Why We Should Keep An Eye On The Online Casino Market
Last year, the online gaming market was valued at approximately $55 billion, with this being set to grow at 16.5% over the next six years. This rapid rise in popularity can be attributed to a number of reasons, but mainly advancements in technology which have meant that online casino games have become much more accessible in recent years. Currently, the online gaming hotspots of the world include Macau, the UK, the USA and Australia in which easing of legislations have further enabled people to access online casino sites.
What’s more, the demographics of people who play online casino games are now also significantly changing. Statistics show that women now make up 46% of the online gaming market and this trend is particularly noticeable in Asia where the number of female players grew by 19% in the last year alone. These changing demographics have meant that the industry has had to adapt their offerings to suit new growing demand. As a result, there are a number of new and exciting developments we can expect to see in the online gaming industry in the upcoming months. Here’s what you should be looking out for.
Continued Gaming Technology Developments
Technology has been a huge part of the growth of the online casino world in recent years, in which people who never would have visited a casino are now seen to be participating in a number of online casino games. This trend is particularly prevalent in millennial that are most likely to keep up with the latest technologies. Online casino providers have been jumping on this trend by offering superior digital experiences with their sites being optimised for mobile devices, seamlessly integrated games across the app stores and we are even starting to see the incorporation of VR and AR technology which provide a more interactive and immersive gaming experience.
What’s more advancing technology has meant that online casino games are now much more realistic and interactive, with second to none graphics, enhanced sound and much more features. Games such as poker, online slots and virtual bingo are now becoming a huge hit with the younger generations thanks to the improved quality of the experience and the ease and speed at which they can be accessed.
The Emergence of an Elite Group of UK Casinos
As the market gets more and more saturated with online casinos, the UK Gambling Commission is creating more stringent rules around who can and can’t make the cut. In order to ensure player safety and service quality, the GC is now enforcing new regulations that mean many casinos are either losing their licence to operate in the UK or aren’t bothering to obtain a UK license at all.
The good news from this is that we have seen the emergence of an elite group of casinos in the UK online gaming market that offer a superior quality gaming experience. However, this has inevitably cut down the variety of online casino games that UK players can access and is leading some industry experts to question whether this will drive players to seek out less legal options for playing. Only time will tell what the result of the stricter regulations will bring.
A Blend of Sports Betting and Stock Investments
While we are used to team sports betting, in which fantasy football has been incredibly popular in recent years, team betting is now being taken to a whole different level. Players were once participating in group sports betting as a means of competition and entertainments, in which this would take place in betting shops, work syndicates an online fantasy sports communities.
However, recently we have seen the emergence of football index; a platform that allows you to buy football player shares and get a return on your investment. This trend is becoming particularly popular with the usual e-sports players who are becoming bored with the typical online offerings. This way of playing offers gamers the chance to make more cash in the long term and is a fairly stable way to invest as the odds are set to be good and the results depend on the player rather than the opponent’s performance.
New Payment Methods
Don’t feel comfortable using your debit card at an online casino? No problem. In recent years, we have seen a dramatic rise in the number of online casinos that are now accepting cryptocurrency payments. As the Bitcoin market becomes fairly stable, more and more players are choosing to use this type of currency as a means of safely and anonymously paying, as well as collecting their winnings.
While the recent credit card ban may be influencing this trend somewhat, statistics show that the use of cryptocurrencies as a form of online payment was becoming hugely popular before the credit card ban. In addition, a rise in younger and more tech-savvy players is also a reason for uplift in the trend.
Biotechnology
One particular area of technology advancement that is most exciting currently is biotechnology, in which players can now utilise the like of facial recognition, eye retina scanning and fingerprint scanning to access their online gaming accounts in a much easier way, without having to remember a number of usernames and passwords.
Additionally, players can now even use these biotechnology features as a way to access their smart device wallet and pay, deposit funds or collect payment, all without having to get up off the sofa to go and find their debit card details. It will be interesting to see whether biotechnology will be incorporated into the likes of VR and AR and how this will enhance the online casino gaming experience.
So there you have the top upcoming trends for the online gaming industry, in which we are set to see some exciting new development that will not only enhance the gaming experience but also continue to make the online gaming world a safer and more accessible place for all.
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