Avid gamblers, online gambling operators, and gambling governing bodies all over the world have bared witness to the incredible growth of the online casino industry in the past two decades. There have been various estimates, but some predict that the industry will double its size from 2017 to 2024. This is good news for all the industry’s stakeholders and its market, but we all know that growth always comes with challenges.
These challenges are going to test a constantly evolving industry, with new advancements in technology being implemented in online casino games that will shape its future. The future looks promising but it will not be an easy path to tread. Luckily for online casinos, they’ve overcome major challenges in their recent history.
Whether you’re an online casino operator or a paying client, you should know what the online casino industry is in for in this next decade because you’ll more likely to be affected by the events that will transpire. Let’s take a look at the key challenges online casinos are facing in the 2020s.
The rise of competitive gaming
In terms of market forces, one of the biggest challenges for online casinos is the rise of competitive gaming or what’s popularly known nowadays as esports. Esports is a sport that involves playing video games that have grown into this massive industry that it currently is. More players are forming teams, more sponsors are organizing tournaments and more developers are creating bigger and better games than ever, which attracts more people that patronize the sport, which is seen to lessen the influx of new customers for online casinos.
This challenge will be addressed though, as online casino websites continue to increase. More iGaming developers are also doing their best to bring new games that look like video games that can be played on consoles. More variants of classic games are also being developed globally, which is why online poker in the Philippines and other countries remains to be a popular casino game.
Cryptocurrency has made its way into the online gambling scene as online casinos adopted Bitcoin as a currency that players can use to pay for their transactions. Players like who uses Bitcoin likes to do so because it’s not regulated and because of provably fair gaming, or games that use blockchain technology for fairer gameplay, the same software that’s being used to secure Bitcoin.
Those are the main pros of Bitcoin, but on the other hand, it also comes with cons. The main concern for Bitcoin’s use in online gambling comes from regulators because they prefer to see a degree of transparency, which is in contrast to how blockchain and Bitcoin works. Blockchain keeps Bitcoin users anonymous and because of that, regulators are wary of fraudulent individuals that might use cryptocurrency to scam or rob people online. So it’s expected that online casino regulators will be keeping an eye out on the use of Bitcoin in this decade.
Obviously, there are different rules and regulations when it comes to online gambling in different countries. But in major online gambling markets such as the UK, regulating bodies are proposing to implement regulations that could hamstring the industry in terms of how it markets itself, which is an essential part of any business. It’s understandable that regulators aim for a greatly responsible gambling landscape, but they’ll have to work with operators to ensure that the rules will not go too far as to impede and the industries progress.
You can expect nature advocates and organizations to soon be calling the attention of online casinos in the coming years. Whilst there are no researches that have been conducted on playing online casino games, the carbon dioxide emissions that playing video games produce are said to be equal to that of cars. It’s not an issue that is solely addressed to gaming or video games, but its something that is worth attending to nonetheless because it concerns our planet.
Now that you’re aware of what’s to come, you can be prepared for adjustments and changes that may happen in the near future. Know that these are results of the continued rise of online casinos and online gambling and they are inevitable. The great thing is that there are things that can be done and hopefully people involved will have the drive and initiative to do them to keep online casinos flourishing.