Online Casinos 2023 - Developments in the gambling industry
Bogdan LashchenkoAn insightful look back at online casinos in 2023 and developments in the gambling industry as a whole. The increasing use of smartphones has led to a boom in mobile online casinos in the recent past. Online gambling statistics show growth in the casino industry.
By the end of 2021, the global betting and online gambling industry will be worth 61.5 billion US dollars. The industry is expected to grow by an impressive 86 per cent to $114.4 billion by 2028.
Global gambling and betting industry
In 2021, the global market for online casinos is estimated to be worth $231 billion. The United States was one of the last countries to legalise sports betting and revenues from this sector are expected to rise to $10 billion by 2028.
Although Las Vegas remains the centre of gambling, Macau has emerged as a global gambling hub, with casinos expected to generate revenues of 87 billion Macau patacas in 2021. With 466 commercial and 515 tribal casinos in 2021, the United States had the highest number of casino establishments in the world.
Development of crypto casinos
Crypto casinos have become increasingly popular in recent years, and this trend is expected to continue through 2024. The anonymity of crypto transactions was one of the main attractions for players who wanted to gamble virtually but hide their identity.
Digital crypto sites were popular because of their creative casino bonuses. Thanks to lower transaction fees, casinos could afford to be even more generous. The following innovations were expected in online casinos in 2023:
- Bitcoin and Ethereum were the most popular cryptocurrencies in online casinos. More altcoins and digital currencies are still expected to be introduced in various online gaming platforms.
- Introduction of more crypto casinos. As people continue to learn about the benefits of online casinos, it was expected that more crypto casinos would enter the market.
- The regulation of cryptocurrencies remained a grey area in most countries. However, it was expected that legislation would improve in 2023 and authorities would treat crypto casinos similarly to traditional online casinos, making them safer for virtual players.
Gambling via smartwatch
Gone are the days when a watch was only worn for aesthetic reasons and to check the time. Today, you can make calls and gamble with your smartwatch. There were 202.6 million smartwatch users in 2021, and this figure is expected to rise to 231.3 million by 2026.
Smartwatch users were now able to shop online and surf the internet with these devices and were open to digital transactions via their watches. Slot machines and sports betting were the best thing for smartwatch users - they didn't even have to take out their mobile phones - everything was available on their wrist.
Introduction of VR
Virtual reality casinos were one of the latest innovations in the gambling market and had the potential to revolutionise the entire gambling industry. VR headsets gave players the feeling of being in a real casino without having to leave the house.
Big Hit Casinos - Classic VR Slot was a perfect example of a VR slot machine on the market today. Other games currently available in the VR market include popular games such as Dead or Alive 2 and Blazing 7s. We are sure that this market would grow tremendously in the next year.
Sports betting in casinos
Sports had a huge following, some sports like football and cricket had more than 3.5 billion and 2.5 billion followers worldwide respectively. Some US states had legalised sports betting and it was expected that existing gambling platforms would introduce sports betting sections on their platforms.
Some land-based casinos had introduced self-service sports betting machines, and more are expected to be added in the coming year. Estimates say that more and more sports betting platforms will offer similar or even better services than William Hill to enter this market.
Live dealer games
As the online gambling industry made the transition from casinos to the online world, certain features had to be implemented to enhance the gaming experience.
What are live dealer games?
A live casino game is a classic casino game that is accessible via various devices. It allows players to take part in a casino game led by a human dealer, such as blackjack, instead of playing a computerised version. Players can interact with the dealer or other players and choose their own seat at a table.
It is expected that live dealer games would continue to grow in popularity in 2024 as many players demand more realistic digital casino games. Casinos have already fully integrated numerous variants of live games such as roulette, poker, blackjack, baccarat, bingo and others.
The industry shows no signs of slowing down
From the perspective of 2023, it can be seen that many areas of the online casino industry have grown over the course of the year. Crypto casinos have gained ground over the past year, as has gambling via mobile phones and smartphones.
In addition, more countries focused on implementing customer protection policies in online gambling in 2023. This development shows the growing awareness of the importance of player protection in the digital gambling world.
Bogdan Lashchenko – content manager at EgamersWorld.Bogdan has been working at EGamersWorld since 2023. Joining the company, he began fillin the site with information, news and events.