The Importance Of Sustainability
Just about every online casino operator wants the growth of the online gambling industry to continue so that they can continue to enjoy their profits. Most state governments are also eager to see their respective iGaming industry thrive as online gambling brings in millions of dollars in the form of gaming taxes.
Sustainability can be defined as the ability to continue to maintain a certain pace or level. Based on the predictions from gambling analysts, the iGaming industry will not only be able to sustain its growth for the next 6 to 7 years but will grow from strength to strength. We take a look at some of the main reasons as to why online casinos will continue to flourish and thrive in the coming years.
New Markets Will Open Their Doors
The online gambling industry has done rather well for itself given the fact that online gambling is banned in a lot of countries across the world. One of the main reasons why analysts expect online casinos to continue their sustainability is because a number of key markets are expected to lift the ban on online gambling and welcome new iGaming operators.
India which has the second largest population in the world is expected to be one of the countries that will adopt legislation that will lift the ban on online gambling. A couple of senior Indian legislators have already put forward gambling bills for the Parliament to consider. These bills have highlighted the possibility of opening up a multi-billion dollar market, creating new revenue streams, employment opportunities and bringing in a steady stream of revenue in gaming taxes.
Japan has opened its doors to a land based casino industry and experts believe that a few years down the road, the push will begin to legalize online gambling. The Latin American market has also considered embracing online gambling and a number of countries including Argentina and Brazil are looking at legalizing online gambling.
United States Markets
The United States which is one of the most lucrative online gambling markets is also expected to become more liberal in the coming years. Currently, only New Jersey, Nevada, Delaware, Pennsylvania and West Virginia have legalized online gambling. However, there are over 10 states that are discussing new gambling bills.
Innovation And Technology Will Fuel Demand
Online gambling operators have focused on millennials in recent years and have tried to customize their offerings to reach this elusive gaming market. iGaming operators and casino game software developers are always looking to adopt new technology and come out with innovative games and features that will attract a younger market.
Generation Y will be the next target market and iGaming operators are already working on new products and games that will revolutionize the gaming market. They will leverage technologies such as virtual reality, robotics and mobile technology to reach a wider audience and keep them engaged through their innovative gaming portfolio.
iGaming operators will also rely heavily on social media platforms and social games to create a new stream of revenue. There are a number of online casinos that are looking to launch new social games, e-sports and daily fantasy sports that bring with it an element of interaction to keep gamers coming back for more.
The online casino industry will sustain both its explosive growth and high returns over the next few years due to the reasons listed above. What we could witness though is a market consolidation as the top iGaming operators acquire smaller operators and maintain a dominant position over the global iGaming market.