With almost every adult in the world owning a mobile, online gaming has exploded in growth. It is because mobile phone ownership has been coupled with internet penetration, opening up remote markets. Today, you will find a player placing bets somewhere in the African savanna where there are no roads but mobile network coverage. The future for the online casino industry is bright and vibrant.
Many More Entrants in the Market
The online casino industry is highly lucrative. As of 2020, the industry is estimated to be generating $59 billion. It will grow to an estimated $93 billion by 2024 at an impressive 11.5% CAGR during this period and perhaps to 2027. Few other industries can match this growth.
These kinds of numbers will naturally attract a horde of investors. Currently, less than ten big brands dominate the industry. But, thousands of smaller online casino brands have bought into these big brands’ gaming platforms.
The American Gaming Association reported approximately 2,800 online casinos in 2018, offering traditional casino games like poker, lottery, and bingo. This number can only increase. It is because there are very low barriers to this market. You only need to buy a white label and have a smart marketing strategy to launch a successful operation.
Online players have lots of options at the moment. Promotions and bonuses will get sweeter as more entrants come into the market. There are so many casino sites out there that you need to make sure that you have found the right one for you. This growth is a win for the customer like BandarQQ.
More Blockchain Technology in Online Casinos
There is more to blockchain than crypto payments when it comes to potential uses in casinos. The open and transparent nature of blockchain transactions is finding more uses in the gambling industry. The Provably Fair gambling phenomenon has gained popularity. Online casinos will have little choice but to adopt this type of gambling.
Provably Fair gaming uses blockchain to keep betting transparent such that customers can be sure that they lost fairly. Online casinos are increasingly deploying Provably Fair gaming, and it is likely to become the industry standard in the coming years.
While cryptocurrency payments have been frowned upon in the past, this payment mode will soon become standard for online casinos. It will be hard to ignore the benefits offered by blockchain. These include;
- Lower transactions costs for both player and casino
- Faster transaction time- Cryptos register within minutes while bank transfers take days
- Elimination of stringent KYC paperwork
- Higher privacy and security
More esports Offers
Online casinos have only started offering sports betting offers in the past five years or so. But this is set to change as online sports betting gets more legally accepted in the US. Esports is already one of the biggest sports betting segments in other parts of the world and will see accelerated growth.
Esports offers huge opportunities in terms of betting markets. It is because esports adopt all popular sports like football, baseball, and basketball and deliver them in virtual formats. Players have almost unlimited choices when it comes to esports.
Esports is also offering avid video gamers an opportunity to make money from their hobby. In the past, gamers were limited when it came to monetizing their play. But platforms like Twitch allow bettors to follow players and bet on video game outcomes. Online casinos are already offering popular games such as Counter-Strike, Mortal Kombat, Call of Duty, League of Legends, and DOTA 2.
Virtual and Augmented Reality Gaming
Virtual Reality (VR) gaming transports the player into a virtual casino where he can play realistic-looking casino games just like would happen in a land-based casino. But there is a section of players who are more comfortable playing in land-based casinos.
Augmented Reality (AR) comes to bridge this gap. AR will enable you to play virtually in your favorite land-based casino. Think of playing Pokémon-Go in a land-based casino. You will be able to have a larger choice of games when playing in your land-based casino.
Mobile App Gaming
Mobile apps have become smarter and neater for online gaming, delivering a better experience than browser gaming. Online casinos don’t have a choice on this one. An online casino will have to set up a native mobile app to survive mobile gaming.
It is unlikely that Vegas will fade away anytime soon because there are animal needs that land-based casinos offer. But online casino gaming will soon overshadow land-based casinos and become the platform of choice for millions of players worldwide. The future is bright for online casinos.