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February 3, 2018

The Evolution of the Global Online Gaming Industry

In this day and age, widespread internet access has fundamentally transformed practices our societies had established long ago. Amongst the many industries dramatically revolutionized by our digital age, is the gaming industry. While gambling practices date back to the early 17th century, the advent of the internet opened the door to the whole new world of gaming online.

Online gambling first came into existence in the mid-1990s, following the island nation of Antigua and Barbuda’s passing of its Free Trade and Processing Act. The new legislation permitted gaming companies to obtain licenses for the operation of casinos over the internet. In the first few years of online gambling, the software was underdeveloped, and people’s gaming options were strictly limited to online casinos.

However, observing the popularity of the new web gaming services, more gambling companies grew interested in expanding to the online platform. The fierce competition that resulted from the sudden rush to join the digital trend forced gaming providers to look for ways to expand their services and incentivize their players to become site regulars. With the growing competition also came the rapid development of gaming software, only drawing further online gaming participation.

According to the Statistics Portal, the online gaming market in 2015 had a volume of 37.91 billion in U.S. dollars, which climbed to 41.77 by 2016, and to 47.11 by 2017. The estimated market worth of the online gaming market for 2018 is predicted to be 51.96, and given the observed rate of increase in volume over the past decade, the figure is forecast to further increase to 59.79 billion U.S. dollars by 2020.

UK’s leading market research company, Technavio found that the easing of government regulations will play a significant role in driving the expansion of the global online market until 2021. Governments around the world are motivated to lift regulations as legalizing online gambling provides governmental revenue in the form of tax and has the potential to increase employment opportunities.

Technavio’s 2017 market research study named 888 Holdings, GVC holdings, Ladbrokes Coral Group, MGM Resorts, and Unibet Group, the chief players in the global online gambling market.

Hundreds of available online gaming websites offer generous bonuses and special offers to all of its players. Casino games are accessible via mobile, tablet, Mac and PC. Some of them attempt to diffuse people’s anxieties surrounding their involvement with internet gambling, by offering a 24/7 multilingual support staff at each player’s disposal. Games include Video Slots, Table Games, Scratch Games, and even Live Casino Games, which have grown dramatically in popularity over the past several years.

Experts predict that expanding internet access around the globe and rapid technological developments will enable the online gambling industry to continue flourishing and to expand its services further. The possibilities for growth are endless.

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