A recent study conducted by the Business Research Company showed that the global gambling industry is poised to reach a whopping $565.4 billion dollars. Factoring in an annual growth rate of 5.9% right through to 2022, and it isn’t hard to see just how lucrative the online gambling industry has become.
The online gambling industry is growing for many different reasons, one of which is the emergence of new technologies like VR, augmented reality and hybrid games. Online casinos are increasingly using this technology to provide their players with a more immersive experience. Online casinos like Uudet Kasinot strive to remain on the cutting edge of technology so that they can stay one step ahead of all the others when it comes to offering their clients a unique, immersive experience.
The Growth of VR, AR and Hybrid Games
Right now, there are many online casinos that are scrambling to introduce hybrid table games in a bid to attract an increasing number of customers. Now for those who don’t know, hybrid table games are a combination of a game hosted at a land-based casino and one that’s online. So, a player can play a real table virtually, many of which combine a real live dealer with a team of virtual players.
Then there is also the switch to offering more skill-based gambling games. Skill-based casino games have seen a rise in popularity, especially the generation that grew up playing video games want their virtual games to have an element of skill. However, as of this writing, games that rely mainly on skill and less on chance are few and far between. Many developers are already working on so-called skill-based casino games which are scheduled to be released within the next couple of months.
Many people who play online want to have an immersive experience. Players want to feel as if they are in a casino without being at one. That’s where VR and AR can offer an immersive experience, though at the moment limited the technology is quickly evolving. Owing to the rapid shutdown and social distancing measures of the COVID-19 pandemic, many online casinos have experienced a rise in the number of players who are demanding VR and AR compatible gaming. That demand, according to experts, will continue to grow, as more people turn to online gambling as a way to satisfy their craving for visiting land-based casinos.
Online Casinos are Cheaper to Operate
On the whole, compared to land-based or conventional casinos, online casinos are cheaper to set up and operate. The lower barrier to entry does mean that a lot of scammers set up casinos too in destinations that are either not regulated or regulation isn’t as rigorously enforced as it is in the US or Europe. However, that isn’t stopping people from gambling online. Online casinos have seen a sharp rise in players year on year for the past decade, with the trend as mentioned above expected to grow further.
The COVID-19 pandemic has meant that there are now more people who find themselves stuck at home resorting to doing things online like gambling. Adding new games, updating existing games and adding new technologies are a lot easier to do with online casinos. Furthermore, a large chunk of the younger generation of casino game players finds playing online to be a lot more convenient than driving down to Atlantic City or Las Vegas for a weekend of gambling fun.
Offline Casinos Are Also Going Online
Traditionally offline, only casino chains are also seeing the benefit of moving their operations online. In some cases, there are even considering going entirely online. However, licensing and regulation hurdles prevent many casinos from establishing their presence online. That said in light of the recent situation, existing legislation will need to be revised, which makes it easier for offline casinos to run their operations online. If regulation isn’t passed on time, and laws aren’t passed which allow casinos to exist in cyberspace just as they did in Vegas, for instance, then the conventional casino industry could go the way of the dodo. Furthermore, smaller online players will end up lapping up most if not all the business that would have otherwise be destined for these large casino chains.
The future of the casino industry is online. The regular casino will, within the next few years go the way of the dodo. Sure, there will be a few casinos around in major gambling hubs of the world, but those will have more of a novelty presence. The real gambling, at least, for the most part, will be done online, in private poker rooms, and secluded live tables.
The technology to make an excellent online gambling experience possible is already here. All that’s left is for local gambling laws, and large casinos to catch up so that they can be adapted to the needs of their players.