Online gambling has become so popular that current projections estimate an annual compound annual growth rate (CAGR) rise of 6%.
As a result, many people have started investing in this multi-billion industry by playing games, buying stocks, and providing their services to operators.
The casino market has especially taken off, contributing to the high CAGR.
Most of this growth has been tied to the increased number of online casino operators who offer casino services, such as those highlighted in this Bet365 casino review.
But what makes these online casinos so attractive to players?
We look at the key driving factors behind this growth.
Why is Online Gambling Taking Off So Fast?
Online gambling encompasses various categories, ranging from casino games to sports betting. Under these, there are subcategories, e.g. e-sports betting, which falls under sports betting.
But when most people talk about online gambling, they reference casino gaming, which will be the focus of this guide.
So, what makes online casino games so attractive?
1. Accessibility
The physical casino, while alluring, has always been inaccessible to most people.
After all, the casinos are often in central locations, have strict dress codes, offer their games at set hours, and charge high ticket prices.
Online casinos address these accessibility issues in the following ways:
- They provide games to people across the world. Location does not matter in the world of online gaming. A person in South Africa can sign up on a UK casino site without requiring the commute that would accompany such gaming decades ago.
- They are available across different devices. Online casino operators have optimised their sites to work on most smart devices, including smartphones and consoles. Even better, many of them offer apps for convenience.
- They do not have strict access codes, and players don’t need to worry about dress codes, tips, and any other requirements that apply to people in physical casinos. With these limitations out of the way, many people find playing straightforward.
- Online casinos are available 24/7. There are no opening and closing times, so players can enjoy games whenever they wish, including live games that enable them to experience the real deal.
This accessibility makes gaming convenient so people can enjoy it on the go, paving the way for more people to try their luck.
2. Profitability
People enjoy the thrill of playing games of luck or skill.
For example, when a player places a wager on slots, they get a rush of adrenaline as they await their outcome.
But players are not just in it for the fun.
They also crave winnings as these come with monetary prizes.
So, how are online casinos profitable from the players’ perspectives?
- The games are affordable. Online operators have fewer overheads than those who run physical casinos. As such, they can pass these savings to their players. For example, a game that could cost fifty pounds in a physical casino can cost as little as ten pounds in an online setting.
- They offer bonuses and rewards. The online space has a lot of competition, with many operators trying to get a big market share. Besides elaborate marketing campaigns, online operators invest a lot in offering bonuses and rewards to their players. These allow players to hedge their risk and spending while still standing the chance of winning.
- The jackpots are huge. Since online casinos attract many players, their jackpots often have substantial payouts. For example, a player might need only ten pounds to buy into a jackpot, totalling a hundred thousand pounds.
As another plus, players do not need to spend money on extra expenses like food and tips.
3. Socialisation
Going online is not only great for players’ pockets but also their mental well-being.
Online casinos feature positive socialisation aspects, ranging from live chats to community forums.
More recently, many have been offering live games where players can talk to each other in real time, like in a physical casino.
Thanks to these factors, online gambling is set to soar and hit billions of pounds in revenue.
And players can be part of this bright financial future by playing their cards right.
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