The Current State and Growth of the Online Casino Industry In 2024

It is no secret that the online casino industry is growing stronger and more popular every day. When we look at statistics from 2023, it becomes apparent that the industry is currently going through a massive phase of growth.

According to PlayToday (2024), there are currently 4,792 registered global casino offerings available to players, and around 2,000 of those are online casinos, such as the ones listed on cryptocasinos.com. In 2023 alone, the online gambling market topped $226 billion (Statista). Put that in comparison to $45.7 billion just five years ago.

So, what is pushing this incredible growth? – Well, one of the biggest driving forces is most likely innovation in several areas of the online gambling infrastructure.

For starters, the blockchain has made a huge difference when it comes to the security and transparency of online gambling. Out of the current 2,000+ online casinos, a total of 900+ are crypto casinos that offer the player the use of a wide variety of cryptocurrencies (and fiat) when playing their games. And looking at how the trend is evolving, the number of crypto casinos is only going to grow exponentially for a few more years.

Artificial Intelligence (AI) is another massive reason why the online casino industry is growing so rapidly. The prospect of better understanding the player’s behavior and the ability to better handle security threats is perhaps one of the strongest influences that artificial intelligence has had on the online gambling scene so far. What the future will bring is entirely up to those who take AI even further and innovate in this space.

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New Ways to Enjoy Online Casinos

Ever since one of the first online casinos appeared back in 1994 (The Gaming Club), online casinos have always tried to augment the online gambling experience and make it as in-person as possible.

Live Video Online Gambling

The first stage of this was the use of live dealer video in order for the players to feel more like they were at an actual brick-and-mortar casino. This also made the experience feel a bit more luxurious to many players. Yet, the screen was still an obstacle that made it impossible for the players to feel completely immersed.

Augmented Reality (AR) and Virtual Reality (VR)

Later on, augmented reality made it possible for players to see the table, cards, roulette, or even slots in front of them using their smartphones. This made them feel even more immersed and, at a distance, came even closer to the casino pit where all the action was.

Bringing us up to the current date, virtual reality is now being implemented into the experience on various online casinos around the world. Something that will finally, in a way, remove the limitations of having to experience the thrill of online gambling on a screen. With virtual reality, you can experience a game of poker with your friends as if they were literally right beside you at a brick-and-mortar casino.

The Future of the Online Casino Experience

Once virtual reality has made the rounds, where are we heading next in order to make the online casino experience even more immersive?

Experts on the matter (mainly developers of the infrastructure of the online casino experience) claim that the next step is to adopt the Internet of Things (IoT) into the technology infrastructure of a player’s experience.

What this would ultimately mean is that, while enjoying a game of online poker, or for example fatpirate (online slots), your connected home would adjust the lighting of the room and play a sound bite synchronized with the game’s events to increase the suspense of the moment further. The use of IoT in online gaming is unlimited if you look at the IoT and the offerings in this market.

As you can see, the ways that the experience can be enhanced further are both exciting and mind-blowing. Where will it all end? One thing is for sure: where regular video games seem to have stagnated in terms of innovation and technology (apart from VR and game engines), the gambling industry is frantically trying to innovate beyond our wildest dreams.

What We Can Expect Out of 2024

First off, the revenue split of the gambling industry in 2024 is expected to hit $230 billion for online gambling and $90 billion for offline gambling (Statista). This is a growth of around $4 billion in just one year.

How much innovation we will see implemented in the space in 2024 is really anyone’s guess. However, it’s safe to say that if you want to see the future of technology, keep a close eye on the gambling industry. They are always pushing the next great thing, and adaptation is both insanely quick and usually very exciting. The more immersive the experience, the more the player will be willing to play for, seems to be the sentiment.

As for where the blockchain will take us in 2024, I personally believe that with the growing interest in decentralized currencies and business as a whole, we will see that people will look at cryptocurrencies in a more positive and favorable light. Especially with everything that is currently going on in the world that makes the financial market so unpredictable and fragile.

To cap this text adventure off, I would simply say this. Whether you are looking for an adrenaline-filled, thrilling evening or just casually want to check your daily luck, the online gambling scene is one to accommodate you royally in either scenario.

Just make sure to always have a stop-loss incorporated into your strategy. Responsible gambling is vital in order to find the true joy in trying out one’s luck. Don’t be foolish. Don’t be overconfident. Set boundaries and make sure never to gamble for money that you can’t afford to lose. With that, I sign off by saying good luck, and may all your strategies bear fruit.