It is no secret that the popularity of online casinos has increased in recent years, with players across the world turning to virtual currencies in order to fund their hobby. According to statistics provided by online gaming experts, in 2017 online casinos earned a total of $16.7 billion in revenue worldwide, a figure which is expected to double by the end of 2022.
If you’re looking for ways to make money, there are plenty of opportunities available, whether you’re a poker player, casino games fan or even a virtual assistant, you can make a career out of assisting others in gaming.
The Increasing Popularity Of Online Gaming
With the development of the internet, coupled with the increasing popularity of mobile devices, there has been a significant increase in the number of people playing online games, be it mobile or desktop versions. According to a report published by Grand View Research, in 2022 the industry is anticipated to grow to $22.9billion.
The industry has shifted from being purely a hobby or pastime for the wealthy into a legitimate form of entertainment for people of all ages and backgrounds. That being said, the most popular and lucrative forms of online gaming for thrill seekers and professionals are the slot machines and video poker games, with the American Gaming Association (AMA) estimating that around 94% of the worlds’ casino profits are currently derived from these two game types.
The Growing Popularity Of Online Gambling
In the U.S., there has also been significant growth in the popularity of online gambling, with around 1 in 10 gamblers now preferring to wager online rather than in a casino or other physical gaming establishment. According to the American Gaming Association, about 500 million U.S. citizens are currently eligible to legally play online games, and with the right software and hardware, the opportunity to play casino games remotely is almost unlimited.
In 2022 online gambling revenue is expected to reach $7.7billion in the U.S., compared to $6.9billion in 2021 and $5.9billion in 2020. Despite the U.S. being one of the largest markets for online gambling, legal or otherwise, the industry is dominated by Europes bigwigs, particularly Germany, where 70% of all online gamblers reside.
The Rising Popularity Of VIRTUAL CURRENCIES
The craze for cryptocurrencies has led to a massive rise in the popularity of virtual currencies among online gamblers. Bitcoin has seen an increase in popularity, with its value rising from just a few dollars to several hundred in the space of a few years. As a result, the technology behind Bitcoin, known as blockchain, has also seen a boom in interest as more and more people realize the potential to automate financial transactions and eliminate the risk of fraud.
Along with Bitcoin, numerous other cryptocurrencies have also seen an increase in popularity, with Ethereum particularly enjoying a surge in interest as applications built on its blockchain continue to expand and thrive, increasing the popularity of decentralized smart contracts and opening up endless possibilities for developers interested in getting involved.
One of the more popular and well-known cryptocurrencies is likely to be the king of crypto, or otherwise known as the “Bitcoin King”, Andreas Antonopoulos. He is the author of two best-selling books, “Mastering Bitcoin” and “The Bitcoin Standard” and is one of the most respected authorities on the subject, frequently providing technical analysis and making predictions about the future of digital currencies.
The Rising Popularity Of ROBOTS
A major cause of the growth in the popularity of online casino games is the development of sophisticated ‘robot’ technologies which interact with players without the need for a human dealer. The introduction of blockchain technology and virtual currencies has enabled developers to create automated systems which can deal with all the gaming transactions, enabling them to devote more time to developing games with more complex strategies and larger jackpots.
For example, CryptoKitties, a decentralized app which allows users to breed, buy and sell digital cats is a whole different ballgame to traditional online casinos, with none of the house edges which make traditional games complicated. Instead, each individual transaction is settled through a combination of sophisticated algorithms and brute force, meaning that instead of relying on just a few good players to keep the lights on, the entire network is needed to function smoothly.
The rise of ‘robot’ technologies and the increasing popularity of online casino games will likely combine to create a whole new job market, as businesses seek to provide services to online casinos and ‘robot’ developers seek to create the next big hit game.
The Growth In Online Casino Profits
The world’s largest online casinos are typically established in jurisdictions with loose gaming regulations, enabling them to attract and retain high-quality players, which in turn leads to significantly higher winnings and lower house edges. The industry is effectively ‘open’ to anyone with an internet connection, enabling players to wager from anywhere in the world. Due to the lack of geographical restrictions and privacy protections in many of these locations, online casinos encourage citizens of all countries to participate in gaming, resulting in higher revenues and much more interesting games, as competition leads to progressive improvements in standards and new, creative game designs.
The Growth In Popularity Of Online Gambling Establishments
The world’s largest and most popular online gambling establishments, such as the Amazons of the world, are continually seeking to expand their reach and appeal to a wider audience. As the entertainment industry shifts to the digital sphere, so too does the gaming industry, with more and more online gamblers looking for ways to enjoy high-quality entertainment in the comfort of their home. As a result, the popularity of online gambling establishments will likely continue to grow in the coming years.
The Growth In The Number Of Online Gamblers
The number of people participating in online gaming has increased dramatically in recent years, and as the industry continues to grow, so too will participation rates. According to the American Gaming Association, there are currently around 500 million U.S. citizens eligible to play online games legally, a figure which is set to double in the next few years.
Around 94% of the worlds’ casinos are now based online, with the industry turning to technology in order to stay competitive. In 2021, the industry is expected to grow by 23% to $22.9billion globally.