The online casino industry is booming, with online slots at the forefront. The latest projections indicate that it will be a USD 127.3 billion industry by 2027. Several reasons, including the pandemic, have spurred the growth of this industry. This article explores all the dynamics in online casinos' dominance in the online gambling scene.
In the past decade, players have shifted from traditional gambling to online. This is because of the convenience of online gambling. Gamblers no longer have to hit the traffic to get to and from land-based casinos. What's more? Online gambling attracts plenty of generous bonuses as there are no overheads for hiring premises.
In the online gambling industry, there are sports betting markets, online casino games, and lotteries as the primary gambling options. At the time of writing, online casino games take a huge chunk of the gambling revenue.
Casino games are a fan favorite when it comes to online gambling. Online slots are among the most popular games. According to the latest figures, 48% of casino players in the United States are into online slots. This is followed by blackjack, which boasts a 16% share, while poker has 6%. Despite being one of the easiest games to play, roulette trails at a distant fourth with 5%.
Interestingly, the Public Broadcasting Service (PBS) reports that 68% of brick and mortar casino enthusiasts often play slot machines.
So, why are slots popular?
Well, the answer is simple; slots are easy to play. Unlike card and other casino games that require skills to play, anyone can spin the reels at slots casinos, from the young to the old. Interestingly, winning is based on luck!
The online casino industry has grown exponentially. Today, online casino gaming is one of the fastest-growing online markets, with growth propelled by several factors.
The first is covid-19. The pandemic drove 64% of people to spend more on online gambling, according to research.
Second is the demand for online casino games. Gamblers these days are more into online gambling, on desktops and mobile, than in land-based casinos, which are scarce. Statistics show that over 90% of gamblers prefer playing in comfort, be it at home or even while on the go.
Luckily, this is a demand that the casino software industry has met. Several operators have also played a crucial role in the success of the online casino industry.
The role of technology also can't be ignored. Technological advancements, for example, HTML5, have revolutionized casino games. For instance, in online slots, players can be immersed in the reels just as though they were in one of the top land-based casinos in Las Vegas. On the other hand, live casino slots recreate that authentic land-based casino ambiance. All this is courtesy of technology.
As it stands, the online gambling industry is poised to grow even more significantly because more and more people are being attracted to casino games, especially those that don't require skill and are based on luck, for example, slots.
The lucrative bonuses will also play a significant role in the industry's future now that operators are using them as an incentive for new player acquisition and customer retention.