastes of the consumers.
Engagement is crucial in the online gaming industry. Operators know that if they fail to keep their customers interested in their services, these consumers will switch their loyalty to an operator who meets their requirements better. This is why they’ll create promotions based on artificial intelligence (AI) and tailored to the players’ tastes. Bonus programmes are growing constantly.
Tournaments are another phenomenon that experts expect to drive industry growth. Online casino offer practice games in which players bet using virtual chips, rather than playing for actual cash. These games give the players the chance to learn about the game and build their confidence before they lay their money down. Eventually, these players may fancy trying their hand in a tournament, either online or offline.
The rise of women participating in casino gaming
Another trend experts believe will bolster the market is the rise in the number of women enjoying casino gaming. Whereas men prefer table games, slots are popular with women. Slots are entertaining and require less strategy — when it comes to gaming, women enjoy games that feature shared experiences more than games that entail a lot of strategy — offer large payouts and don’t need long sessions.
Current technology driving the industry
Above is a look at what the future holds for the industry, but online casinos are making use of some powerful technology which is driving their popularity right now. Here’s some of the tech that is making online gaming such a hit.
Live casino technology
In their quest to provide an experience as close as possible to that of playing in a brick-and-mortar casino, online casino operators have finally struck gold in the form of live casino gaming. Instead of playing a game operated by a computer, players can take part in a game hosted by a live dealer in real-time and streamed to them from a TV studio by the operator.
In live casino gaming, optical camera recognition technology will record the movements of the dealer. A game control unit will encode the data into a digital format and the dealer will use a studio monitor to communicate with the player(s).
Technology for mobile devices
The world of mobile has been absolutely gargantuan for the online gaming industry, creating the opportunity for operators to make their games and services much more accessible and to liberate players from gaming behind a desktop computer. Software developers now build games that are optimised for mobile so that players can enjoy just as good a gaming experience even though they’re playing on a smaller device. Not only that, but players can play on the move and, as long as they have internet access, wherever they want.
Although there could still be some way to go before the implementation of blockchain technology becomes more common at online casinos, operators are beginning to warm to it.
Some casinos are now beginning to accept cryptocurrency as a payment, which is good news for anyone who uses Bitcoin or other digital currencies because they’re exempt from the restrictions on fiat currencies and the transactions are also faster. The use of blockchain technology for transactions makes them safe and secure, which is important to players and, in an industry in which businesses see immense amounts of money enter and leave their accounts, online casinos.
Virtual and augmented reality
Virtual reality (VR) and augmented reality (AR) software are another tool that online casinos are starting to implement more to create as close an experience as close as possible to being in a true-life casino. This software and other accessories are ensuring the imagery and graphics provide this real-world-like experience.
The online gaming industry keeps growing and growing. High levels of competition and the smart use of tech to increase player engagement are driving the industry to grow even bigger and better. As operators strive to enhance the experience for players, the industry can expect to see even more innovations in the future.
People Also Read: