Online Casino Business Opportunity
The internet has irreversibly transformed all businesses. Today, launching a business on the internet takes only a fraction of time and money. Naturally, every industry is witnessing a transformation of sorts. Vinyl and CDs have given way to iTunes and Spotify. Blockbuster and Family Video have given way to Netflix, Amazon Prime Video, and the likes. Likewise, pretty much every industry has undergone tremendous transformation because of the internet.
Now, it is the turn of the online gambling business.
Online gambling business is rapidly growing to become one of the biggest entertainment options for internet users. For enterprising individuals, this offers a spectacular opportunity to attract and retain some of the most passionate individuals. Online gambling offers a plethora of conveniences and benefits that physical casinos can never offer. The most important of them is access. Players need not book a ticket to Las Vegas or any other major casino town to enjoy their favorite game of chance or skill. They can just visit the website, sign up, and start playing.
Reasons for gambling
Gambling has been one of the oldest sports in existence. It has existed, in one form or the other, for many millennia. Clearly, it has a great deal of appeal, which has only grown with time. So, what makes gambling so alluring? Here are some reasons.
1. Adrenaline Rush
The excitement of gambling is simply unmatched. People bet a great deal of money or wealth to feel that rush of excitement that makes them feel alive. Some people go skydiving to feel it, and some people play at casinos.
2. Be Part of Something
A lot of people feel bored, left out, and lonely. They seek to be part of a community or a group, with whom they can play and even win some. That’s why they visit casinos. Online gambling allows them to be part of such a community without even leaving their houses.
Ironically, the high stakes games get people to focus all of their mental faculties towards winning their games, and thereby, forget their life’s problems, even if it is for a brief period of time. People going through tough times enjoy and cherish the momentary freedom and relief they get from all of their life’s problems.
Online gambling industry
The global gambling industry is estimated to be a whopping $460 billion market, which for comparison is roughly four times bigger than the global video games market. Out of that online gambling market share is less than 10 percent at $44.16 billion.
Online Gaming Industry Analysis
Despite the small presence it has in the global gambling industry, online gambling market share is growing at an unprecedented rate and is expected to balloon into a massive $81.71 billion market by 2022.
Internet connectivity is exploding across the world, and firmly putting more internet-enabled devices in the hands of a growing number of young people. These people are looking for better entertainment online and this offers a fantastic opportunity for online gambling businesses. Unlike the traditional casino businesses, online gambling businesses can target audiences worldwide, thus having access to a much larger pool of potential customers. If they can manage to tap into that growing market size, online gambling market share can overwhelm the market share of the physical casinos soon.
Online gambling industry statistics
It is estimated that the online gambling market share is just one-tenth of the entire gambling business, worldwide. But, that is believed to be a conservative image, as there is a dearth of reliable data on this aspect of the industry. Actual figures are believed to be much higher. Despite this, the online gambling industry has some stunning facts and figures to share. Here are some of them.
Evidently, there is a huge potential waiting for businesses entering the online gambling business.
Online gambling industry growth drivers
The global economic and political environment is getting increasingly favorable towards the online gambling industry. In fact, they are part of a global trend of favourability that the online gambling business is experiencing. The reasons for this are aplenty. Here are some of them.
Governments across the world are increasingly realizing the futility of blocking or banning internet businesses, as internet users find inventive ways to use them anyway. Passionate online gamblers either keep finding new online gambling businesses or just use VPNs to bypass their governments’ bans and blockades. In addition, governments are learning how lucrative online gambling businesses are. In many regions, legalizing gambling business has produced billions in tax revenues from the very first year.
So, instead of fighting the unnecessary fight, governments are choosing to legalize online gambling and reap the tax rewards.
Internet penetration is at an all-time high and growing fast in many parts of the world. Moreover, the smartphone has successfully replaced desktops as the primary internet devices used by people. People today open their devices to play games and gamble when they are commuting, waiting for their friends at hangouts, bored in classes, before they go to sleep in their bed, and so on. Mobile usage is growing and with it, people’s craving to play or gamble is growing too.
Online gambling businesses have shed their image as scammy enterprises. To be sure, there are still plenty of online gambling businesses who primarily depend on scamming their customers to generate revenues. But, there are a lot more businesses who are trustworthy and have established a strong brand image for themselves.
In addition, the profuse usage of credit cards and internet banking for making online transactions has made internet users more confident in using these financial options for playing online games . The fact that online gambling businesses today make use of sophisticated security features to protect their customers’ privacy and data, has helped increase the consumer trust in them.
The online casino industry is booming at an extraordinary rate and is expected to continue its upward trend for the foreseeable future. Convenience, access, and variety of casino games are the primary factors that are gravitating an ever-larger audience towards online casino businesses. There was never a better time for online gambling businesses. Create your own with our professional team of casino game developers.