How Online Casinos are Changing the Gambling Industry Worldwide: Image: Adobe Stock
Who would have thought that online casinos would become one of the biggest trends of the 21st century? Game providers work tirelessly to create new games with unique themes or updated versions of classics, ultimately offering something new to the gambling industry each time.
What makes this even more interesting is that the social and personal experiences work together to create a successful impact in the online gambling industry. Based on research conducted on the UK’s population, it was concluded that more than 17% of the population not only gamble online but has managed to generate a revenue of £5.3 billion.
GoodLuckMate carefully studies the current trends to understand how online casinos can compete with the growing population of online gamblers. Now, let’s dig deeper and discuss how online casinos are changing the gambling industry worldwide.
Based on the GGY-Gross Gaming Yield in the UK, it was reported that online and mobile betting accounted for £710.2 million in 2011-2012. Between April 2019 and March 2020, the revenue generated was £14.2 billion. This shows a significant increase, and according to recent research, the revenue is expected to grow even more, possibly reaching £105 billion by 2027.
Keeping the statistics in mind, the government has also benefited from tax revenue generated by the online gambling industry in the UK. The UK’s tax rate for online gambling operators is 21%, the world’s highest tax rate. However, despite the high tax rate, there are few complaints from operators. This shows greatly how efficiently the market has grown over the years and can support even with the highest tax rate.
The online gambling industry has also welcomed women to participate and claim a bigger share of the online casino world. Games like online poker used to take place in an environment where women might not feel that safe and don’t want to be possibly the only girl competing. Online casinos have helped remove this issue. This has helped female gamblers to grow and explore online casinos and slot games. According to a recent survey, the rate of increase is approximately 40%, with many women playing proper and classic slots instead of bingo, which has traditionally been popular among females.
Based on a research market, the total number of virtual gambling machines created in 2014-2015 was over 170,000. From that point onwards, the number has consistently increased, with new game providers in the market. This has brought tough competition among gambling operators to choose the best games affiliated with their sites and game developers to create more innovative and unique gambling games.
Each game may come with different designs, themes, and other elements, but all fall into one category of being more advanced than the previous year. As a result, the online gambling industry has continued to evolve and expand, offering players more choices and opportunities to enjoy their favourite games in new and exciting ways.
The increasing number of gambling machines and game providers has also shifted how marketing works, and the ease of global connectivity has also helped. For example, some of the biggest online casinos have sponsored big football clubs and launched marketing campaigns to showcase their offerings through the club’s platforms. High-stake betting has also gained popularity among streaming sites where both viewers and streamers engage in these activities, and this results in increased traffic to these online casino sites.
Famous music artist Drake bet up to USD 1 million worth of Bitcoins on the popular online site Stakes.com, which supports streamers and bidders. Keeping this important subtle marketing factor, game developers have invited leading streamers and social media influencers to market their games in various ways. This has led to subliminally influencing new slot players to try out their games while being a cost-effective marketing strategy.
The revenue generated via online gambling sites has significantly attracted many investors to get involved in the online iGaming industry. To keep up with the popular sites and welcome increasing traffic along with newcomers, welcome bonuses and even memberships are some common ways that operating sites are introduced to incentivise players to sign up and be frequent members of their platforms. These welcome bonuses include extra coins, free spins, and a lot more that can promise players to explore the site while trying out new slots.
Slots on mobile and online have been a big hit, leading to a considerable number of big winners. Playing progressive jackpots has led some players to win life-changing money, with some even hitting million-dollar jackpots. The prize money that can be won can also play a significant role in attracting new consumers. Additionally, the strategy of making games readily available on all sorts of devices makes it slightly easier as players all around the world can get a chance to make such wins without the once inconvenient requirement of having specific devices.
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