Some markets have flopped in the last year, but some have thrived; the online casino market is one of them. Whether it’s playing online slots, placing bets on the latest football game, or enjoying a round of poker, online casinos provide a one-stop shop for some simple entertainment. We know that this market has boomed, what we need to understand now is why.
Ease of Use
One of the reasons for the huge success in online casinos is how easy it is to learn how to play slots. Games that are instantly accessible for people of all abilities tend to outperform games that are difficult to pick up. If we look at video game releases as an example, games that are incredibly complex often fail to rake in sales.
Control was released back in 2019 and is incredibly well thought of by critics. It won multiple prestigious awards and achieved a rating of 82% on Metacritic. However, in terms of sales, it massively underperformed. Everyday gamers, who make up the biggest slice of the market, wanted something they could pick up and play, without having to think quite so hard. This is where the casino industry has one of its main assets, anyone can learn to play slots, and most can quickly pick up roulette, poker, and blackjack.
The online market is projected to grow at a CAGR of almost 12% from now until 2025. This forecast for the casino market is incredibly promising for any potential investors. One huge reason for this is the prevalence of smartphones. It used to be that the online casino market was hampered by people needing to be at a computer in order to play. Of course, this gave it a head start on the traditional casino market, where people would need to be in a casino to play. But now, people can play at home, on their lunch break, on the commute, any time that they have their phone with them. Making online casinos so easy to access will continue to play a huge role in their growth.
Sports betting is one of the fastest-growing and most profitable areas for online casino sites. Large tournaments such as the FIFA World Cup and European Championships bring in the largest number of consumers. Particularly in times where it isn’t possible to go to watch sports in person, consumers are turning more towards online sites. Companies are helping themselves to grow by differentiating themselves from the competition. Offering more diverse bets, a more specialized customer experience, and showing the ability to adapt to change have all been defining features in the leading companies’ success.
Particularly in relation to the sports betting market, many of the largest online providers have seen great returns from sponsorships. High-profile football club sponsorships, as well as prime match time advertisement, have helped companies to stand out from the competition. It is thought that going forward, sponsorships of televised events will continue to grow, not only in the field of football but also in more traditional casino environments, such as televised poker tournaments.