Recent major market forecast reports predicted that the online casino market will reach $154.81 billion by 2030. Operating with a CAGR of 12.1%, this growth represents a significant expansion of an industry valued at $61.5 billion in 2021. investment and changing socio-technological factors, this trend is expected to continue even beyond the announced forecasts.
The current position of the industry
As of 2022, online casinos have gone through myriad changes and industry-specific eras to reach where they are today. Modern websites are highly technical and rely on a range of features to attract new players and retain existing players. Top US online casinos use features like different banking options, security measures and bonuses as standard. Supported by game providers like NetEnt and Microgaming, the most popular of these titles like Starburst are internationally recognized.
The first forms of online casinos were launched in the late 90s during the dot-com boom. These proto-casinos managed the ease of translation that many casino games had on the limited computers of the time. Slot machines and card games required very little hardware and software power, and the fun that players laughed at never depended on looks, it was simply enhanced by them.
Surviving the dotcom crash and entering the new millennium, online casinos would continue to expand. With Flash as their base, they gained variety in their titles, and the arrival of the iPhone in 2007 brought with it the potential for mobile integration. With the eventual decline of Flash, the move to HTML5, and improved platform support, modern online casinos are available virtually everywhere.
According to major studies, as Business Today points out, the age of desktop dominance in the online casino space is shrinking year by year. This aligns with developments seen in other forms of computer-centric entertainment, such as video streaming. Instead, it is the ubiquity and new normal offered by mobile UX that has become a much more mainstream platform for engagement in online casinos.
As more and more devices like smart TVs adopt HTML, the list of supported platforms will continue to grow, although mobile will likely remain the established home. The need for minimal data and power costs, mobile usability and suitability for casino games on smaller screens create a natural combination that players increasingly prefer.
Of the types of bets seen in the online environment, games like slots and table titles offer the most involvement. In 2021, casino games accounted for 35.7% of market revenue, followed by sports betting (27.1%), poker (19.1%) and bingo (9.9%). Although these proportions fluctuate, this tiered hierarchy is well established and should continue.
With online casinos already penetrating far into the developed world, it is the yet unexplored markets that hold the most potential. The growing markets of China, India and Africa are particularly important. Together, these areas hold the potential for hundreds of millions more players. While there are still questions about licensing, greater involvement is a matter of when not if.
It is also worth noting the role that cryptocurrency plays in the online casino market. Still facing acceptance issues in many other markets, online casinos have paved the way for crypto acceptance in currencies such as Bitcoin and Ethereum.
Although the complexity of online casinos can make them difficult to implement quickly, the current state of the market has created a solid foundation from which to grow. As the 2020s approach, better player engagement, better developer tools, and a more reliable marketplace are all helping to reinforce the upward trend. Although a slowdown is eventually likely when market saturation is reached, such a point is still well beyond this decade.