Almost every economy in the world has been bolstered thanks to the digital or tech sector. Online shops, consultants, marketing agencies, outsourcing and gaming are some of the main examples of digital businesses. The gaming industry in particular has seen a massive boom, and that’s mainly thanks to the growing number of online casinos. The online gambling market alone is estimated to go past 70 billion USD in revenue by the end of 2023. In other words, these businesses have impacts on many economies across the globe.
Another interesting fact that proves online casinos can add value to the financial system is that more countries are starting to welcome these businesses. Right now there are dozens of international operators that recently opened up for players from Norway. You can find lists of the best online casinos on ToppCasinoNorge and you can read in-depth reviews to see what each site has to offer. You should examine these lists even if you are not a gambler, just to get a better idea of how online casinos operate. Now, let’s see how and why this sector is performing so well, and the type of benefits it brings to the economies around the world.
Online Casinos Market Overview
The way things stand the future of the industry is very bright. In the year 2023, there has been a 13% growth compared to the year 2022. This means more active users, more frequent spending and ultimately more revenue. What’s more many speculate that the upward trend will persist at least until 2030. You have to take into account that more markets are opening up and that the path for the regulatory framework has already been charted. Whenever online casinos become legal in a certain region the first few years are usually very lucrative.
How Online Casinos Have Driven Advancements in Technology
Much like other digital businesses, online casino companies have created a big demand for advanced data analytics and predictive algorithm software. They use it to create a more personalized user experience and to create odds for betting. Of course, there was also a big demand for web and app development, since this is how online casinos distribute their content. In other words, data scientists, coders, and creative digital agencies have all been affected by online gambling businesses.
That being said the industry needs to innovate in the field of unique game experience if these businesses are to stay relevant. The two biggest innovations in the past 10 years were the introduction of live dealer games and mini-games. Everything else was simply minor improvements to the existing game formula. In this sense, the industry is heavily dependent on better hardware and browser software. All of the online casino games need to be accessible to the masses, which has its constraints. If you look at gambling machines in land-based casinos they are far more engaging and innovative. That’s because they aren’t designed for a browser, or to be mobile-friendly.
Still, modern smartphones do have advanced hardware and they can run some pretty demanding games. So it’s likely we will see more unique gambling experiences in the years to come that are compatible with Android and iOS devices.
Job Opportunities Created by Online Casinos
It’s currently difficult to get the exact number of employment opportunities that were generated through the iGaming industry. So, we will only go over the jobs or professions that are involved in running online casinos:
- Software development
- Web development
- Customer support agents
- Accountants
- SEO and digital marketing
- Affiliate marketers
- Graphic designers
- Legal and Compliance management and consulting
- Fraud analysis
- Live dealers and game show hosts
- Responsible gambling organizations and support groups
What’s more, the majority of these roles can be performed remotely, which is something that any organisation with a viable business model needs. In a way, the industry has helped many families and individuals retain their source of income, even during the turbulent times of COVID-19 lockdowns.
Digital Economy and Growth Potential
Online casino businesses rely on both microtransactions and whale customers to generate income. This is a viable strategy, considering how many other digital or gaming businesses are doing the same thing. Unfortunately, it’s not a model that can accommodate an oversaturated market. If hundreds of casinos are competing in the same region, they can’t all perform well. It’s worth pointing out that dozens of brands in the iGaming are sister sites. This means that they are managed by a single company, and even that company is often a subsidiary of another tech giant.
Companies that have proprietary software for predictive algorithms, or have their casino games, will have a far easier time in this sector. Startups that are starting from scratch are almost doomed to fail. So, even if the business model has a lot to offer for regular employment opportunities, it’s not very welcoming towards upstart entrepreneurs.
Conclusion
To sum up, this is still a growing industry that has made a massive impact on the world. There is a big demand for this form of entertainment, and the industry relies on different digital businesses to sustain its growth. As a result, many job opportunities have been created by the gambling business, and as the industry continues to expand more employment opportunities will appear.
