Over the past few decades, the commercial casino business has experienced enormous expansion. The industry for online gambling as a whole was estimated to be worth $63.53 billion in 2022, and between 2023 and 2030, it is anticipated to grow at a CAGR of 11.7%. With more people using the internet and playing online games on their mobile devices, there is a developing demand for online gambling. As an illustration, in 2022, 92% of the US had access to the internet. Additionally, factors like easy access to internet gambling, celebrity endorsements, cultural and legal approval, and corporate sponsorships all contribute to the market’s expansion.
The industry is growing as a result of rising smartphone usage and 5G internet technologies. As of November 2022, there were 127,509 5G deployments across 128 nations, according to Ookla LLC. Modern smartphones have characteristics like machine learning, artificial intelligence, and augmented reality that let programmers create dynamic and immersive gambling applications. Additionally, the advent of low-cost cell phones is projected to fuel the market. Read more on Ice Casino review here.
VR And A Rise In Online Casinos
Technology innovations coexist with the annual rise of online casinos, and these changes are intended to give the gambling sector the essential confidence. Users can interact realistically with the virtual surroundings provided by virtual reality (or VR) in gaming with the correct hardware. In VR, players may interact with dealers and other players while also enjoying better sound quality and a more realistic gambling experience.
The Introduction of Blockchain Technology
The development of the market was significantly impacted by the emergence of blockchain technology. In addition to traditional payment options, gaming websites and apps now accept blockchain payments. The blockchain can offer faster and more secure transactions and transparency in gaming activities in the form of blockchain ledgers. Engaging in online casino activities has become easier thanks to the security and speed of bitcoin transactions. Since cryptocurrency transactions are subject to fewer regulations and restrictions, gamblers are now frequently using them in online gaming.
Type Insights
The online casino industry has been split into different categories, including casinos, poker, bingo, and sports betting. In 2022, the gambling market was being led by the sports betting segment, having a revenue share of almost 50%. Due to the wide popularity of casino games such as virtual slot machines and blackjack, the casinos industry is anticipated to grow at a considerable CAGR between 2023 and 2030. This market is being driven by the popularity of fast-paced casino games.
Device Insights
In 2022, the desktop market generated considerable revenue of approximately USD 31 billion. Desktops have bigger screens than handhelds and other gadgets, so consumers can appreciate the game’s graphics and precise details. The gaming experience is further improved by the performance features of desktops, such as the high-definition video and audio and expandable storage possibilities. Realistic game graphics on smartphones are now more accessible thanks to mobile technology advancements. The market is growing as a consequence of modern features like improved graphics and increased storage being widely available on mobile phones at affordable prices.
Wrapping It Up
The leading market participants are increasing support and compatibility for new devices to lower the entrance barrier for new users. By employing technology advancements, businesses have made it easier for new players to register an account and begin wagering. Businesses have been accepting a range of payment options to make putting money to consumers’ accounts even more straightforward and practical.
Disclaimer:
- As per the Public Gambling Act of 1867, all Indian states, except Goa, Daman and Sikkim, prohibit gambling
- Land-based casinos are legalized, with certain guidelines, in Goa and Daman, as per the Goa, Daman and Diu Public Gambling Act 1976
- Land-based casinos, Online gambling and E-gaming (games of chance) are legalized in Sikkim under the Sikkim Online Gaming (Regulation) Rules 2009
- Only some Indian states have legalized online/regular lotteries as per and subject to the conditions laid down by state laws. Kindly refer to the same here
- Horse racing and betting on horse racing, including online betting, is permitted only in a licensed premise in select states. Kindly refer to the 1996 Judgement by the Supreme Court Of India here and for more information
- This article does not endorse or express the views of Qrius and/or any of its staff.