When it comes to fast growth, not many industries can compete with online casinos. In the span of just 20 years, the world of online gambling has turned itself from a niche market into one of the biggest businesses on the web.
Just how big is it?
Online casinos make up a colossal portion of the revenue earned on the web – and that number is growing exponentially. Back in the early days of online casinos in the late 90s, the industry was really only worth a couple tens of thousands of dollars.
Fast-forward to 2008 and it’s a different picture entirely, with thousands of online casinos raking in nearly $9 billion in gross revenue. But from there, it’s only gotten even bigger. Earnings more than doubled in just 4 years to $28 billion.
The sheer extent of online gambling around the world is also an impressive statistic. Online casinos are now available to players in almost every corner of the globe. There’s sites available for practically every language, and hundreds of different payment processors serve different kinds of players with dozens of currencies.
What’s driving that growth?
The colossal size of today’s online gambling industry boils down to one thing: people love to gamble. Online casinos just make getting into the action a lot easier.
For instance, in the early days of online gambling, the only way to get into the action was to download casino software onto a computer. Most sites had a limited game selection, and since the web was in its infancy, the potential market was limited.
Today, you don’t have to stay on your computer to get in on the action, and online casino revenue has skyrocketed as a result.
As we entered the 21st century, computers became rapidly more user-friendly. More people were getting online and talking with their friends about their latest lucky streak on their favorite site. Casinos started advertising across the globe. Some casinos even started to offer Flash-based versions that required no download. By the late 2000s, the industry was already worth billions.
But the boom grew even bigger with the rise of the smartphone. Game developers and online casinos wasted no time in adopting the new HTML5 technology to make their product available to players on any device. Today, you don’t have to stay on your computer to get in on the action, and online casino revenue has skyrocketed as a result.
All signs point to one thing: more growth. Europe in particular is seeing huge gains in its online gambling sector, aided by clever marketing campaigns and more governments offering regulated services.
Players in the United States will inevitably see more legal options within the next two years. Regulated casinos in Delaware, New Jersey, and Nevada are already drawing in hundreds of millions of dollars, and states looking to increase their tax coffers will likely be forming compacts to offer games to their residents as well.
Considering all the above, industry analysts expect that the annual earnings of the online gambling industry will have surpassed $40 billion by the end of 2017.
And in addition to getting bigger and increasing the profit, online gambling is bound to get even more exciting going forward. SlotsMillion Casino has already created the world’s first running virtual reality casino for Oculus Rift users, and other sites are thinking about the idea. The providers themselves are also working continually to offer games that are more engaging and more thrilling every single month.
It’s been a blast for us at AskGamblers watching the industry grow so quickly over the past 10 years. We’re looking forward to seeing where we’ll be in another 10!