When online casinos started way back in the year 1990s, The online casino market was a big hit. Their revenue increased as high as eight hundred thirty million dollars ($830) in just years.
Now that the second generation of online casinos is being born almost every month, the possible outcome in the years to come will still be inevitable. The growing population of providers and players are still growing every day.
The first online casinos
The first online gambling business started in the countries of Antigua and Barbuda in 1994. They are the first one to grant the opening and licensing of online gambling from individual parties when they have passed the Free trade and Processing Act. However, before all of this, the first software company that fully developed a gambling software was Microgaming who is an isle of a man-based software company. They partnered with CryptoLogic in terms of their security software for their transactions to be safe and reliable thus, all of this led to the creation of an online casino in 1994.
Soon in the coming years after 1994, the online gambling industry became a hit gaining a large amount of popularity in almost every corner of each continent. There was a report by Frost and Sullivan in 1996 that it started from just fifteen (15) companies of online casinos and increased up to two hundred in the following year. After two years they also revealed that the online casinos hit a massive increase in revenue that went up to eight hundred thirty million dollars ($830,000,000) in 1998 alone.
When the year 2000 begins, this is the start of the era of unparalleled growth. By the year 2001, the people who are participating in online casinos rose to new heights of eight million (8,000,000) and are still growing. By the year 2008 despite the challenges that online casinos face in regards to operating legally, H2 gambling capital had revenue of twenty-one billion dollars (21,000,000,000).
The online casino market today
The online casino market today hasn’t changed a bit since the day it started. It is one of the consistent markets in the world today because of its large number of avid supporters and players. The market is still rising without the predictions of stopping unless a massive plague will hit the world but it surely won’t happen.
In 2018, the online casino industry is valued at four hundred forty-nine point three billion ($449,000,000,000.3) this value shows that the annual compound growth rate or CAGR is 4.1% since the year 2014.
By this kind of rate, some professionals predicted that at around the year 2022, the online casino market will increase up to five hundred sixty-five point four billion dollars (565,000,000,000.4) that will show a CAGR increase of 5.9%.
If we will go to the Asian continent, because the laws in regards with the legalization of online casino games are quite a composure today, by 2022 it is not surprising that there will be an increase of 14% because there will be more access of casino online due to the growing population that has mobile technology, computer and internet connection.
Between the year 2018 to 2026, this is the time frame that the online gambling industry will see a clear growth since online casino games began. This is from a separate report made by Coherent Market Insights.
If we will look at the market today, land-based casinos are still more popular than online casinos but that will likely change in the future because of the continuous innovation of technology in this generation.
Online casino is the future
If we are going to look at it, it is very clear that the future of online casino games such as live casino, sports-book, slots, and other types of casino games is secured and will continue to prosper in the coming years. It is also not impossible that sooner or later online casinos will overpower the land-based casino industry if the numbers keep rising accurately.