New research shows that the gambling industry is getting bigger and better than ever, with claims that it will peak at a worth of $1 trillion by 2022. With so many industries in decline these days, it’s interesting to see that this is one that’s thriving. What’s driving this growth and is it set to continue, find out in this article.
A Look into the Industry
If you like casino games, but don’t know much about the industry then you may be surprised to see that it’s growing so much. Although operators have been facing a lot of challenges, they’ve clearly been coming out on top. This is a testament to a resilient industry that adapts to recent changes.
The gambling industry has been growing by around 1.5% year on year. Official figures released by the UK Gambling Commission are showing that there are more of us spending money on online gambling than ever before. This has stimulated a huge amount of growth in the industry as more operators, developers and affiliates get in on the action.
What’s Driving this Growth?
Technology and innovation are huge driving factors for this growth. There are new technologies and exciting features that make these games more enjoyable. Mobile play is also more mainstream than ever too, as millions of players access games via this method now.
Product launches have also been putting gambling more and more into the mainstream media. This kind of press is great to appeal to potential players that would not otherwise be aware of the industry. With the likes of VR releases, more of us are clamouring to watch the action.
The growth has been stimulated by the digital market, as physical casinos and betting shops aren’t quite as popular. While these spaces will have their reliable players, they’re not as appealing to new players. These players, who are mostly millennials with a great deal of disposable income, prefer to access these games on mobile rather than in person.
We’re also getting more social with the brands that we frequent, which is a massive opportunity for these brands to encourage us to visit again. Chatbots and social media are major tools for engagement within the industry. Most of this online casino industry growth will be down to regular users, not the ones that only visit once or twice.
Finally, new payment methods and increased deposit convenience appeals to users too. With phone bill casinos and alternative payment methods, there are fewer barriers between intending to deposit and doing so.
The regulations that came in last year have no doubt had an effect on the industry, but they haven’t been able to slow it down by much. Changes to advertising, taxes and regulation have made things harder but the demand for these betting options is clearly alive and well.
In the US, gambling options are growing as the regulated market becomes larger too. In territories like Pennsylvania, the US market is becoming larger and more accepting. Historically, this has been a tough nut to crack and not all states are on board with legalised gambling options. Online poker bills have been revoked in New Hampshire and New York, but the split shows that more of us are in favour of online gambling than ever before.
Affiliates have also been subject to a whole load of new rules in the UK, concerning compliance and the reporting of information. With GDPR set to come in later in the year too, we’re likely to see a lot of changes here too.
Check back with our news section for more information on these changes as they progress.