The global gambling industry took a hit during the COVID-19 pandemic. However, in the years after, it has rebounded nicely and is growing steadily. According to Yahoo Finance, the industry is expected to continue its strong growth at a compound annual growth rate of 6.4% to reach a $744.76 billion valuation by 2028.
The projected growth of the igaming market has perfectly reflected on the local gaming scene in Australia. Data from Statista shows that revenue from online gambling in Australia is expected to reach US$4.93bn this year and US$5.47bn by 2029.
Key Elements of the Sector’s Growth
It is important to mention that this observed growth in online gambling rates isn’t accidental. There are several key factors contributing to the increase in metrics. The essential elements responsible for the rapid growth of online casinos include the following:
- Increased Accessibility
With the advent of modern technology, especially smartphones, casinos may be accessed from wherever the players are. With tablets and mobile phones, interested users can now enjoy the thrills of online gaming from practically any location. In fact, Stakers’ compilation of the most advanced casinos in Australia reveals that most of these offerings have been optimised for mobile gamers.
With smartphone ownership expected to grow by an additional 1.5 billion over the next five years, it’s evident that iGaming membership will only continue to increase.
- Regulatory Changes
Stringent regulatory practices have been one major hindrance to the mass adoption of online casinos. However, the global sentiment is changing, as more and more countries introduce relaxed regulations surrounding online gaming. This has, in turn, opened up new markets and allowed more and more businesses to spring up. As more countries adopt this new outlook on online gambling, the industry’s growth will be further boosted.
- Technological Advancements
Online casinos have been around since 1994. However, their adoption was stunted because they lacked the “personal feel” and excitement ascribed to traditional gaming in physical establishments. However, introducing technological developments like virtual reality (VR) and live-streaming services has proved to be a game changer.
These technologies give players access to a more immersive and interactive gaming experience, boosting thrill and excitement. Additionally, online gaming operators have begun implementing high-tech security measures, ensuring they can appeal to the more conservative demographic worried about online safety. Experts at Stakers have compiled a list of safety-tested pokie gaming sites with an unbeatable selection of tools and approaches providing top-tier experiences.
4. Global Expansion and Market Penetration
Better market penetration is another key factor contributing to the significant growth of iGaming. By leveraging strategic partnerships with new entities, gambling sites have been increasingly successful in penetrating previously walled-off markets.
Additionally, online casinos have begun offering special offers tailored to different demographics. This, in turn, increases their appeal and drives further user engagement.
5. Incentives
Another factor behind the rising number of gamers is the presence of incentives and promotions. Online casinos have incorporated perks like deposit bonuses and free spins to drive user interest. These bonuses provide gamers with a unique opportunity to explore the game library and get used to how games work without any risk.
Conclusion
Online casino gaming and wagering have been enjoying excellent growth post-pandemic. Moreover, all metrics indicate that this growth is only going to continue. As online casinos integrate more innovative technologies for better immersive experiences and regulations, continue to be relaxed, industry growth is inevitable.
