How did online gambling become a Billion-Dollar industry?

Online gaming platforms have led to unparalleled growth in the gambling sector. We examine the rise of online gaming and the benefits to gamers these sites offer, as well as offering insights into its wider impacts on the gambling industry

Today, there are hundreds of different casinos, bingo and betting sites, amongst other platforms, allowing users to play any game of chance. However, this was not always the case.

In 1994, when Microgaming launched the first casino software, barely anyone was interested in online gambling. Yet, due to increased mobile usage and internet adoption, the online gambling landscape changed significantly.  

As public attention shifted towards online applications, gambling websites seized the chance to develop more, and better, casino games, high–quality betting sites and mobile apps. As such, it should come as no surprise that the global gambling market looks set to reach $61.5 billion in 2021 and $114.4 billion by 2028. In the following, we take a closer look at the online gambling industry, and the main factors that propelled the rise of this sector. 

Gambling agencies and regulations 

The presence of reputable gambling agencies such as the Malta Gaming Authority, the UK Gambling Commission and the Curaçao Gaming Control Board is a major reason for the success of the iGaming sector. Namely, without proper regulations, gaming sites would have free reign on the offers they provide, increasing the risk of rogue websites entering the market.  

Due to the fact that this is a completely digital sector, it is even more important that appropriate regulations be put in place and updated on a regular basis in order to ensure a safe gambling environment users. 

However, each country has its own regulatory framework in place for online gambling, and there are still some nations that prohibit it. As one can tell from online gambling regulations in Europe, not only is the online gambling sector regulated, but it also has strict laws regarding money laundering. 

Variety of options 

A significant reason for the rise of online gambling is the ever-increasing number of options available. Not only are there numerous different websites where you can bet online or play your favourite casino games, but there are also many developers who continue to create new innovative games, providing new ways to bet online. 

As a result, players can find unique gambling experiences that are only available online. In online casinos, for example, it is possible to find hundreds of different casino games ranging from slots to table games, as well as live dealer games, in just a couple of clicks. By contrast, in traditional casinos, there are physical limitations to the number of games that the operator can host. For this reason, online gambling continues to break new records since providers can upgrade their collections continuousl, bringing new offerings to members. 

Technological progress 

Online gaming sites remain at the forefront of technological innovation as they continue to integrate new advancements that improve the gaming experience on their respective platforms. For instance, there are online gambling sites with multilingual customer support via chatbots, which are based on machine learning technology.  

Furthermore, these sites utilise the latest SSL encryption technology in order to protect the personal details of their users. Machine learning technology is integrated into these platforms in order to track their members' behaviour and provide personalised gaming experiences, amongst other uses. 

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