The internet has taken most industries by storm in the 21st century, in the online gambling industry is no different. In fact, it’s become a global phenomenon over the last 20-odd years, offering entertainment and excitement to millions of players all around the world.
However, as much as it’s become a popular and fairly common pastime for many people, there ae still may little-known interesting facts about the online gambling world that you may not be aware of.
Let’s have a look at 6 interesting facts about the online gambling industry that you’ve probably never heard.
The Global Growth of the Industry
While the industry has been steadily growing over the last 20 years, it’s actually seen exponential growth since 2020. In fact, the global online gambling market was valued at over $66 billion in 2020, and experts expect that this number is only going to increase in coming years.
What is the reason for this? It’s all about increasing accessibility to online casinos! Put simply, it’s just easier.
Differences in Legalities
Laws around online gambling vary all over the world, from one country to the next. Indeed, you may be able to get away with something in one place, but the same thing may be completely prohibited in the next.
For instance, Malta and the UK are known for having super well-regulated online gambling markets. However, the US, for example, due to its use of the federal system, has some states that are hardly regulated at all.
Proof of Fairness
With today’s technology, it’s actually totally fair to produce “provably fair” games, meaning that online casinos and betting sites are being totally transparent. This means that some people are far more likely to trust them than they may have been in the past, and, online gambling is, in many ways, objectively more fair than other types of gambling.
Potential for Massive Jackpots
With online gambling at Bella Vegas, the possibility of massive jackpots tends to be higher than in-person casinos. This means you could win more money by gambling on the internet than going to an actual casino!
There’s a Budding Relationship Between Online Gambling and Cryptocurrency
In recent years, the online gambling industry has embraced the use of cryptocurrencies such as Bitcoin, and the industry has started using them differently to ordinary currency. The reason for this is that these digital currencies offer anonymity, faster transactions and increased security, making them more popular for both the gamblers and the industry professionals.
Evolution of Regulation
As the industry grows and becomes more complex (by means of technology and so on), more countries are starting to consider stricter regulation to protect consumers. However, it’s not all about responsible gambling – regulation also allows governments to generate tax revenue from the industry which can be incredibly profitable.
Thus, with this is mind, it seems incredibly likely that the online gambling industry is going to become increasingly regulated in the future, both for the purpose of protecting consumers and to increase profits.
How the Online Gambling Industry is Expected to Change in the Future
Online gambling is becoming increasingly popular, and advancements in technology and other parts of the industry seem to point to the likelihood of the industry evolving in the coming years.
In addition to some of the things we’ve already mentioned, here are a few ways that the online gambling industry is expected to change in coming years.
- Technological Advancements
There’s no telling exactly how technology is going to progress and how it’s going to change, but one thing we do know is that it is going to continue to develop and revolutionise the industry. Already, things like virtual reality (VR) and augmented reality (AR) have taken the world by storm, and they’re expected to provide even more immersive gaming experiences in the future. And when it comes to artificial intelligence, there’s simply no telling how things will change in that regard. Many people believe that it’ll be used to personalize gameplay in a way that’s never been done before, and it’ll also enhance customer support.
- Evolving Game Offerings
It’s likely that as technology progresses, so too will creativity. Indeed, the variety of games available at online casinos is most likely going to expand.
In fact, experts predict a surge in skill-based games and innovative, gamified experiences that’ll be able to cater to a diverse player base.
- Enhanced Security
With more people engaging in online gambling, it’s going to become far more necessary for security measures to be enhanced, and that’s exactly what is expected to happen. Advanced biometric authentication, encryption and blockchain technology will be used to protect player data and to ensure fair play. As technology continues to advance, the industry will simply become more and more savvy.
- Responsible Gambling and Sustainability
It seems likely that there will be more pressure on the industry to act responsibly and focus on sustainability and corporate social responsibility. This means that experts are expecting there to be more environmentally conscious initiatives in the coming years.
- Increase in Social Gambling
Experts expect that there will be a massive surge in the popularity of online gambling, but not just among people who are gambling competitively and are there to make money. In fact, they’re expecting that there will be far more people that will be wanting to play socially, competing against friends, and interacting in virtual casinos.
This growing trend is totally centred on the social aspect of gambling, and with all these new possibilities, there’s more potential for gambling to become a shared experience.
- Global Expansion
The one expectation that everybody seems to have for online gambling is that it’s going to continue to grow – and fast. As regulations become clearer and barriers to entry are lowered, experts foresee global expansion for online gambling operators. It seems likely that they’ll be seeking new markets and partnerships all over the world, aiming to reach broader international audiences than ever before.
