The online casino market is one of the world’s most impressive industries in terms of capital growth. According to Gambling: Global Market Opportunities & Strategies, the global online gambling market size increased from $73.42 billion in 2021 to $81.08 billion in 2022 at a compound annual growth rate (CAGR) of 10.4%, and the market is expected to reach $115.13 billion by 2026.
First-time entrepreneurs have an apparent reason to enter the gambling industry. But Slotegrator’s sales team also found that a significant number of the company’s clients, current online casino operators, came from offline. So why do offline casino operators go online?
Reason №1 — It is an innovative industry
New technology is the calling card of the iGaming industry. From virtual reality to AI and chatbots, innovation plays a central role in online gambling, and the allure of new tech brings in casino owners and players.
The development of crypto casinos also plays an important role. Online casinos accept increasing amounts of deposits in BTC, LTC, ETH, and other cryptocurrencies. Fast, secure crypto transactions are popular among players who value their privacy, giving plenty of platforms an impetus to support them.
Due to the rising interest in cryptocurrencies and crypto casinos, Slotegrator launched a specialized product. Bitcoin Casino is an innovative type of gambling platform with integrated cryptocurrencies that guarantee high transaction speed and secure payments. The solution is already in high demand in the online gambling market and has become one of the company’s most popular products.
Reason №2 — Covid-19
The coronavirus pandemic has led to changes in the global gambling market, especially its most dynamic segment — online casinos.
Around-the-clock user support, a wide range of bets, instant payouts, and sheer convenience are some of the well-known advantages of online casinos. They also became the only option when brick-and-mortar casinos were closed during the pandemic.
In March 2020, when the Covid-19 epidemic swept across the world, the global online gambling market experienced massive growth as traditional casino players turned to online options and sports bettors turned to alternatives like virtual sports. The massive sea change is still affecting the gambling industry today.
Reason №3 — Opportunity to enter new markets
Europe leads online gambling, with the massive Asian market not too far behind. But much attention throughout the industry has been directed at emerging markets worldwide.
African nations like Kenya, Nigeria, and Tanzania offer online casino and sportsbook operators opportunities to get their foot in the door of a fast-growing market. The same goes for Latin American countries like Mexico, Colombia, Chile, Peru, and — especially — Brazil, set to regulate sports betting soon.
Emerging markets present opportunities to establish a brand before costs and regulations pile up and make it difficult. Established markets like those in Europe are valuable, but they come with higher start-up costs and more regulatory requirements to navigate. Offline casinos cannot simply pack up and move to a new market, whereas online casino brands can operate in many different markets at once.
Reason №4 — Mobile Trend
Mobile gambling is on the rise. Online casinos are increasingly adapting to the ever-changing needs of players and reaping the rewards; over 50% of online gambling revenue comes from mobile devices.
Modern players want the convenience of having a casino in their pocket, letting them place bets anytime, anywhere. More and more offline casino operators recognize the nearly limitless potential of the online gambling segment.
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