The rapid expansion of online casinos and online gaming has been unprecedented. Big data, blockchain tech, cloud computing, virtual reality, and iGaming are rapidly influencing industries globally. The COVID-19 pandemic has accelerated the desire for digital activities, making gaming and betting more accessible online.
With the growth of casual games and the incredible interest among the public, the annual revenue from iGaming will be over $76B by 2025. This figure is bigger than Hollywood, American music, and Twitter combined. But what’s driving this growth?
Online gaming is back
The American Gaming Association revealed that the U.S gambling revenue set a new industry record of $13.6 billion in the second quarter of 2021. It’s projected to break the $44 billion record before 2021 ends. Bill Miller, the president and CEO of the American Gaming Association, is also quoted to have said the “gaming industry is on its way back.”
The online casino industry is fiercely competitive as gamblers enjoy special features. These are cash prizes, opportunities to play casino table games, special promotions, and lots more. What makes it easier is that despite the legislation in some countries, it’s easy to engage the activity digitally.
Note that iGaming is an activity that allows online betting. Betting could be on a live game, say football or any other sport. The modern-day games encompass timeless activities, and taking a bet on them could determine the source of the next huge bucks for gamblers.
Why are online gaming and online casinos popular?
The popularity of iGaming and online casinos has been tremendous. Owing to the chance of winning cash prizes and the thrill of the game, the competition has been fierce.
Online casinos in Canada, for example, aren’t legal. However, Canadians can bet with offshore online casinos outside Canada. Among other things, this possibility allows digital casino gaming, legitimizes it, and encourages online bettors.
There are other reasons why online gaming has been popular in recent times:
1. Sense of Control
Although gaming and betting can be overwhelming, people still control what they play and the amount of risk they invest. They know they could lose, but they’re in control when they stake their game. This has increased the number of gamblers. Coupled with this is the thrill of winning. The excitement of the possibilities has an impact on the growing popularity of the industry.
Online casinos eliminate visiting Las Vegas. For example, you can play your favorite poker and slot games online. With the relative ease of doing things from your home, online casinos offer ease of access. You can play your game on your flight, after your gym session, or on the train to work. This convenience encourages gamblers and attracts other people into the industry.
The availability of invaluable games is essential, and you find this in the online gaming industry. You can find delightful games like progressive jackpots, poker, scratchers, video slots, bingo, and a few others. The quality they exude is even more thrilling. The graphics, the high payout rates, jackpots, and associated in-game features make online gaming attractive and appealing.
4. Safety and Legitimacy
Most people value safety—both money and data. Minimal regulation enabled the creation of online casinos without licenses. This was the risk, which has now been eliminated. Online gaming is free of fraud, and the data of players and gamblers are protected. A gambler or player can secure the account with a password or 2-FA authentication, reinforcing the idea of safety.
5. Ease of Transaction
While casinos generally pose the risk of loss, the security of investing/depositing and withdrawing is the pull that has attracted people to the industry. People are no longer worried about the safety of their deposits and withdrawals. They can choose Bitcoin, bank transfers, PayPal, Visa, or MasterCard for their payments. People also withdraw without expensive charges, which makes the practice more convenient.
6. Bonuses and Promotions
For loyal players, there are special promotions. As a new player, after making a considerable deposit, some online casinos give bonuses. If you’re a returning player, you also get bonuses. This system of reward, no matter how minute, arouses people’s interest. With this compensation system, the industry grows to be more competitive. Online casinos compete to offer better incentives, and people find the best offering to stake their games.
Above all, the possibility of beating a casino and escaping from the real world is exciting. Scientists believe that there’s a feeling of excitement that creates the release of endorphins, leaving players at the edge when they stake their game. Online gaming and casinos make the necessary distraction which some people need to feel in control of a world rid of the COVID-19 pandemic.