Monday, September 15, 2014

Surpassing the Niche Status: The Mainstreaming of Online Gaming

Online gaming has rapidly picked up momentum in the past few years and in spite of its relative infancy, the industry is already a major player in world business. Some experts estimate that more than half of the world’s adult population engages in some forms of gambling at least once in their lifetime and online casinos can tap into this finding to obtain converts and expand the empire.

Four years ago, nearly a quarter of the world’s online casino revenues and activities were generated by Asian markets. Although official statistics have yet to be released, that figure would have increased so much higher in 2013. Globally, it is projected that the total revenues from all online gaming websites by 2015 would breach the $40-billion mark.

Although online gambling is much more convenient to do than its conventional counterpart, it requires so much details, efforts, and creativity for it to function well. Mathematicians, business analysts, computer geniuses, money pundits, and software engineers all work together to produce a highly engaging online casino environment. With the industry’s rise, customers’ demand for high-quality games and online tools has also skyrocketed.

Online gambling is composed of three major market players:

  • Software vendors
  • Online gambling business operators
  • End customers/players
 Since 2003, the market has grown by an annual average of 23 percent and while that figure may soon be reduced to just single digits (as with most developed economies), the revenues will continue to soar.  The most common gaming services are wagering, slots, roulette, and card games. Online gaming is becoming more popular and its growth is catalyzed by factors such as improved Internet connectivity, increased accessibility, the proliferation of mobile devices, the continued legalization of gambling in many countries, and the rise of new player groups. Online gaming used to attract mainly younger men, but these days it is becoming increasingly enticing amongst women and older age groups.

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