The immense growth of the online casino industry is no longer news. Even after the COVID-19 pandemic that saw most of the world’s major industries record multiple losses; the online casino industry was left untouched. In fact, it actually benefited from the pandemic and has been on a rapid upward trajectory since the pandemic began in 2020.
With millions of gamblers now preferring to play online casino using gcash, it’s only fair to look at some factors contributing to the industry’s growth. Despite the popularity of online gambling, players still need to be careful when making decisions, so they don’t lose money. That’s why experts like Houston G O’Keefe are ever ready to provide gamblers with the best gambling tips for successful wagers.
4 Factors Contributing to the Rise of Online Casinos
The global online gambling market is expected to surpass the $100 billion valuation by 2023. Most of the gambling populace is now wagering online, but what’s the reason for this rise in online casino popularity? Here are four major factors contributing to it.
Easier Access to the Internet
One of the major reasons why people prefer online platforms to land-based casinos is convenience. Gamblers no longer have to leave their home or travel to another state before they play their favorite games. Everything, from deposits, wagering, and withdrawals, can be done from the comfort of the player’s home.
This is possible because of easy access to the internet. In the early days of online casinos, access to the internet was rare, and even the few who had it weren’t keen on spending their precious online time playing gambling games. But now, we’re in the digital era, and roughly 63% of the world’s population can easily access the internet from anywhere they please.
There have also been massive improvements to network speed and payments, so it only takes minutes to create an online casino account, deposit, wager on games, and withdraw. Players can do this in their homes and in private. This convenience and privacy are one of the industry’s biggest drivers.
The Rise of Cryptocurrency
Cryptocurrency has become an integral part of the digital world today. Blockchain technology has completely revolutionized the internet and provided a safer and more efficient way for people to make payments.
Multiple online platforms have now integrated cryptocurrency into their payment systems, making it easier for gamblers to safeguard their personal information. Asides from security, transactions can now be completed faster without any transaction fee or third-party interference.
The mass adoption of cryptocurrency in the online casino world has contributed massively to the industry’s growth. The fact that gamblers can now wager on their favorite games without the fear of being scammed is one of the reasons online casinos are becoming more popular.
The boom in the online casino industry has led to immense competition. Gambling sites are now employing quality marketing strategies to stay ahead of the competition. These collative marketing campaigns from different sites have attracted millions to online casinos.
For example, multiple online gambling sites currently partner with top soccer clubs in sponsorship deals. Some of these clubs have the casino’s logo printed on their jersey, and they wear them in matches that are broadcasted to millions across the globe. This level of exposure is one of the reasons the industry has been booming.
Away from sponsorship deals, casinos now offer different bonus offers to attract players. These offers can range from welcome bonuses, where players are rewarded for registering an account, or deposit bonuses, where players are rewarded for making deposits. There are also VIP bonuses and loyalty programs for long-term gamblers and players who play certain games like wagers against a live casino dealer or a particular slot game. All these are marketing strategies to attract and retain players because everyone likes bonuses. If they can get them while enjoying a game or playing at a live online casino, that sounds like an absolute win-win!
A Wider Variety of Games
There’s only so much you can play at a land-based casino. But thanks to the advancement of gambling in the digital era, gamblers can now choose from a wide variety of games. All from the comfort of their homes.
The availability of multiple options has been an important factor in the growth of the online gambling world. Currently, most gambling portals have a live online casino section where gamblers can play against a real-life dealer. Some sites host thousands of games ranging from slot machines to table and card games.
The online casino Philippines like to play usually has more than a thousand game titles and multiple live options.
The Bottom Line
Undoubtedly, online casino has grown massively in the past years. This is good news for the world as it has created multiple jobs and helped improve the general world economy through its tax revenues.
Some factors contributing to the rise of the industry include the accessibility to fast and reliable internet, the adoption of blockchain technology into the gambling world, quality marketing, and an opportunity for players to try out different games from the comfort of their homes.