Technology plays a major part as to how we live life in the 21st century. Not only does it affect our day-to-day interaction, but it also changed how we have our leisure times. One good example of this is how online casinos are becoming a more popular option over sports betting sites and physical casinos. But it’s not only technology that we can blame on that, but a variety of other factors as well. And that’s just what we’re going to talk about in this article.
Though online casinos and sports betting sites consider themselves to be rivals in the gambling industry, they still have a lot of similarities. It’s because their main objective is to have fun while making money.
But probably the main reason to that has something to do with the winning chances. Online casino games such as roulette, blackjack, poker, and slots, have a higher winning percentage compared to those found on sports betting sites. Once you play it correctly and with a strategic game plan, you’re most likely to win an online casino game.
To know the reality of why online casinos are on the rise, it’s vital to know the statistics behind it. In a recent study, it is found out that online casino games grew by 8% over the last 15 years. This is way higher compared to the 5% growth of the games from online sports betting sites.
And it’s not just about the growth that proves how much of a dominant force online casinos are. Another study shows that the market share of sports betting sites is on a steady decline. Its market share in 2007 was 14% and it dropped to 13.9% on 2014.
If you were to compare that to online casino’s market share, you can easily say that the competition between the two is pretty far. Online casinos have a market share of 32% in 2007. It then grew to an astonishing 35.1% in 2014. That’s a 3.1% increase over a 7-year period, which averages to a 40% increase yearly.
This just shows how online casinos are faring smoothly in today’s economic and societal trend. To make things even better, researchers expect that the increase in market share will speed up its increase in the long run.
Add into the equation that more than 70% of the gambling industry’s profit is coming from online slot machines. While the remaining 30% comes from sports betting sites, physical casinos, and other gambling games. Imagine how big of a portion online casinos have!
Making more than $45 billion yearly and growing at a staggering rate of 11% each year, online casinos are far from fading away. Well in fact, it’s just beginning to dominate the gambling industry. Imagine how it’ll go for online casinos in the next 10 to 20 years. It’ll surely be beyond expectation as we can all see its exponential increase in usage.
The Reasons Behind Online Casino's Growing Popularity
1. Higher RTP
Compared to sports betting sites, online casinos have a higher RTP (return to player) rate. Most online casinos have 90% to 95% refund for its players, while the majority of sports betting sites don't even have one. Online slots also have a house edge average of 5%. This means that you'll last longer in the games because you can get your money back. This is made possible thanks to its high player return rate.
2. Better Gaming Experience
The gaming experience of a person always plays a major role when choosing something to play. The good thing with online casinos is that they are more interactive, visually pleasing, and the connection between you and the game is much closer. Compared to sports betting sites where you’re just acting like a spectator who has no control as to how the game will turn out, with online casinos, you don’t have to worry about these things. The gaming experience is way better. It’s intuitive, enjoyable, and you also get to use your analytic skills to come up with strategies to win a game.
Though it might be difficult at first to draw the line between online casinos and sports betting sites because they’re both gambling games, it really isn’t the case. This is because online casinos offer you a better gambling experience because of the higher winning rate, bonuses, features, and privileges.
Compared to sports betting sites where you need to know a lot of information regarding the team or player that you’ll be betting on, in online casinos, you don’t have to worry about those. In simpler terms, it saves you the hassle. After all, gambling is all about having fun while making money, right? Online casinos just happen to stick to that idea.