Psychology is a universal concept. Its theories can be applied to different industries, allowing us to explore areas that otherwise might not have been visible. In business, for instance, theories such as the availability heuristic teach us about how individuals think about the world. Marketers can try to trigger these responses in marketing campaigns, but we can also use psychology to learn about other industries, most notably, the gambling industry and why it attracts so many players.
Gambling is a popular pastime that appeals to all generations. Since moving into the digital age, the industry has successfully moved online and increased in popularity even more. In fact, by 2023, the global online gambling market is forecasted to have a value of around 92.9 billion USD.
People Like Gambling For Obvious Reasons
Punters enjoy gambling for different reasons, and for the most part, these reasons are obvious. Technology has played a role in this clarity since the move online has offered players new flexibility. For instance, land-based casinos only have a handful of games on the floor, whereas online casinos offer those games and many more.
There’s also an ease to gambling now since players can remain at home rather than dedicating the time to driving to a conventional casino and encountering inconveniences like traffic. Many online casinos also offer incentives to new and returning players, including great bonuses with no deposit, which means players can try online casinos risk-free. They also offer deposit match bonuses, which give players access to more money.
The Roots Are Deeper Than You May Think
Flexibility and attractive bonus deals are clear reasons why people enjoy gambling, especially online. But using psychology, we can dig a little deeper and discover that this enjoyment stems from other things as well. For instance, psychological factors like motivation and social connection play a role.
Psychology tells us that individuals are either intrinsically motivated or extrinsically motivated. This spectrum of motivation can be used to understand why different people enjoy gambling. Gambling ignites intrinsic and extrinsic motivation in players, whether they’re playing blackjack on an online casino or video slots. Those who are intrinsically motivated enjoy the thrill and excitement they feel when gambling, but players who are extrinsically motivated like how these games allow them to see tangible outside rewards.
We also know humans are social creatures. Researchers refer to the idea of social connection, which means individuals have an innate need to feel close to other people. It explains why there has been a rise in online live casino games, where a dealer is a real person, projected on a webcam, rather than a random number generator.
We don’t have to be experts in psychology to see why the gambling industry is popular, especially in the online sphere. From its flexibility and the deals presented to players, the attractiveness is evident. We can always look deeper, however, not just at gambling but also everything in the world, and using psychology is one of the best ways to do that.