The online gambling sector has grown in revenue, taking a larger market share from land-based gambling businesses. The emergence of the internet is one of the biggest factors contributing to this expansion, particularly because of its increased reach to potential customers.
In 2020, online gambling revenues reached an all-time high, with $466 billion reported as global earnings for the industry. Analysts have estimated that with the relaxed gambling laws and regulations in more developed nations, there should be a 10% compounded growth in revenue each year.
For instance, even though gambling laws are getting tighter and tighter in Finland, Finnish players can still enjoy a wide range of online casino games like blackjack and poker on platforms like ahti games. Most individuals enjoy these games on their smartphones, prompting a close investigation of how smartphones influence the casino industry.
The Start of Online Casino Gaming
Microgaming, a game development firm, pioneered the online casino industry. In the mid-1990s, the company designed and launched the first online casino. This casino could be accessed only by people with a PC.
The online casino was unsuccessful due to the high cost of computers back then. When adjusted for inflation, the median price of a PC in the mid-1990s was $2,500. This meant that only people with higher incomes in the middle class and upper class were the target audience.
In the mid-2000s, the gambling industry was experiencing a significant shift to the internet. During this time, the number of online gambling firms increased exponentially all over the world. Although the websites were better designed than Microgaming, in retrospect, they still seemed light years behind.
Every year, there was an evident improvement in the design and user experience of online gambling companies. However, the big leap came in 2007 after the production of the first smartphones. When Steve Jobs created the iPhone, other companies followed suit and developed smartphones that currently dominate the market.
During this time, the casino industry remained focused on enhancing the quality of gaming on PCs and largely ignored mobile apps. Nevertheless, in the early 2010s, online casinos began to shift their attention to creating apps with better user experience.
How Smartphones Will Continue to Impact the Casino Market
It’s fair to say that the casino industry would not reach the level it is today without the widespread adoption of smartphones. The key attraction of casino websites and smartphone apps is the ease of accessing the games from any location at all times of the day.
While it seems accurate to say that smartphones will continue to propel the online casino industry for many years, it might not turn out like that. The development of augmented and virtual reality are technologies that can attract more players to the sector and ultimately increase revenue.
The smartphone has remained at the forefront of the casino industry’s current success. Close to half a trillion dollars was earned from online gambling alone in 2020.
Microgaming propelled the start and evolution of online casino gaming. Online casino gaming has developed over the years to offer players a better and more exciting experience. Currently, the development of augmented and virtual reality technologies is looking to be the next catalyst for the online casino sector.