The worldwide online casino industry is thriving, despite forces often seemingly conspiring to keep it in check.
Grand View Research claims that the global online iGaming market was valued at $53.7bn (INDIA) in 2019 and rose by 11.5% the following year. The expected compound growth rate should see that figure more than double by 2027, with several factors coming into play.
For instance, the continued improvement of digital services in India has helped fuel growth here. The rollout of 5G technology, the ever-expanding number of people with access to a mobile device, and the improvement in the quality of games have all helped drive growth. Each country and area of the world has a different driver behind the growth, and even when outside forces conspire to drive the industry back, it thrives.
Sometimes, the industry has to battle back against legislation; sometimes it is external forces that do not come from any regulatory body. In other instances, the fast-moving industry simply identifies a niche, an area in which it can spread and quickly adapts to bring in more customers. Here are three examples of the online casino industry adapting to an ever-changing landscape.
Changing legislation is certainly something the industry has to deal with, and not only in terms of where games can be offered. Some countries regulate where iGaming companies can advertise and when. In the case of Italy, the Decreto Dignità effectively banned any form of gambling advertising, including iGaming. However, the industry quickly adapted, with iGaming Business outlining how omnichannel marketing strategies help circumnavigate the legislation. Instead of focusing on the offerings from developers, providers have aligned with social responsibility groups and campaigns on all B2B sites. Finding ways to adapt to regulations on a country-by-country basis is an important weapon in the iGaming industry’s arsenal.
The pandemic has actually been positive for the iGaming industry, as it ensured many players remained in their homes, unable to travel to a physical location for their gaming fix. It would have been easy to rest on their laurels and simply do more of the same throughout, but many providers turned the pandemic into an opportunity not just for a quick buck but also for long-term change. Providers began to offer live casino games, replicating the experience of a real casino, which helped retain customer interest. It’s been very much a case of adapting to the influx of customers and tailoring an offer to suit, not merely grabbing the revenue and running.
Adapting to technology is a big feature of the iGaming industry. As mentioned at the top of the article, India’s 5G rollout and digital growth are significant, which means providers here can offer those live casino games with a degree of certainty that the population will have sufficient connection to play unhindered. There’s also the rise of virtual and augmented reality to consider, something Google has been exploring for four years now. In terms of technological developments, the industry will also see more interaction in these areas over the coming years, playing heavily on the ideas behind the live dealer introduction. If they can replicate a live casino experience delivered directly to your home, then why would people need to go to an actual casino? A live experience would certainly be enhanced by virtual reality, but it’s almost a case of the industry waiting for the tech to catch up rather than the other way around.