The online gambling market has enjoyed a fantastic first two decades of the 21st century. Followingly, the market keeps growing year after year, reaching new highs and scattering predictions. The industry is expected to reach new growth heights as new technologies take a foothold. Furthermore, these new technologies have allowed sites to find and review the best offers out there – one such site is CasinoBernie where you can find the best collection of top online casino sites in one location!
Despite its success, the online gambling market faces some serious challenges, which it will ned to overcome in order to help increase the earnings even further. Changing technologies, uncertain regulation, restrictions, post-COVID19 realities, shifting customer patterns, and trends are critical challenges facing the online gambling market.
1. Mobile Casino
When the industry perfected games for desktop, customer demands mounted pressure for casino games compatible with mobile. Many online casinos and gaming manufacturers quickly rolled out mobile versions of games to satisfy the increasing number of mobile players. However, the growing mobile online casino market is far from reaching its potential. Half of the world’s population use smartphones. According to Statista, there are 3.5 billion smartphone users in the world. Out of this number, 2.2 billion users use their phones to play mobile games.
It is a clear indication of the mass potential for the online gambling industry in the mobile sector. There is more work to do on this. In 2020, many online casinos are still struggling to make their games compatible with mobile.
The concept of mobile apps is another area where the online gambling market is not yet at its peak. There are only a few online casinos that have apps. The norm is to make the casino games compatible to play via browser on a mobile phone. However, several kinds of research on mobile user patterns show that players prefer using apps over their web browsers.
2. Regulations
Regulations are another critical challenge facing the online gambling market. Most online casinos operate globally; however, not all countries view online gambling as legal. Many countries still have bans on all forms of gambling. Even within countries like the United States, different states have their gambling laws, supporting it, and others not.
Regulations are, no doubt, designed to make online gambling safer and fairer for players. However, some of those regulations are draconian and contribute to stifling the growth of the industry. It can be seen as a good thing that many countries are taking steps to regulate the online gambling market in their space. In this connection the presence of many scam sites makes this a necessity. Governments should, however, set fair regulations that help keep out the scams sites but do not stifle the industry.
3. Sustained Challenge from the Video Games Industry
The online gambling market competes directly with the video game industry for players’ time and money. Many attractive video games come from the video games industry that many online casinos find hard to match.
In response to this challenge, software gaming manufacturers are making new casino games that offer more realistic action. Games like Call of Duty are bringing the heat on the online gambling market.
4. Virtual Reality Games
Interest in virtual reality games is on the rise. There is a lot of excitement about the adoption of virtual reality in the online gambling market. The parameters are still unclear, but there is an increased push for it, with software manufacturers already exploring the possibilities.
It is hoped that virtuality reality games will help close the gaming experience gap you get at land-based casinos. There are still question marks about the casino experience at online casinos compared with land-based casinos. Live Dealer games are the best attempt to close this gap, but they are not sufficient. One of the critical challenges the online gambling market is facing is replicating the casino experience players get on the casino floor. Virtual reality games – maybe that is a game-changer.
5. Cryptocurrency
Many online casinos have integrated cryptocurrency into their payment systems. Some online casinos run exclusively on cryptocurrencies like Bitcoins. However, many top online casinos are still sceptical about adopting it as a payment option
There are still many unresolved issues about cryptocurrencies that are blocking its increased usage. The cryptocurrency volatility is one key factor blocking its adoption as it can affect the house change. Moreover, cryptocurrencies favour an anonymous approach while regulators want transparency. The difficulty in tracking the origins of payment with Bitcoin and other cryptos is a hindrance.
Conclusion
The challenges facing the online gambling market are not unsurmountable. The industry has shown an impressive ability to adapt to evolution and changing technologies and trends. Despite the challenges, the market is expected to continue its impressive growth in the coming years.
