Online gambling is developing dynamically all over the world. The online gambling industry has recently demonstrated rapid growth due to several key factors.
Development of technology
The technology used in online gambling is now rapidly evolving. All these innovations are used to create new and improve existing gambling games in virtual and augmented reality, artificial intelligence, and blockchain. It increases player engagement and opens up new opportunities for developers.
Legalization of markets
Another critical factor is the gradual legalization of online gambling in different countries. Although restrictions remain in some jurisdictions, the general trend is that more and more markets regulate and allow online casinos and other gambling operators. It also contributes to the growth of the industry on a global scale.
New Verticals and Types of Gambling
Besides traditional types, such as online slots and poker, new gambling verticals are actively developing and gaining popularity.
Social casinos
Social casinos, where players do not risk real money and play for fun, are also gaining popularity. They allow you to attract new users who may eventually become actual customers.
Fantasy Sports
American fantasy sports leagues, where participants create virtual teams of real players and compete against each other, are also becoming an increasingly popular betting destination.
Augmented Reality
The use of augmented reality technology is also opening up new horizons. For example, poker players can feel like they are in a virtual casino, interacting with other players.
Market Regulation
Along with the expansion of online gambling, states are actively working to regulate it. It is necessary to protect players and counter money laundering and fraud. Different countries choose different approaches to regulation.
Legalization and licensing
One common approach is to legalize and license online casinos and other gambling operators. Operators can apply to jurisdictions such as Malta, Curacao, or Kahnawake to obtain a license. Kahnawake gaming license is considered as one with substantial level of trust and respect in the online gambling industry.
Restricting payment transactions
Another common approach is to ban banks and payment systems from servicing online casino transactions. But operators find ways around such restrictions, for example, using cryptocurrencies.
International cooperation
Effective online gambling regulation requires international cooperation, as players and operators are in different jurisdictions. Joint efforts are needed to develop standards, exchange information, and prevent money laundering and fraud. Several international organizations, such as the FATF, work in this direction.
Outlook
Despite certain risks associated with gambling, the online gambling industry is showing stable growth. According to analysts’ forecasts, the global online gambling market is expected to further increase in the coming years. The key factors will be the expansion of the mobile segment, the penetration of new technologies, and the entry of Generation Z.
