The global online gambling industry is extremely competitive and popular because of the proliferation of mobile device use and improved connectivity. More people than ever are using mobile devices to carry out different kinds of transactions, and 5G now makes this possible in most areas.
Despite the online gambling industry already being a competitive market to break into, there are rising numbers of new operators every year. This is great news for consumers who benefit from having more choices and the offers provided by operators to entice new customers.
Gambling expert Vlad Grindu provides expert reviews on casinos, including ones for new providers only. This makes it easier for American consumers to find the best new online casinos from a wide selection. But why are there so many new gambling sites entering the market?
Demand
The key reason that any competitive industry will exist is down to consumer demand. We live in a digital age where consumers can do their grocery shopping while commuting home from work and have it delivered when they get in, or carry out essential banking tasks on a lunch break using a mobile device.
These examples and many others have created an expectation from consumers that they can get what they want quickly and easily. The betting industry was quick to realize this opportunity and create dedicated betting sites and apps that improved customer convenience and offered an excellent online experience.
Statistics show that the U.S. has 58 million active gamblers creating an industry worth around $70 billion. Global online gambling figures show that there are between 175 million and 200 million active gamblers and this number is growing.
Speciality Games and Sports Betting Markets
The rising number of online bettors is a significant factor in the growth of these sites. The variety of markets also means that specialized sites are being launched to cater to specific customers.
The sports betting market is huge in the U.S. and sites that specialize in particular sports can corner markets. Online casinos, horse and dog racing sites, and other types of gambling also have large audiences they can cater to.
Payment Preferences
The majority of betting sites will offer customers different payment methods to ensure they can deposit money easily. Traditional bank transfers and card payments are the most popular payment methods, but consumers can sometimes be wary about sharing bank or card information online.
Third-party payment sites can provide an additional level of protection and also facilitate quick transfers. PayPal and Apple Pay are two examples of this type of service which means users can link an account and transfer funds in seconds.
Another option that is growing in popularity is crypto gambling sites. Cryptocurrencies have enjoyed a lot of interest because of the potential value they offer to investors.
Crypto also has other benefits including secure international transactions that aren’t subject to exchange rate fluctuations and have lower fees. It is also a secure payment method that doesn’t require users to provide operators with sensitive account information.
Crypto casinos give consumers peace of mind due to their transparency, made possible by transactions being uploaded to the blockchain. This allows external auditors to check how fair their gaming systems are.
Technological Development
Any emerging industry will have teething problems, and the online betting industry has taken some time to get things right. Crowbarring emerging tech like AI and VR into gaming experiences gave games a novelty value, and developers often sacrificed the gaming experience just to be the first to market.
Many of these technologies have now reached a point where they can add to the experience and improve sites. 5G has also given developers the freedom to experiment without the fear of gameplay slowing down or lagging.
Many sites have also begun to implement AI and machine learning into more mundane, behind-the-scenes tasks. This has improved efficiency and reduced costs, allowing more sites to compete.
U.S. Regulations
Another reason that there are so many online betting operators in the U.S. is down to legislation. States have the autonomy to legalize different betting markets with many choosing to pass legislation to allow online sports betting and less legalizing online casinos.
This has resulted in a fragmented betting industry that has different state-licensed operators. States where gambling is prohibited see consumers take advantage of offshore sites. Regulations prohibit operations being carried out within these states, making it legal for bettors to access sites from elsewhere.
While this sees millions of dollars leave the U.S. every year, it is great news for the global gambling industry.
Conclusion
This is the perfect time for industries to move their operations online, and the gambling industry is a prime example of that. Even retail betting companies have been promoting their online operations with the rising overheads of brick-and-mortar businesses forcing some to take stock.
Consumer trends and technological development have seen the industry transform in a relatively short period of time. The freedom of online operations in comparison to retail competitors means they have a far greater reach, and specializing in specific markets can help them find their niche.