The online gambling industry is growing leaps and bounds. It has brought a whirlwind change to the way casino games are played. The internet gambling looks fresh and refreshing and has kindled the interests of many people who want to take a shot at gambling. The casino operators come out with high-quality and cutting-edge technologies to make their site appear and perform better than the competitors. The overall experience that the punters get when they try the games offered on the internet is just a mirror image of the titles seen in a brick and mortar casino. With plenty of attractive bonuses and promotions, better prizes, an extensive choice of games in all popular gaming categories, the land-based businesses would find it very difficult to bring back the people to their fold.
Land-Based Gambling Centres in a Fix
Brick and mortar casinos don’t run the show anymore. They are facing a lot of challenges, especially with the growing popularity of internet casinos. Overall, the position that these businesses are in is not good, but a few operators are still drawing the crowds and doing good business. There is a steady decline in the footfalls to these playing centers with the wide availability of online betting centers. Also, the increase in regulatory costs and rules are not doing them any favor. A large chunk of their revenue is now eaten up by the internet betting sites.
Statistics Prove Dwindling Popularity of Land-Based Casinos
The statistics have to be taken into account when there is a discussion on whether people are looking forward to returning to the brick and mortar gaming houses or prefer to play on the internet right from their homes. The physical casinos were very popular as early as 2017. It had the upper hand over the internet gambling centers in the UK. The gambling legislation of the United Kingdom is under the control of the United Kingdom Gambling Commission (UKGC). The UKGC is a government body that came into effect in 2005 under the Gambling Act. It was created to regulate betting activity in the United Kingdom.
The UKGC reported that the gaming market revenue saw a boost of 3% between October 2015 and September 2016. It was the time when remote betting was at a peak. The industry saw a boost of about 10%. The online gaming market was not a big success during that period, and its revenue was generated only from 3% of the UK population.
In 2018, the UK saw a decrease in revenue from this industry. The popular brick and mortar gaming houses like Rank Casino and Ritz Casino had just one percent boost and few losses from 2017 to 2018 respectively. The very popular Las Vegas gambling world was on a big boom from 2009 to 2017. However, this all changed in 2018, and it had faced poor revenues for the first time in many years. Its first-quarter revenues fell by 6.1% in 2018. The Las Vegas gaming industry reported an overall revenue drop of 1.9% by the end of 2018. One of the main reasons attributed to this revenue loss is the increasing popularity of internet gambling.
It Is the Time of Digital Age
We are now living in a world where everything and anything depends on technology. It is hard for people to live without the use of technology, as everything they need is available at their fingertips because of it. The online casinos have started eating up the revenue of the physical gaming houses for sure. They are becoming very popular among the avid and newbie gamblers because of the ease of accessing it. The biggest software provider in the iGaming industry, Microgaming, has been around since 1996. Now, they are a household brand and have established a very good rapport with the avid internet punters.
The technologies have seen huge advancements. It has gone on to offer the users the chance to try out their favorite slots or other games right on their smartphones and tablets. With plenty of free slots and other titles, attractive bonus offers, regular promotions, and a wide variety of titles, the online gaming businesses are setting the stage on fire.
It was not smooth sailing for the internet gaming scene right from the start. People were frightened to try out the online casino operators because of the fear of swindles. It was prohibited in many countries and still is not allowed in every other country in the world. But, many countries have legalized betting and gambling, and they include the UK, most of Europe, and many parts of the USA. With more and more punters shedding their fear of frauds and scams by online sites, they started trying out online games and sports betting. Once they did, they began to realize that it offered more than what the physical casinos offer.
Online Gambling Is on an Upward Trend
As per the reports by Mordor Intelligence, the online gaming industry is going to see revenue of $87.75 billion by 2024. The UK and European market is already a well-established one with leading companies like Paddy Power, Ladbrokes, Betfair, etc., leading the way. With more and more countries and states in the US making betting legal, this predicted revenue can scale even to bigger numbers. Once the internet gaming scene picks up all over the world, then it is going to make huge dents to the brick and mortar industry.
There is no doubt that the land-based gambling centers are taking a huge hit in revenue with the upward swing that the internet casinos are enjoying. The introduction of more gaming centers on the internet is inevitable. However, there will be a certain set of loyalists always who prefer to visit the brick and mortar casinos. There is nothing like seeing plenty of players and having a great night out at the physical stores and enjoying a night at the casino. This is a feeling that you will never get when playing any online slot or live dealer game. There is no way the physical gaming industry will come to a grinding halt, and it cannot be replaced, even though its demand might fall steeply in the future.