If there is one statement that can be made with certainty it is that online casinos are doing well. The growth that this section of the gambling industry has experienced in the past few years is extraordinary.
By the end of 2021, the profits in Europe alone for online casino stood at €36.4 billion. That meant it accounted for 41.7% of the total gambling revenue for that part of the world.
The slice of the cake taken by online casino is getting bigger all the time too, and not just in Europe, the US has seen a boom in online casino gaming as more states legalize the use of online casinos. Players like the ease and convenience of gambling online, the easy accessibility and also the flexibility of payment options with some casinos accepting PayPal, and other types of e wallets for players to deposit funds and withdraw winnings.
It all appears to point towards ever greater global dominance for the online casino market. It is those future prospects that we will be looking into in this article.
Global Growth
When people talk about global markets, they are generally dividing the globe up into six separate regions. These are: Europe, the US, Asia-Pacific, Africa, the Middle East and South America.
Although Europe is the region that has the largest share of the online gambling market, at 52.61%, it is growing in popularity across almost every region.
Of course, online casino is only half of the digital gambling sector. The other half is sports betting, but there is clear evidence of rapid growth within the casino segment.
It is currently worth $131.42 billion and estimates indicate that this total will have risen to $138.26 billion by the end of the current year. Nor is there any sign that this growth is a short term thing, as it is forecast to hit global revenues of $165.72 billion by four years from now. That is a 4.6% compound annual growth rate (CAGR).
Figures like that make it worth examining what areas within the market are trending and what is helping to fuel the growth, as well as any areas that may be lagging.
The Trend Towards Mobile
If there is one trend that stands out when looking at the future of the global online casino market, it is mobile. All the signs point towards mobile casino making up an ever-greater part of this market during the next few years.
That trend is being created by the Smartphone. This device offers internet access that is more reliable and smoother running than earlier mobiles, making it better suited to online casino gaming.
Around 6.8 billion of the global population own a Smartphone and about 80% of online casino players use a Smartphone to play some or all of the time. That does not mean that people are abandoning desktop and laptop computers for playing casino games, but it does mean mobile is becoming an ever more important part of the market.
That is made clear by the fact that all of the top casinos have mobile apps. Among the providers that have captured the largest shares of the market at the moment are 888Casino, Royal Vegas Casino and Bet365. They will be putting more and more time and effort into their mobile casino apps in the next five years.
Patterns in Games Popularity
As the online casino market continues to expand globally, certain patterns in terms of which games are becoming more popular can be discerned. Slot machines are the primary example of a game gaining in popularity, with that being driven by their mobile-friendliness as well as their simplicity.
At the other end of the scale, the tougher, strategic table games poker and blackjack are also rising in popularity. Games such as keno are very big in Asian markets but have not branched out from those.
Tech Trends
Outside of the rise of mobile, other trends driven by developments in technology are expected to come to the forefront in the coming years. There is a feeling that casinos will start to feature games that utilise virtual reality technology to render the experiences more immersive.
It is also felt that the potential offered by artificial intelligence will be exploited in both website and game design to make the experience of the user better. This will be accomplished by providing more tailored customer experiences both when browsing a casino site and playing any of the games.
There is predicted to be a more widespread adoption of cryptocurrencies as a method of payment too, as these offer a secure financial transaction option. All of these trends would enhance the online casino experience and justify the continued global growth that experts are expecting to see.
The worldwide boom in online casino is down to the adoption of cutting edge technologies to enhance its offering.
-in collaboration with Ashley Bradbury
