The ever-growing online gambling industry
Gambling is one of humankind’s oldest pastimes. First appearing in areas like Mesopotamia and Ancient China, its earliest forms were merely tiles and dice games. Over time, gambling and betting options evolved and grew worldwide. By the 17th century, the first casino in history (Ca’Vendramin Calergi) opened in Italy, offering traditional games like roulette and baccarat.
Fast forward to the modern day, and one could argue that there is almost an overabundance of options for gamblers to choose from. Gamblers can now visit luxurious brick-and-mortar casinos, play casino slots or table games, bet on horse races, and more. Additionally, online casinos and sports betting sites have forever changed gambling as we know it.
Undeniably, the online gambling industry is thriving. In 2021, it stood at about US $61.5 billion. By 2028, its worth is projected to be $114.4 billion.
There are many factors affecting the growth of the online gambling industry. But what specifically has contributed to its modern popularity?
Online Gambling’s Increased Popularity
In Canada alone, there are more than 2,000 online gambling providers. As a result, the country’s 19.3 million online gamblers have plenty of different options. Inevitably, both these numbers will continue to grow.
So what factors have contributed to the industry’s immense popularity?
Laws and Regulations
Online gambling laws are constantly changing and evolving worldwide, which has dramatically helped propel the growth of online gambling.
Laws across Canada, for example, have traditionally been somewhat strict regarding online casino operations. However, Ontario made its mark on the country in April 2022 by announcing a legalized and regulated online gambling market. iGaming Ontario is now responsible for licencing gambling sites in the province, and similar operators are doing likewise in other provinces.
The country also lifted the ban on single-game sports betting in 2021. This move generated widespread acclaim among players, especially with the creation of new online betting sites.
Meanwhile, online gambling is thriving in the UK thanks to its 2005 Gambling Act. Since the activity’s legalization, the country’s primary goal has been maintaining a safe online gambling environment.
More recently, in 2022, the UK Gambling Commission issued new rules that operators must follow. These rules are centred on protecting consumers. Specifically, gambling providers must work to prevent harmful marketing and monitor all potential risks associated with online gambling.
Separately, in the United States, federal online gambling laws are complex. States have more power now than ever to determine legalities regarding the activity. Several states have legalized online casinos, thus allowing gamblers more options for recreational fun.
Additionally, in 2018, the US Supreme Court ruled in favour of sports betting. In response, many states have legalized online sports betting.
Although American online gambling laws are a little sticky, the industry continues to evolve while encouraging more and more players to play online.
COVID Lockdowns in 2020
The strict lockdowns at the start of the coronavirus lockdown limited land-based gambling options. As a result, more players migrated to online gambling, and online casinos in particular became a convenient and enjoyable way for players to continue gambling.
With restrictions on sports events, the popularity of online sports betting also gained traction. In America especially, sports events like the Super Bowl and UFC fights generated attention from many gamblers. Canada likewise saw a significant rise in online gambling with new sports betting websites.
Incentivised Online Gambling
Online gambling providers, like those listed on this recommended site, have found major success within the market. Their player bases continue to grow year after year. This has led to more unique ways to incentivize gambling.
Players have much to consider when choosing their casino. Many online providers offer an assortment of different benefits, including loyalty programs and great welcome and other bonuses to get players to sign up and start and continue playing. In contrast, land-based gaming offers fewer benefits—and those it does offer are rarely as attractive.
The perks of online gambling far outweigh those of in-person gambling. This is one of the many reasons online gambling has become so common.
Technological Advances
The creation of smartphones was a massive game changer for the online gambling industry. Players were once restricted by only being able to gamble online using a computer. Now, all it takes is a computer or handheld device with an internet connection to play.
There are many different forms of mobile gambling. The standard options include deposit-based games, like bingo and even solitaire. However, players aren’t limited to these types of games.
Online gambling providers have committed to developing mobile apps for their casinos. This has led to a wide range of games for mobile players to choose from, from slots to poker to live casinos. Obviously, this makes the activity a highly appealing option for gamblers.
Conclusion
At this point, online gambling is an unstoppable force with a bright future ahead. In 2022, the Ontario market alone is expected to be worth about $1.6 billion in gambling revenue. By the end of 2023, it could reach $2.36 billion—an incredible 48% ($760 million) increase in just one year.
With technological advances and loosened regulations, the activity is growing in popularity at an incredible rate. This is good news for countries with legalized online gambling options, especially the United States and Canada where the industries are on the verge of exploding.
This growth will also positively affect players. Since online gambling providers will be pushed to compete in a heavily saturated market, gamblers will have access to even better bonuses and incentives than ever before.
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