Online Gambling: How Technology Is Fuelling Industry Growth
The global online gambling and betting market is growing rapidly as more people around the globe play online. As per the Zion Market Research study, the market was worth around $61.5 billion in 2021 and is expected to grow at a fast rate within the next years to reach about $114 billion by 2028. With more widespread internet availability and faster internet connection around the world, online gambling becomes more accessible to users throughout all regions. Internet technology is one of the key growth drivers, while increased smartphone adoption, seamless payment options, and innovative virtual gaming experiences further fuel the popularity of online gambling.
Online gambling brings one of the most traditional forms of entertainment into the web. But while casino games and sports betting have been around for decades, the online version of gambling is continuously being innovated and modernized to appeal to the modern player. To keep things fresh, gambling software vendors invest in state-of-the-art technologies to create innovative experiences for players. Players’ curiosity is piqued with new advancements and more options, driving market growth.
There are a number of promising technological advancements in the online gambling sector that bring new immersive experiences into the web. One of the most innovative developments that has already changed the face of gaming are live dealer games. For these games, a real dealer is broadcast onto the player’s screen in real-time, equipped with a physical gaming table, to allow for a lifelike casino experience from the comfort of players’ homes. This is now being taken to the next level with virtual reality gaining traction. The virtual reality market is growing rapidly and is estimated to already have more than 170 million users worldwide. It’s a trend the online gambling sector can benefit from as well as gambling providers have started introducing VR experiences.
Another factor fuelling market growth is the increased ease of making payments online. Users can choose between an ever-growing number of payment options that allow seamless, quick, and safe transactions to deposit money and receive pay-outs. E-wallets are among the most popular payment options on betting sites, as these offer an extra layer of security for the user. Gambling sites usually offer a variety of payment options to meet customer demands, as different users and regions prefer different forms of payment.
As this is the case, experts who review and rate gambling sites, always check the availability of different payment methods relevant to their respective markets. For instance, the digital payment provider Skrill is especially popular in India, which is why the best online casinos India as rated by experts offer Skrill among their payment options. E-wallets such as Skrill allow for quick and safe deposits and pay-outs when playing the wide variety of online casino games, creating a seamless playing experience. Such digital payment options don’t just increase the level of security and help players feel safe, they are also especially convenient and easy to use, lowering entry barriers for new players, which further boosts market growth.
Mobile gaming is on the rise and has been changing the way people around the globe play games significantly. According to Statista, more than 80% of the world’s population now owns a smartphone, placing any type of entertainment in the palms of their hands. The video game industry has long taken part in the mobile gaming trend, with many of the best mobile games of the year bringing console and PC gaming onto players’ mobile devices. Hit video games such as Fortnite and League of Legends are incredibly popular on smartphones, turning the mobile device into a true console.
The same applies to the gambling sector, as more players use their smartphones to access betting sites, either via the mobile browser or an app. Mobile gambling is especially convenient for quick game rounds, such as when playing slots, or to place bets on a certain sports event at any given time, without the need to be at home on a computer. As smartphone adoption is rapidly rising across the globe, this easy accessibility and convenience boost the online gambling market.
Online gambling has seen an increase in popularity around the globe, with several modern technologies driving market growth at a rapid rate. With widespread internet availability and smartphone adoption, a growing number of convenient digital payment methods, and the creation of innovative gaming experiences, technology continues to fuel online gambling market growth.
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