Why the casino market is continuing to grow in 2022?

The casino market has been bulletproof from its inception. Sure, there have been occasional and localized blips along the way but the overall upwards trend is evident.

The Market Pre 2022

The genesis of the industry occurred in 1931 when Nevada lawmakers made casino operations legal in the state, and from there the bubble continued to expand. Growth in Las Vegas, the cradle of the US casino industry, has been robust and consistent ever since, with 143 establishments currently calling the city home. New Jersey followed suit in 1976 and now Atlantic City is the nation’s second biggest gaming destination.

The arrival of the internet would mark a new chapter for the casino fraternity – an industry never shy of embracing new technologies, on the contrary, striving to push them forward and drive innovation in the sector. As the internet evolved, the era of the smart device has meant anyone now has the ability to play online casino games on the go, wherever and whenever they want.

Reasons For Growth In The Sector in 2022

The Mobile Market

The proliferation of powerful, internet ready mobile devices and the app generation has put online casinos into the palm of most people’s hands. Statistics suggest over 80% of the global adult population now owns a smartphone.

But the reduction in size of electronic components and processors with lower power requirements would not be sufficient in isolation, other technologies also play a critical role. Firstly, battery tech has needed to be of sufficient capacity and longevity to keep the devices running.

And secondly the mobile data network has also needed to expand to meet the increased demands. All of these factors must combine and be available at a price that makes it realistic to push to the consumer market – and they have.

Legislation

Lawmakers have also made room for casino providers to offer their products to a growing market. The current direction has been towards a more liberal approach regarding gaming legislation, aiming to redirect capital spent at casinos back into the economy.

The US is a fine example – it was only in 2011 that the Department of Justice declared the Federal Wire Act did not apply to casinos and hence made it possible for individual states to make their own decisions concerning online casinos. This means that the 330 million strong western nation effectively has an online casino industry still in its infancy – only 10 years old.

Furthermore, The Professional and Amateur Sports Protection Act (PASPA), which outlawed wagering on sports in most states, was only overturned in 2018 which has seen some states open up to this burgeoning new sector.

Gaming Trends

There has also been a shift in the types of games people play. ‘Casual gaming’ has exploded in popularity – games with very shallow learning curves that are played for short periods of time.

Casinos were quick to realize, slots fit neatly into this category and took no time at all to capitalize on the opportunity. Slots, even played only for fun, are extremely prevalent and well-liked on Apple’s App Store and Google’s Play Store.

Your archetypal gamer no longer exists. A casual gamer today can and does look like anyone with a smart device: old or young, male or female, and from more or less any part of the world. In consequence, the target market for casinos went from being quite a specific section of society to, ostensibly, any adult on the planet in a matter of years.

Online poker is undergoing somewhat of a resurgence. One of the biggest online streaming platforms Twitch has dedicated poker channels where people are free to tune in to watch both the games and the personalities in the sport.

Esports

Also a Twitch staple, competitive video games and their organized competitions, esports is big business. Bookmakers are, to an increasing extent, including esports events on their directories.

Cryptocurrency

Cryptocurrency continues to move into the mainstream as more legitimate businesses are accepting – even encouraging – its use as payment. The blockchain technology used also marries particularly well with casino games because the receipts involved make the outcomes provably fair, increasing trust for both parties.

Crypto casinos often have the option to use their own proprietary token and they will reward users with loyalty bonuses for doing so.

Bonuses and Promotions

The industry has always been particularly savvy at soliciting new custom. Online providers will offer deposit matching, free spins and no deposit bonuses to new players that sign up, which helps increase their user base.

Wearable Tech

It’s not just the smartphones that are increasing their market penetration, smartwatches and other wearable tech is also on the rise. Now people can interact with their devices without even needing to take them out of their pocket.

Online casinos are developing pared down versions of their software that allows customers to use their apps on their wrists. And at the more immersive end of the spectrum, virtual reality (VR) and augmented reality (AR) sets are having their moment; placing people in fully rendered virtual casinos from the comfort of their own home.

The casino industry is a paradigm for how businesses should be adaptable in the modern world. Providers unwilling to react to changes in the market are quickly left behind, especially with competition so fierce. We’re keen to see how the next big development will look.

Disclaimer: Gambling involves an element of financial risk and maybe addictive. Please play responsibly and at your own risk. Subject to applicable laws.
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