While the world was focused on the 2020 Olympics in Tokyo, another international event was taking place virtually – the launch of the third generation of online casinos. The industry’s biggest players, backed by wealthy Chinese investors, spent over $100 million USD on development costs for this new wave of online casinos. The sites are powered by cutting edge technology and boast incredible bonus offers – with the potential to make you rich!
So, can you really make money online from an online casino? The short answer is yes – though you may not realize it, you already are!
There are hundreds of online casinos where you can play virtually anywhere, anytime, though you’ll generally find the majority of them based in Europe and the US. These casinos usually provide a fairly high degree of security and privacy for their players, which continues to attract an affluent audience.
In the last year, the industry’s biggest online casinos have seen a 25% increase in revenue, making 2020 the year of the virtual casino. But how does one make money in a world of online gambling?
The Easy Way
The most effective and simplest way to make money from an online casino is to play on their site. The key is to find a casino that allows you to play for real money, which means that the casino must be a member of well-known regulated organizations such as the European Union (EU) or the American Gaming Association (AGA). And what’s best about this approach is that it doesn’t require any special training!
These are the most popular and effective ways to make money from an online casino, but they don’t provide any advantage to players. The biggest advantage of playing for real money is that you stand a chance of winning – making money is ultimately about chance, not skill!
The Traditional Way
The second most popular approach to make money from an online casino is to play for free, though this doesn’t mean giving away your money – it just means that you play for fun without any financial expectation. The same goes for those who play for virtual money, where the expectation is that you’ll be playing for fun and not expecting to win.
These two approaches – playing for real money and having fun – are extremely popular among casino fans, creating a lucrative market for traditional brick-and-mortar casinos. In the last year, the number of people who played for real money doubled, while those who played for fun increased by 17%. That’s a 76% increase in the number of people playing for real money and a 115% increase in those who play for fun!
The downside is that this type of casino player is the most likely to lose – they are gambling with actual money and have an expectation of winning, which increases their chances of getting discouraged and leaving the game. In addition, those who play for fun lack the social aspect of playing for real money, which some consider to be an important part of the fun.
The Hybrid Way
Those who play for real money but also want to have some fun with their gambling decided to combine the best of both worlds. This type of casino player plays for fun until they win big, at which point they stop playing for fun and start playing for real money. This is known as a win-win situation, where both parties (players and casino) benefit.
Though this approach provides a modest advantage to players, it’s generally not considered to be effective – most high-quality casinos prevent win-less rolls, which means that once you start playing for real money, you’ll either have to keep playing or risk losing.
The Illegal Way
Finally, we have those who decided to take advantage of the legal grey area that exists when it comes to online casinos. This type of casino-enthusiasts set up fake accounts on their favorite sites and then use automated software to play for real money – they don’t risk getting caught by the authorities, as there are no regulations governing the industry in most parts of the world. So, it’s legal to play for money in some parts of the world, but you have to know the right place to look!
The downside to this approach is that there’s no way to verify the authenticity of the accounts, which means that you could potentially lose your money. In addition, some countries have actually outlawed online gambling, so it’s not necessarily legal for you to play in their territory.
To learn more, you can read our guide to the best VPN for online gambling or watch this video on the most efficient ways to make money from an online casino.