The online gambling industry is taking entertainment to a whole new level. People worldwide have access to gambling because of technological advancements. Rather than taking a casino trip or playing cards, gamblers use online to their advantage.
How did gambling shift to online, where people could bet from their homes? It actually has a ton of room to grow as well. The online gambling market was valued at $53.7 billion in 2019 and has an expected compound annual growth rate of 11.5% over the next six years. Let’s look at what changed and how online gambling is taking on the future.
The Esports industry has seen monstrous growth over the last decade. It has gone from a tight-knit community into a mainstream giant among online entertainment. In 2019, viewership for Esports was around 454 million and has an expected growth of 646 million in 2023. As a result, Esports turned into an industry of its own.
Each different game has its own fan base with dedicated players and followers. At the competitive level, people are collectively joining together to watch pros play their favorite game. Some popular competitive games with a large following include:
- League of Legends
- StarCraft 2
- Counter Strike
- Dota 2
What makes Esports so special is how people are consuming it. Instead of watching traditional sports on cable television, Esports takes a different approach. Instead, you can stream competitive gaming on platforms such as YouTube and Twitch and watch on any device.
The live-streaming market is only growing, and it is easy to share. There are no location restrictions like cable has and people are more likely to click on other links that lead to other channels such as merchandise sales.
The Esports industry is a rising betting market. Popular betting sites such as BetUs, Bovada, MyBookie, and BetNow all have Esports betting options available. In addition, gamblers could choose their odds on a wide selection of games with their own respective leagues and tournaments.
In the past, the number of gamblers was low because of the limited number of casinos around. However, during the pandemic, technology shifted to online which tapped into a much larger market. Gamblers who didn’t have access to casinos before now had the option of gambling from the comfort of their own home.
Not only did people feel safe, but online casinos give people convenience. It’s easy for casinos to implement luck-based games through websites and mobile apps. There’s a wide selection of games available to play. Not to mention, detailed guides and instructions are available for people to learn how to play games. People are playing at their own pace.
It could be intimidating when you go to a traditional casino with no prior knowledge. There are usually basic instructions on how to play games, but gamblers could now watch a detailed video tutorial instead. There is no pressure to gamble, and people could access online casinos whenever they feel like it on their smartphones, tablets, and laptops.
What’s interesting about online entertainment is how many ways there are to make secure payments. If you take mobile gambling apps, for example, they have all kinds of payment options available. They typically have an in-game wallet with credits that easily transfer right to your bank account.
Secure payments aren’t always based around credit cards anymore, either. Gamblers are cautious over the fact that scammers are out there. In addition, people aren’t always willing to put up their credit card information on an app or site. As a solution, gambling platforms have options that include cryptocurrency, direct money transfers (from their bank), and e-wallets.
Other payment gateways are becoming more popular because of how secure and reliable they are. Some payment methods such as Apple Pay, Google Pay, Amazon Pay, and Paypal, are fantastic alternate choices. In addition, gamblers prefer online casinos because of fast and easy transfers, familiar payment options available, and security.
Many casinos shifting to online need ways of tapping into the market of at-home gamblers. That’s why bonuses and promotions often flood landing pages as they entice people to get started. In addition, most casinos offer online bonuses for gamblers making a first-time deposit.
For example, you might see something such as “Bonus: Up to $1,000 if you visit the site now”.Of course, the goal is to get people to sign up and keep playing. But you may be asking, how could a casino just hand out all of this free money for each person?
In order to acquire a business, casinos actually match dollar for dollar when you make a deposit. While the exact amount varies, many online casinos actually reward you bonuses in the form of credits with a separate account. The credits can only be used to place wagers which means if you win while you gamble, the earned money is placed into your actual account.
There is also the free play bonus promotion, which is slightly different. The casino does in fact, give you money right off the bat for free wagers. The catch is, there is usually a minimum amount of bets you have to place before you are eligible to withdraw the money. Nevertheless, each bonus method is a powerful form of marketing that attracts first-time gamblers by giving them incentives to get started.
The increasing use of mobile devices is driving the use of online gambling with lots of expected growth in the future. During the pandemic, traditional casinos switched up their approach by enticing first-time gamblers with many attractive features. Bonuses and the promise of secure and quick payment options get new people into the online entertainment industry.
Along with casinos, Esports has amazing potential for growth in the online entertainment world. Soon enough, the popularity of Esports will undoubtedly give gamblers something new to bet on, which competes with traditional sports. The online entertainment industry is shaping the future by tightly following the technological trends happening right now.
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