Gambling has become one of the most profitable industries in the world. With very many companies venturing into the internet, gambling is also stretching its wings towards the many opportunities presented by the Internet.
Reports from the UK Gambling Commission show that online gambling operators generated a Gross Gambling Yield (GGY) of £4.5billion between the start of the second quarter of 2015 to the end of the first quarter of 2016. This implies that online gambling is the largest sector in Britain with £1billion being produced by brick-and-mortar casinos, £3.4billion by the National Lottery and £3.3billion by the high street betting industry.
The increase in online gambling revenues has been attributed to the rise in iGaming activities. Some of the drivers that have had an enormous impact on the online gambling market include:
1. The Rise in Female Online Gamblers
For quite some time now, online gambling has been dominated by male players. However, a 2015 study showed that female players are making huge contributions to the gambling sector. Online gambling is becoming more attractive to women than ever before. Instead of winding down with drinks in a wine bar, the majority of women are turning to online gambling after coming home from work.
Additionally, some online casinos like Amazon Slots are evolving and adding a variety of slot games and extra features to attract women players to the casino.
2. Changes in Technology Usage
Most people are getting used to having their computers, smartphones, and tablets as an integrated part of their daily lives. This has increased the propensity of players to use such technology to access gambling sites.
As the popularity of smart devices continues to increase, gamers are also expected to increase their gaming activities on such devices. Additionally, the rise in usage of smart devices has inspired game developers to come up with innovative social gambling games.
The increase in gambling apps has also been a major factor in propelling the market growth of the iGaming sector. Studies even show that mobile games are the most downloaded applications in many app stores. Thanks to these apps, the number of social gamers has rapidly grown to enable them to socialize, compete and interact with other online social gamers.
3. Increase in the Number of Regulated Markets
The recent years have seen a change in attitudes towards online gambling with many nations either legalizing online gambling or adopting new online gambling regulations. In the United States, Louisiana and Nevada are the only states in which casino gambling is allowed statewide. However, some small geographic areas in the U.S. are ending certain online gambling prohibitions.
The adoption of gambling-friendly government policies provides great business opportunities for iGaming operators as well as attracts online gamblers from all over the world.
4. Cashless Gambling
One of the primary drivers of the online gambling sector is the use of alternative options to cash. The iGaming industry allows gamers to use virtual money which reduces the risk of carrying cash. Online casinos have an assortment of payment options which accept both cash and virtual currency via a digital payment portal.
Most gamers are also resorting to online gambling since they can make payments and receive their prizes at the comfort of their homes.
5. Betting Has Never Been Easier
Thanks to the Internet, placing a bet has become a lot faster than ever before. Studies show that gamers choose online gambling instead of land-based gambling due to convenience, comfort, and ease of online gambling. These reasons give the iGaming industry a competitive advantage over land-based gaming.
The recent trends discussed above show that the iGaming market will continue to grow. With governments planning to regulate the practice and the overall number of players rising, online gambling will continue to be a significant generator of income within the mainstream gaming industry.