Based on ResearchAndMarket’s analysis of the online gambling industry in 2020, around 51% of the global population engaged in some form of web-based gambling. Since the number of participants has been growing in recent years, it can only be surmised that those who have taken to online gambling as a recreation, realized encouraging financial benefits. Otherwise, the online gambling industry would not have prospered the way it has today.
It helped that in 2020, six more U.S. jurisdictions enacted their online gambling legalization laws. Doing so enabled state governments to benefit from gambling revenues that would have been lost due to the mandatory shutdowns of traditional casinos. That being the case, the states of Maryland, New York and South Dakota are now actively working on their online gambling legalization bills,
As the expansion denotes increased competition, customers can expect further improvements. As a way to attain a lead or maintain their lead in the online gambling market, every online casino and sports betting site will be adding more features through their updates.
Developers of next generation casinos are now targeting the millennials, who in the past, have shown more interest in gaming recreations like esports. In order to capture the younger generations of customers, igaming companies are moving forward with online casino games that require mental abilities and analytical skills.
The one thing that makes most millennials hardly interested in casino gambling is the fact that outcomes are highly dependent on the mechanisms of random number generators (RNGs).
The need to transition to a new kind of online gambling is important since the older generations of casino customers will eventually dwindle in numbers.
Developments Toward Improvements on Mobile Gambling is Now First Priority
Now that more than three billion people worldwide are using mobile devices for almost all Internet-connected activities, the shift toward mobile gambling is imminent. A greater percentage of online casinos have sports betting features, considering that the younger set of mobile gamblers are also avid sports fans. They find better enjoyment in watching sports competitions if they have some money staked on the outcomes of sports matches.
In line with the sports betting features, mobile gamblers prefer placing their bets on mobile casinos and sportsbooks that are in partnerships with reputable online payment gateways. Those that have broader connections to banking systems are now highly favored by mobile gamblers. The swiftness by which fund transfers and withdrawal requests take effect in their bank accounts, empowers mobile gamblers to keep their gambling activities within the limits of their financial gains.
Even more attractive for the new generation of gamblers are online gambling sites that accept cryptocurrencies as payment option. Cryptocurrency payments after all, allow customers to play anonymously. On that note, a feature that is fast gaining popularity among the younger generation of mobile gamblers is the No Account – No Registration method of onboarding new customers.
Widely known in European gambling markets as Pay and Play Casinos, these are online and mobile gambling sites that do not require new customers to register as members; or for that matter, furnish details about their IDs. The operations of no account casinos are legal in Germany, Sweden, Finland and The Netherlands because they are remain compliant with Anti Money Laundering laws.
These new type of online casinos still verify the Identity of customers. Yet in order to give their customers quick access to the gaming and betting products, verification is done by way of automated ID verification systems.
The bottom line is that while regulation is a critical aspect in ensuring the protection of customers, the latter are also seeking for features that make their gambling engagements rewarding, even in terms of gaming experiences. iGaming companies continue to harness insights provided by researchers as those are useful when designing new concepts; or in forming new partnerships with industry-relevant technology providers.