The online casino sector is growing fast. According to Yahoo Finance, the sector will grow by an average rate of 11.45% every year in the next five years. Interestingly, the industry’s growth has something to do with the COVID-19 pandemic.
Although the industry was proliferating pre-COVID, it grew sporadically in the age of the pandemic. That’s because most entertainment facilities shut down. Also, people were ordered to quarantine from home, allowing online casinos to dominate over their land-based counterparts.
How fast is the iGaming sector growing and what are the contributing factors? Find out below as we also reveal the number of new online casinos springing up every year.
Over 200 New Online Casinos Per Year
The online gambling industry welcomes more than 100 online casinos every year. Many of the operators pick their licenses from the Malta Gaming Authority and the UK Gambling Commission.
However, there are numerous other online casinos with licenses from Curacao, Costa Rica, Panama, and US states where online gambling is legal. As already mentioned, the huge number of new operators is a response to the growing demand of online gambling.
Sure, the Internet is jam-packed with hundreds of great casinos. But the new age casinos are giving established brands, a run for their money. Due to that, people no longer join casinos simply because they’re popular.
They take time to learn about a gambling site before they create a free account. If you don’t have time to analyze casino sites, read reviews from experts. Precisely, you can learn everything you need to know about Las Atlantis casino online through a review. Then you can decide whether to create an account or not.
Why Online Casinos are Growing
If you have noticed an upsurge in the number of gambling sites online, you’re not wrong. There’s a huge demand for online casino games. Below are the reasons:
- Increased Regulations
Governments around the world are changing their approach to the online gambling sector. Take the US as an example. Not only does it permit states to legalize online casinos, but they can also legalize sports betting.
As a result, New Jersey, Pennsylvania, Delaware and a handful of other states have regulatory bodies to license new casinos. The US aside, Canada has also been changing its online gambling laws, having legalized single wager betting last year.
Increased legalization obviously means there will be more online casinos in the industry. It also means the industry will grow, welcoming millions of new customers and billions of dollars in revenue.
- Growing Support by the Public
Online casinos wouldn’t be growing at their current rate if people were hesitant to become customers. Instead, people have been joining gambling sites in droves for the last couple of years.
Why are people suddenly trusting casino sites? For starters, support from local governments is reassuring. It shows casinos have the full support of legislators and can be trusted.
Truth be told, casinos work hard to prove their legitimacy. Not only do they get licensed, but they also secure their websites and provide quality services to get the support of players.
Then there’s changing demographics. Fifteen years ago, older men were the main customers at online casinos. Today, Yahoo News report women make up nearly half of online casino customers in the US. Also, millennials are falling in love with the industry, especially games of skill like poker.
- Convenient Payment Modes
Another reason online casinos are mushrooming is because people have found convenient ways to deposit and withdraw money safely. In the past, bank transfer, credit cards, checks and cash were the only means of payment at casino sites.
In 2022, casino players can use a plethora of payment options: digital wallets, eChecks, credit/debit cards, wire transfer and gift vouchers. As such, you can use your favorite payment option at lots of casino sites.
Now, there are benefits for using specific payment options. Digital wallets like PayPal and Google transfer are cheap and fast. But they might not be suitable to high rollers. Bank transfer is excellent for large payments but it takes time.
- Creative Bonuses and Competitions
When you think about it, many people join casino sites because they can find free games. You can receive 10 or 20 free spins for simply creating an account using your email address and password.
The biggest bonuses come after you complete your first real money deposit. Some sites match your deposit amount 100% for a maximum of $100, $200 or $500. Keep in mind though, some payment options for qualify for bonuses.
Welcome bonuses aside, the best operators have a series of competitions and prizes for loyal players. From cash backs and VIP free games to reload bonuses, there are many ways to get a bonus at the modern online casino.
- A Full Range of Quality Games
Have you been to an online casino lately? The games therein are numerous and come in better quality than the slots people play in Las Vegas. No kidding—online slots payout up to 99% of wagered money. By comparison, Vegas slots payout an average of 90%.
Payouts aside, online slots support the latest graphics, improved soundtracks, interactive gameplay and in-game features. When it comes to card games, you can play blackjack, poker, roulette and baccarat against a human opponent in real time.
This is possible thanks to live casino software provided by developers like Evolution.
- Mobile Support
Today’s online casinos operate on almost every device. So, you use your android phone for Internet access? No need to find a laptop to play slots. If you phone supports quick Internet and has a browser, it’s good enough to play online casino games.
The best part: you don’t need to install casino apps on your iOS or android device. Most casinos offer their services through mobile web apps. This saves you space on your phone while also delivering a quality gaming experience.
You can play hundreds of casino games on your mobile device, bank, claim bonuses and do so much more thanks to mobile technology.
