The online casino industry is poised to become even bigger in the years to come. In fact, according to recent statistics, the global online gambling market is predicted to grow and develop at a compound annual growth rate or CAGR of 11.49 percent during the forecast period from 2022 to 2027.
There are also several Internet platforms that are sprouting nowadays, offering the best of online casino gaming. These include สมัคร UFABET, where you can be able to play games such as eSports, baccarat, blackjack, pok deng, teen patti, and a whole lot more. Plus, you can access these games on various platforms, including your mobile and PC.
However, this unprecedented development in the online casino industry goes with the challenges that the industry faces each day. In this edition of our post, we learn what these challenges are in the online casino industry – from the demand for mobile casinos to delivering personalized experiences.
Challenge # 1: Players Demanding Mobile Casino
While the online casino industry has perfected games for desktops, more and more customers are demanding games that are compatible with mobile. Because of this, several Internet casinos and gaming developers quickly launched mobile versions of games to satisfy the needs and preferences of the ever-increasing number of players.
However, according to recent studies, despite the growth of mobile casinos, they are still far from reaching their potential, especially since, nowadays, around half of the global population use smartphones. There are currently an estimated 3.5 billion smartphone users worldwide. Out of this number, 2.2 billion people use their phones to play games on mobile, according to the website Techjury.
There is still more work that needs to be done when it comes to providing mobile versions of the favorite games of the players. It has been said that in 2020, several online casinos are still in a struggle to enable their games to be compatible with mobile.
The concept of games being able to be played on mobile, admittedly, is an area where the online gambling industry is not yet at its peak. Relatively, there are only a few Internet casinos that are also available via apps. However, several players prefer using apps for many of their activities, including gaming.
Challenge # 2: Strict Regulations
Because of the nature of online gambling, authorities cannot merely just totally allow games to be played without imposing strict regulations. On the flip side, this becomes a challenge in the online gambling industry. Many online casinos operate worldwide, but not all countries view their games as legal. Today, there are still several countries that ban various forms of gambling. Even within developed nations like the United States, there are gambling laws.
Nonetheless, regulations are designed to make Internet gambling not only safer but also fairer for the players. Yet, many of these regulations are considered draconian that hinder the industry’s growth. While these strict regulations are proven to be advantageous, they sometimes give birth to scam sites in order for the industry to escape the prohibitions. Governments must, however, strive to set fair regulations to keep out these scam platforms without stifling the industry.
Challenge # 3: Adapting To The COVID-19 Pandemic
On the surface, you might deduce that the COVID-19 pandemic is helping the online casino industry in a good way because more people are at home and are pushed to instead play games with their devices instead of visiting the land-based casinos. However, the global pandemic is still a challenge.
The coronavirus outbreak has impacted almost every industry in the world, the brick-and-mortar casinos included. These businesses are forced to temporarily shut down, so enthusiasts of these activities move to playing online casinos.
This brings about another challenge, that is, for marketers to change how they work. During this pandemic, most casino marketers shifted to working remotely. This is because the casinos are shut down. For these individuals, working online is a new thing. They have to learn the nitty-gritty of Internet marketing in order to keep revenue coming.
Challenge # 4: Competition With The Video Game Industry
Did you know that the Internet casino industry also competes directly with the video game industry? That is true. They compete for the gamers’ time and money. Today, several video games in the video game industry are difficult to match for these online casinos.
In order to respond to this challenge, casino game developers are creating new casino games that offer more realistic gameplay and action. Games like Call of Duty are becoming an inspiration for the online gambling industry.
Challenge # 5: Adopting Virtual Reality
Moreover, there is also a growing interest in games that feature virtual reality. There are a lot of thrills about the implementation of virtual reality in the industry, which is online gambling. While the parameters are still unclear, there are efforts to push for this, with casino game developers already currently exploring the possibilities.
There are high hopes that virtual reality casino games will help close the gap in the gaming experience present in land-based casinos. Despite their popularity, there are still questions about the casino experience in online casinos compared with the brick-and-mortar ones. To cope, developers create more live dealer games, but they are insufficient. Among the most crucial challenges the online casino industry is facing is replicating the gaming experience players get from traditional casinos. Including virtual reality features in these games is definitely something revolutionary.
Challenge # 6: Cryptocurrency
You might think that this is not a challenge since many online casinos are integrating cryptocurrency into their payment methods. There are online casinos today that exclusively run on cryptocurrencies such as Bitcoins. However, it is indeed very interesting to note that there are still several top Internet casinos that are skeptical about adopting cryptocurrency as a payment option.
Are there issues with this payment method that hinder its usage? Yes, they are. One of these is cryptocurrency volatility. Then, these cryptocurrencies are also favoring an anonymous approach amidst regulators implementing transparency. Furthermore, the difficulty in tracking the payment origins with Bitcoin and other cryptocurrencies is also proving to be a hindrance.
Challenge # 7: Delivering Personalized Experiences
This is a challenge not only for the online casino industry but for other marketers in various industries as well. Providing personalized experiences is a huge challenge nowadays. For the online casino industry to overcome this challenge, there has to be proper software and an in-depth understanding of the players of these casinos.
Every player has their own unique tastes and preferences. However, it is very possible to discover what these specific interests are. For instance, some players choose platforms with automated customer service. In line with this, game developers can feature these chatbots when launching their games.
Another example involves players preferring to play slots over, let us say, blackjack or poker. Considering this, marketing tactics should focus on improving the experience over slot games. When the industry is able to successfully conquer this challenge, it can increase revenues and customer loyalty.
However, the challenges that the online casino industry faces every now and then are never difficult to conquer. The sector has shown an impressive performance in adapting to these evolutions and changing technologies and trends. Despite these challenges, the online casino market is expected to continue its trailblazing growth in the coming years.
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