The global online casino market had an estimated value of $63.5 billion in 2022 and this value is estimated to keep growing in the next five years. In fact, market experts estimate the online gambling market will be worth $103.7 billion by 2028, reporting an 11.34% compound annual growth rate in the next five years.
But what are the major growth factors shaping the future of the online casino market in 2024?
1. Social Gaming
A growing number of online casinos are integrating social elements into their platforms, which encourages users to interact with other players for a more enjoyable gaming experience. This social gaming trend will continue gaining traction in the casino industry in the next five years, transforming the traditionally solitary gambling activity into a communal experience.
Some of the most common social features that online casinos are integrating into their platforms include live leaderboards, enhanced chat rooms, and new multiplayer options. Modern online casinos have also opened doors for social gifting and VIP social clubs. These features have enhanced user engagement and opened up new revenue streams for casino operators like Betway Ghana.
2. The rise of mobile gaming
The world has reached a point where most people are comfortable using their smartphones to handle their daily lives, ranging from communication to entertainment. In fact, research shows that mobile gaming was the most popular method of accessing online casinos in 2020, with over 50% of gamblers reporting betting on mobile platforms.
While the data is from a time when people spend most of their time behind closed doors, it still gives us an insight into where the online gambling industry is heading. It’s also completely reasonable to expect more players to start wagering on mobile platforms like Betway GH in the coming years. That’s because mobile phones give players the convenience of accessing online casino games from anywhere and some operators also feature exclusive offers to their players.
3. Friendly regulators
Heading into 2024, the iGaming industry is receiving the much-deserved and appreciated help from different regulators. In the past, online gambling operators had to jump multiple regulatory hoops to get things done, but this era seems to be coming to an end. That’s great news since regulatory changes play a key role in influencing the growth of gambling platforms as they can offer their services in new markets or restrict access.
Friendly regulatory changes are not only a win for the online gambling communities but also for the governments that enforce them. In fact, online gambling is an attractive proposition for state governments looking to attract new businesses into their jurisdiction and increase their tax revenue. That presents online gambling operators with opportunities for revenue generation and market expansion.
Conclusion
Although online casino gaming has seen phenomenal growth in the last five years, the industry seems to be entering its golden age. Thanks to innovative technologies and the changing regulatory landscape, online casinos are set to flourish like never before in 2024 and the next five years.
