Online Gambling: A Meteoric Rise
With the enormity of the online gambling market today, it’s quite difficult to fathom that this industry is barely even three decades old. Not too many investors are privy to the fact that the first online casinos only started sprouting up back in 1996 in the relatively early days of mass internet usage. Not too many industries that started in the mid-90s have grown as rapidly and as significantly as the online gambling industry. In fact, many seasoned experts and analysts will look at the rise of online gambling and say that it definitely is one of the outliers when it comes to economic growth and potential.
Experts say that the global online gambling market could be worth upwards of $92.9 billion by 2023. Very few industries have managed to amount to such a valuation and it’s even more impressive that this particular industry managed to do it in such a short amount of time.
Of course, there are many variables that have contributed to the meteoric rise of the online gambling industry. For one, people have always loved to gamble. This is a pastime that is ingrained into various communities and cultures all over the world. It doesn’t matter what race, ethnicity, or religion you have, there is always going to be some form of gambling that is practiced within your immediate environment. Second, people have grown to embrace technology so much more these days. You would be hard-pressed to find anyone who doesn’t have immediate access to an internet-connected mobile device like a smartphone or a tablet. Most online casino operators recognize this and have invested heavily into developing mobile-compatible apps that allow users to gamble on their phones or tablets wherever or whenever they want.
Is it a Wise Investment?
Given the numbers surrounding the boom of the online gambling industry, there are two main ideas that investors can look at. Number one, it means that there is a new competition between land-based and online casinos. What this entails is that land-based casinos will see online platforms as threats and will potentially seek funding from investors in order to compete with the aggressive rise of the latter. Number two; given that the online gambling industry is a booming one, there is still plenty of room for investors to get in early and to maximize their long-term returns.
Ultimately, investors have flexible options here. They can fund an industry that has been around for the longest time and has shown great economic performance throughout the decades in the form of land-based casinos. But they can also take the more aggressive route by funding online platforms that are just beginning to gain their footing. There’s really no telling just how high this elevator ride is going to go when it comes to online gambling.
What about Legal Issues?
Well, the fact of the matter is that online gambling isn’t yet legalized or regulated in many places all throughout the world. However, the same can also be said of land-based gambling, and this industry has managed to thrive and survive throughout the years. More importantly, many governments acknowledge the growth of online gambling and are eager to share in the economic gains of regulating such platforms. This is why many countries are putting forth legislation to regulate online gambling within their jurisdictions.
The Future is Ripe for the Taking
With technology moving at the pace that it is now, there’s no telling just how much higher the online gambling industry will rise. With developing tech like VR, AR, crypto currency, and video compression, there’s so much room for technical improvement within this space. It’s safe to say that as new tech emerges, the industry will continue to thrive. Live dealer games are all the rage now as they seamlessly merge the best of both land-based gambling and online gambling. Many players wish to play casino games with a real dealer, they can find a myriad of options for gamblers to participate in a live dealer games online.
But that’s only just scratching the surface when it comes to how tech can innovate further in the world of online gambling. There’s still so much room for improvement here in this space.