The Global Online Gambling Industry, Still on Track to Achieve Greater Success in the Years Ahead
The casino industry was once a substantial source of revenues for many governments across the globe, up until Internet-based gambling became highly successful. Through technological innovations, improved regulatory oversight, stricter legislations, and reputable 3rd party testing labs and watchdogs like eCOGRA online casinos eventually became the more popular channel. Today, the global online gambling industry is estimated to have a value of $59 billion, which in Europe alone is already worth $53 billion.
Market experts profess that the online gambling industry still has not yet reached its full potential. Analysts say that the sector has been experiencing an annual growth rate estimated at 11.5%, which is projected to continue up to year 2027. In that year, the online gambling industry will have reached a value of $100 billion.
Why the Online Gambling Industry Continues to Gain Increasing Popularity
Although many still prefer the glitz and glamor of land-based casino gambling, a greater number of avid and occasional gamblers find gambling within the comfort of their home a more convenient and economical choice.
Year after year, the flow of taxable online gambling revenues continued to contribute substantial amounts to many government coffers. It was only a matter of time when other jurisdictions opened their doors to welcome online gambling operators into their fold.
Anything from virtual slot and casino table games, to streamed live casino gaming that allowed online casino customers to play and compete with live casino dealers or other players in real time, are available and accessible. In order to sustain the interest in online gambling, casino software developers continue to add improvements aimed at enhancing the gaming experience of customers.
Economic Impact of the Online Gambling Industry
As all signs indicate that the online gambling industry will continue to flourish in the coming years ahead, this denotes that more jobs will become available in numerous related businesses. Governments on the other hand can expect to collect more taxes from successful companies, from their employees and from casino winners.
As the new norm is seeing more and more people seeking entertainment from Internet-based providers, the online casinos and even online sportsbooks remain at the top of their list of choices.
Social Impact of the Online Gambling Industry
While gambling addiction is the greatest concern that prevents the online gambling industry from becoming recognized as a safe form of recreation, proponents of the industry have come up with protocols and measures that monitor the gambling and betting activities of customers. That way, timely intervention and help can be provided yo customers, before the social costs of gambling addiction impose negative effects on the online gambling industry.
In the UK, the UK Gambling Commission (UKGC) took a more serious step in ensuring that the country’s vulnerable online casino gamblers and sports bettors will not fall prey to gambling addiction. The UKGC made it mandatory for all UK online casinos and sports books to integrate the Gamstop self-exclusion scheme.
It’s a system that automatically activates a self-exclusion program to prevent those showing signs of excessive gambling from accessing any UK-licensed, Internet-based gambling establishment.
Nevertheless, since online gambling platforms are globally operational, you could find a Casino Not On Gamstop that offer their gaming products and betting services without the need to cramp the gaming and betting style of their customers. Moreover, these platforms offer greater bonuses and perks as a show of appreciation to customers who put their trust in an online casino outside of the gamstop network.