6 Key Factors That Have Allowed the Gambling Industry to Boom
The gambling market has surged in recent years across the world thanks to relaxed attitudes and changing gambling laws in several countries including USA and Canada in the West.
This article will take a look into the main influential factors that have allowed the gambling industry to boom, we discuss six key components below.
Numerous gambling sites have built a trusted brand by investing in the best online security to give their customers a safe gaming experience where they can feel confident depositing their money to play.
Examples of increased security measures include:
- Encrypting customer data to ensure it cannot be stolen and used by cybercriminals.
- Using reputable payment methods, such as PayPal and Skrill, for customers to deposit and withdraw their funds.
- Requesting identification to prevent fraud and protect those under the legal age from indulging in an adult gaming genre.
- Some gaming platforms have installed two-factor authentication to ensure strangers cannot misuse a customer’s account.
- Ongoing monitoring, auditing, and updating of security processes.
With the best security guarding each players credentials and online gaming experience, people have the confidence to play and deposit large lump sums. Consequently, boosting the revenue amassed by the gambling industry.
Various consoles and devices have become more accessible in terms of price and availability over the years, which has helped the gambling industry reach more customers online.
Mobile phones, in particular, have become the go to device for most, as people are more likely to have a mobile phone over a console because of its;
- Multi-functional capacity.
- Monthly phone plans mean they’re more affordable.
- Due to a phone’s mobility, people can game anywhere.
People have been accessing a range of gambling activities via their mobile devices as there are now many gambling providers available online in countries where online gambling is legalised such as Ireland. Sports betting and online casinos have boomed in popularity on mobile phones as major gambling providers have created mobile optimised apps. The convenience of placing a bet or playing casino games on a mobile phone allows players to play anytime and anywhere.
Faster Internet Connection
Since its inception, the speed of the internet has improved dramatically.
Faster internet connections allow casino platforms to offer a fluid and uninterrupted gaming experience, retaining customers’ interest for longer.
Sports betting sites can also quickly process sports bets before bets are closed off due to the start of an event.
Relaxed Gambling Legislation
In 2018, the US Supreme Court abolished PASPA (Professional and Amateur Sports Act), and this act prohibited the US from gambling on sports.
Since then, each state has had the authority to create its own rules and regulations regarding gambling.
California, Delaware, Florida, and Illinois are a few areas that permit citizens to use online gambling, and more states intend to follow.
With restrictive legislation on gambling evolving, iGaming platforms have a broader audience they can advertise to and attract to play. In turn, the industry’s capacity to create more revenue has increased.
There are a few reasons the public and the government’s opinions about gambling are shifting, and here is why;
- Regulating iGaming platforms means governments can tax the casino’s earnings and use the funds to boost the economy.
- Incorporating legislation for gambling gives the government the authority to regulate and ensure iGaming businesses offer safe gambling practices to citizens.
- Physical casinos may provide job opportunities for locals and attract tourists.
The extensive range of impressive games on gambling websites is another factor that has secured the casino industry’s success.
Plus, unlike a physical casino with limited floor space for gaming machines. The online gaming realm is infinite. Allowing each online gambling business to install hundreds of thousands of games to attract and retain customers.
Lastly, the industry’s ability to evolve and try new technology to improve the gamer’s experience is an essential factor that has allowed the sector to boom.
For instance, artificial intelligence has given iGaming platforms the power to create the ultimate gaming experience by personalizing each customer’s journey online.
The AI process entails iGaming websites gathering customer data, such as what games a person plays most, what time they log in to play, how long they play particular games, and so forth.
In turn, the iGaming system uses this data to present gaming suggestions and offers tailored to the customer, which they’re likely to enjoy based on their gaming interests and activity to date.
Creating an iGaming experience for the individual rather than the masses gives iGaming companies the power to make each player’s time on their website inviting and engaging, in turn retaining their interest. And giving the sector its pep to boom to colossal proportions.
The iGaming industry’s position today is primarily attributed to the points mentioned throughout this article.
Some of these factors, such as the faster internet, were developed external to the iGaming industry but just so happened to improve the gaming experience. Others, such as increased cyber security to combat incessant cyber-attacks, which are on the increase, were incorporated by the industry to make it a better place for people to game.
Overall, the ability of the iGaming sector to seek out new innovative tech that can enhance each player’s time while gaming and gambling are unparalleled.
And if the forecast by Statista is accurate, it’s likely the industry boom has not yet reached its peak and unlikely ever will.