Many years ago, land-based casinos served as the only available casinos for people to gamble. However, in the last few years, things have changed for the casino gaming industry with the advent of online casinos. Online casinos are the web-based versions of traditional casinos; they have the advantage of comfort for the players.
All casinos begin with an idea to start a land-based or an online casino. Some land-based casinos have recently extended their franchise to have an internet arm. There are many reasons you should launch an online casino platform today, apart from the profits you will take to the bank eventually.
Reasons Why You Should Consider Starting an Online Casino
A Booming Industry
The online casino remained resilient in the face of the COVID-19 pandemic in 2020. With a rise in the use of smartphones, better gaming options, and increased interest from different regions and females, there is hope for the industry. One reason more people are becoming interested in this aspect of the business is the incorporation of emerging technologies.
The flavor added by social media to online casinos keeps the audience glued to their smartphones, making the industry more entertaining and lucrative. Anyone can profit from this industry by niching and developing an iGaming platform.
A Wide Reach
There are no restrictions on the number of people you can reach with online casinos. The biggest limitation faced by traditional casino operators has always been government policies and land restrictions. Although there are regions where no form of casino gaming is allowed, with the power of the net, you can easily reach more people. It is easier to customize your casino, find a target market and reach more people beyond the borders.
Starting an online casino requires capital investment generally. However, launching online casinos is far cheaper than starting a traditional one. The core expenses will revolve around data and a compatible computer.
Players Want More
According to a study conducted in 2013, it was discovered that the frequency of online gambling now doubles that of a traditional casino. Results showed that 43% of online gamblers gamble four times a week, while 19.3% of online gamblers are land-based casino players.
Growth of the Gambling Industry
The largest gambling market today is the Asia-Pacific region which occupies about 32% of all gambling markets globally. North America is next, then western Europe ad other regions. It is predicted that Africa and Asia-Pacific will be the regions with the most rapid growth in the gambling markets, with an annual growth rate of 8% individually.
Statista predicts that the global online gambling industry will be valued at 92.9 billion US dollars or more in 2023. This prediction is likely since the gambling industry has never failed to prove most predictions to be true.
The market is a fragmented one; during this forecast period, it’s expected that the fragmentation will also increase.
The future of online casino gaming is greatly influenced by the current trends in emerging technologies and social behavior. Today, African regions are also open to embracing emerging technologies such as AI within the gambling industry – this will shape the market in these regions.
Gradually, online casinos have become the popular side of online gambling compared to land-based casinos. This is because of the increased access to the internet and the affordability of the online casino price for intending operators. It is easier to set up an online casino than a land-based casino for many reasons, of which cost is chief.
Finally, by 2026, this industry is estimated to be valued at $160 billion based on the metrics of milder policies, the popularity of the games, accessibility, and technological upgrades.