The market for online gaming is growing at an extraordinary rate. Statista forecasts that by 2028, the global online gaming industry will be valued at 114.4 billion dollars. This growth can be attributed to the immense success of online casinos over the past few decades. The industry has come a long way since the days of the first online casinos, which were run on expensive servers and accessed by only the most tech-savvy individuals. Today, millions of people can enjoy a wide variety of games from their home computers or mobile devices, making it easier to play games like roulette or blackjack from anywhere in the world.
Online casinos have been around for several years, but what does the future hold for them in America? Today, we’ll discuss developments in this industry and the projection of online casinos’ future.
The growth of online casinos
Based on projections, the online casino sector is undeniably growing rapidly. Here are some of the main pushers of the expansion:
1. Legalization of poker
Without federal legislation on poker, legalization and licensing are left to the discretion of individual states. Fortunately, poker legalization in America is continuously growing, with more than half of the states allowing live poker in card rooms or casinos. On the other hand, online poker has been given state licenses by the legislatures of Nevada, Delaware, New Jersey, Pennsylvania, Michigan, Connecticut, and West Virginia. Poker legalization is attracting more players into online gaming and contributing to the growth of online casinos.
2. Use of cryptocurrency
Crypto has been around since 2009 through the release of Bitcoin and is now being used worldwide as a mode of payment. Our ‘Why Crypto Gaming Could Be the Future of the Global Gaming Industry’ post highlighted how cryptocurrencies make online gaming a secure environment against hackers. Because more and more online casinos have been accepting them as a form of payment and cash out in addition to bank wires, credit cards, or e-wallets, new and existing players have been taking advantage of their security and convenience. These advantages are also beneficial for operators: they can reduce transaction costs associated with accepting credit cards and other traditional payment methods and avoid fraud risk associated with taking cash deposits from players.
3. Live gaming
The ability to play from anywhere in the world, at any hour of the day, has made it possible for millions of people to enjoy online casinos without ever leaving the comfort of their own homes. Players can interact with other players worldwide as they play real-money games like blackjack and roulette. Some platforms even offer mixed-reality experiences that allow players to interact with each other via virtual reality technology. Now, players can walk into a virtual casino, place a bet, and interact with other players in real time. As technology improves, it’s becoming easier for online casinos to create immersive experiences that put players right in the middle of the action.
Online casino’s future in America
The success of online casinos in the United States is the result of a convergence of circumstances resulting in an unprecedented boom in this industry. The online gaming market has snowballed since its inception and has developed into one of the most profitable industries in America. American Gaming Association CEO Bill Miller attributes the $53 billion revenue of online gaming last year partly to online casinos.
With the country’s increasing reliance on the internet for gaming and entertainment, the future of the online casino industry looks bright in America. Technological advancements mean that games offered by online casino operators are constantly improving. Casino gaming has flourished in the online environment, offering players an opportunity to play in a safe environment that allows them to interact with other players from around the world.