Online gambling is poised to break the $500 billion mark this year. That’s just this year alone. This incredible revenue amount is something online casinos and casino software developers have been forecasting for years, and now it’s happening. Why? Mobile connectivity.
Players can now access online casinos from their tablets and smartphones, including the most popular casino game right now … poker. To learn more about mobile Android poker, click here.
Before the internet or smart devices, if you wanted to gamble you had to go to a casino. For most people, that meant a costly trip to a gambling destination, like Vegas or Atlantic City. Then online gambling came along in the 90’s and momentum started to shift. Your desktop computer became a gambling destination, with no travel costs.
Now we have mobile connectivity, which lets us gamble and win money just about anywhere. The barriers to casino games are being removed. We don’t have to travel to a gambling destination, and we’re not tied to our desktop computer. These technological advancements are the main drivers that casino insiders have been waiting for, and now they’re here, hence the huge spike in online gambling revenue.
Online gambling grew and grew, impacting physical casinos and gambling destinations. Consider the changing dynamic in Las Vegas. Before online gambling, Las Vegas’ casinos were earning the bulk of their revenue from their casino games. After online gambling, Las Vegas’ casinos have have seen a shift their revenue streams, with more money coming in from dining, shopping, and entertainment.
Another reason for the revenue increase is that online casinos don’t have the huge overhead of physical casinos, so they can offer much better odds, payback percentages, and even incentives like comps and bonuses. Plus, app-based casinos and casino games bring in new, younger players who’ve only known a digital world.
If this forecast is correct, and online gambling breaks the $500 billion mark, we’ll likely see another boom as the industry reinvests that money into the newest emerging tech – Augmented Reality and Virtual Reality. Already being inundated with investment funds, AR/VR technology is set to be the next revolution, although time will tell if that prediction comes true. For now, mobile is leading the charge in the online gambling industry.