There’s Big Money In ONLINE SLOTS
There’s Big Money In ONLINE SLOTS
Online casinos are breaking into the gambling scene in a significant way. In the past few years, companies have begun to take advantage of technological innovation to create safe, reliable sites for online casino games.
These online casinos allow people to play games right from the comfort of their own home. They can play at any time, on any device. Some casinos offer apps that users can easily download and play whenever they are inclined.
While many like the atmosphere and full experience of a land-based casino, they may not have convenient access to those casinos. They might live hundreds of miles away from the nearest casino or they may have difficulty traveling. But, with the innovation of online gaming, these are no longer issues.
For the people who live far from any land-based casinos or for the people who just prefer a more private experience, online casinos are a great option. Many casinos have also gone to great lengths to incorporate the social aspect and glamorous atmosphere of the casino into their online games. This includes live dealers, VR games, or even something as basic as chatrooms for each game.
For decades, slots have been the favorite of new and experienced players alike. The thrill of the chance to win big, even with minimal experience, draws in enormous crowds. Anyone can throw in a coin and test their luck.
Typically, a majority of the income that a casino receives comes from the slots. Depending on the state, these casinos also have rules about the percentage that they have to pay out in winnings. Because of this, a lot of players feel like they have a good chance at the slots.
The attraction of slot machines in land-based casinos translates well to online casinos too. All of the benefits of the slots are still there for the players, whether they play online or in-person. Because of this popularity, there is big money to be made in the business of online slots right now.
Let’s take a look at some of the numbers.
In 2017, the market size for global online gambling was USD 45.8 billion. The same study predicted that it would increase to USD 94.4 billion by 2024. That’s more than double in just 7 years. The market is already showing that success is possible, and it’s only going to get better.
The market is growing fast and is still open for new businesses and competition. With numbers like that, it’s easy to see why so many land-based casinos are starting to offer online games on top of their regular business.
New Jersey is a prime example. Atlantic City has always drawn in crowds of gamblers along the east coast. With the rise of online gaming, they knew they were at risk to lose business, or at the very least miss out on new business. In order to stay competitive, they now have dozens of sites for online gaming, all authorized by the state itself.
Land-based casinos will most likely continue to thrive because of the tourism industry and the business from players who prefer a more traditional experience. But, these casinos will start to offer more and more online games to cater to the needs of those who prefer to stay at home. This will allow them to cash in on the trend without losing any of their existing business.
Who Is Playing?
Online casinos create an opportunity to draw in crowds all over the world. And, unsurprisingly, the slots continue to draw in the biggest audience of any game. When it comes to a question of who is playing the most, there are a few different metrics that can be taken into account.
- Which country’s casinos are bringing in the highest revenue?
- Which country sees the highest losses per player?
- Which country has the largest percentage of regular players?
The answer to each of these questions is different.
Revenue per Country
When you think of which countries gamble the most, a majority of people would say America. After all, Las Vegas is basically a shrine to casinos, right?
That’s only partially true. The U.S. doesn’t have the highest number of active players, but it does rank highest in terms of revenue. In 2019, casinos in the U.S. are estimated to bring in $36,869M. The next closest is China at $36,540M, and Japan is third, bringing in $18,952M.
This metric gives some good information in terms of a target audience. There may be fewer players in this region, but the players who are regularly involved are big spenders. Targeting these areas for more exclusive games with higher stakes may be a successful strategy.
Losses per Player
Australia ranks highest for the amount of money lost to gambling per adult. This country is home to players that are heavily involved in both online and land-based casino gaming. In 2017, the amount of money lost to gambling when divided out among all legal adults came out to $1,128 per person.
This number is closely followed by Singapore at $1,174. This number could grow with the increasing popularity of online gaming. Singapore opened the first casino only 9 years ago, in 2010. The government tries to discourage its citizens from gambling by imposing hefty fees for those who wish to enter a casino. With lower fees or an increase in accessibility, it wouldn’t be surprising if Singapore’s numbers increased.
The third-place country, Ireland, averages only $558 per adult. There is a significant jump from third place to second place. Ireland’s low numbers can also be attributed to government intervention. Bets on machines are not allowed above 6 pence and payouts cannot be higher than 10 shillings.
