Online Gambling: The Ripple Effect of a Billion Dollar Industry
Every day, a big chunk of the world’s population has to keep up with a fast-paced lifestyle. So, instead of running to the grocery store to re-stock on food or grabbing takeout at their favorite restaurant, millions of people are now deciding to stay at home and make those purchases online.
Even gambling has taken a new turn. These days, more people, especially millennials are skipping the trips to Las Vegas or even their local casinos in favor of online gambling that lets them have fun—and win some money—while lounging at home or even taking the commute to work. This led to online gambling becoming a billion-dollar industry within a few years and the numbers keep going up every day.
Why people are hooked on online gambling
A few years ago, Microgaming’s Mega Moolah mega jackpot prize reached a staggering $21.7 million. It broke the previous record of $13.2 million won by Lance Corporal John Heywood from the British Army in 2015. But aside from the huge winnings, there are also other reasons that many people are hooked on online gambling:
- The thrill of the game
Many online gamblers admit that more than the money, they keep playing in US casinos for the thrill of the game. Whether they’re playing blackjack or hitting the slots, they love the adrenaline rush that gambling brings because it offers them a quick escape from the hustle and bustle of their daily life.
While gambling meant taking those trips to Las Vegas or Atlanta before, gamblers today can already have fun using only their mobile devices.
- The convenience of playing the game any time
In a time when most people are highly dependent on the power of the Internet, online gambling offers a huge advantage for people who love to gamble but don’t have the time to visit a real casino. When you go online, you’ll see a plethora of options for you to choose from. So, whether you like a good card game or prefer to bet on your favorite team, you’ll surely find something to keep you entertained for hours. The best thing about gambling online is that you can do it anytime and anywhere you choose. Many casinos even offer live gambling these days to give you the feeling that you’re playing in a real casino where you have a seat at the table and interact with the dealer and other players.
- The attractive bonuses
When you walk into a casino in Vegas or Atlanta, you’re expected to pay the moment you take a seat at the table or hit the slot machines. This also goes the same with betting on sports because gambling is all about making money, after all.
But with online gambling, you’ll find a lot of bonuses and promotions that allow you to get a feel of the game without putting your bankroll on the line right away. For instance, some casinos will offer you free spins no deposit if you sign up with them. This is a great opportunity to experience a game to decide whether it’s right for you or not. You’ll also see casinos that offer to double your initial deposit, which they call as a welcome bonus. This is a smart way to build your bankroll without putting in your own money.
According to a report by Zion Market Research entitled “Online Gambling & betting Market by Game Form,” the global online gambling and betting market is set to hit the $94.4 billion mark by 2024. From a market value of $45.8 billion in 2017, the industry will grow by 10.9% between 2018 and 2024, thanks to these catalysts:
- Cryptocurrencies
The popularity of cryptocurrencies like Bitcoin in online gambling has grown considerably over the last few years. A lot of people who use cryptocurrency love the speed and ease of transaction and the anonymity that comes with using it. Bitcoin was the first cryptocurrency used for online gambling platforms and a lot of casinos and betting websites now accept it as a form of payment.
- Virtual reality technology
Gamblers are not just keen on playing in the right online casinos, but they’re also craving for that real casino experience. This is why it’s no surprise that virtual reality has now been adapted to the gambling and betting market. Just imagine being able to play blackjack as if you’re in a real casino or watch the Kentucky Derby like you’re really on the venue.
The online gambling industry still has a long way to go. But one thing’s for sure, it is steadily going up, especially with more nations now embracing it as a form of entertainment.