Percentage of Regular Players
The U.K. ranks highest for the percentage of the population that regularly gamble.
Overall, the U.K. is very active in gambling. 45% say they have gambled in the past four weeks, and 51% say that a portion of this gambling was done online with a phone or tablet. Within the scope of online games, the most popular were slots or fruit machine style games. These games attracted 58% of gamers who played in the last four weeks.
With gambling such a prominent part of the culture, it’s not surprising that the U.K. has easily made the transition to online casinos.
What the Experts Say
It didn’t take long for gambling enthusiasts to jump on the bandwagon with online gaming. Some professional gamblers have logins on dozens of sites, hitting certain slots at specific times throughout the day to use promotions and deals that help them win big.
Online casinos now create 11% of all internet traffic. Surprisingly, this traffic is a completely different audience from gamblers who play in land-based casinos. Established gamblers tend to stick with their routine, resisting the transition to online gaming.
Not only have online casinos been a hit, but statistics show that in-person gambling at casinos and with bookies has also increased since online gambling started. It seems that this transition has been good for both sides of the industry.
It’s speculated that the popularity of online gaming is a result of our reliance on mobile devices for entertainment and information. It’s easy and convenient to visit websites right on your phone. Casinos take advantage of this convenience. They can also create mobile apps that users can install right on their phone and use anytime, anywhere.
Now that gambling can be done in private without the intimidation of other players or the judgment of strangers, online gambling is likely to become a popular form of entertainment for people of all demographics. Women and young people have shown higher engagement in online casinos than land-based ones.
People are free to play at their convenience in the atmosphere that is most comfortable for them. It is accessible at any time of day so it can easily fit into the schedule of the player. Playing online slots will only continue to increase in popularity because it appeals to such a large audience.
Online slots are really gaining momentum, but they’re nowhere close to done. They’re going to keep growing and changing as new and innovative features start to emerge. Here are a few trends that you can watch out for this year:
Online slots will start to have different levels for players to move up through during gameplay. This allows for longer, more entertaining games. As players gain access to higher levels, the chances of winning will become slimmer but the prizes will increase. This is already a popular trend now but will continue to grow throughout the year.
These games also bring a social and competitive aspect to online slots. While slots are a one-person game, leaderboards and tournaments can be held to increase engagement and allow for large promotional prizes and jackpots. Tournaments are a great way to bring dormant users back and bring attention to online casinos. It’s a great marketing tactic and it’s a lot of fun for players too.
These games typically take on the appearance of popular mobile games, like Candy Crush. There’s still an element of luck, but there is some skill worked in as well so that players have more of an advantage.
The return to player on these games are sometimes low or not mandated at all. But, they do provide more of an entertainment element. These games are usually more popular with younger audiences like millennials.
The majority of internet traffic is now done on mobile phones and tablets. In order to reach the largest audience possible, online casinos need to cater to the needs of mobile users by providing optimized websites and easy-to-use apps.
Mobile devices are the most convenient and most frequently-used way to gain access to the internet. Most online gamblers will want to use mobile devices over desktop devices for regular gameplay. It is in the best interest of online casinos to take advantage of this convenience and offer games that are easy to play on mobile devices.
Some online casinos already accept bitcoin or other e-currencies to place bets and receive payouts, but it is not widespread yet. Platforms that use the blockchain are very secure and track transactions carefully. It is perfect for hosting the extensive number of transactions that happen on a daily basis with online casinos.
E-currency is not accepted by all online gaming platforms, but it is expected to become more prevalent as online casinos continue to succeed.
Live gaming is great for providing the atmosphere and socialization of land-based casinos. Many online casinos are creating live dealer games or VR games to help increase engagement.
When it comes to slots, live gaming is not always applicable. However, there are slot games like Wheel of Fortune that could benefit from this format. Players can watch someone spin the wheel in real-time, bet with other players, and participate in a chatroom with others. It increases the excitement and allows for some social engagement for those players that may be missing that aspect of land-based casinos.
Online gambling is a booming industry and slots are still the most popular game available. This industry will only continue to grow and evolve in the coming years. To stay competitive, land-based casinos need to start offering games that can be played from home on both desktop and mobile devices.
With the convenience and privacy that online casinos have to offer, more and more people will participate. Online gaming will likely become the next best form of entertainment.
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