The unprecedented global shift to online gambling is historic

Business Ghana
The unprecedented global shift to online gambling is historic

The advancement in technology has had an historic impact on gambling worldwide, pioneering a new virtual world of entertainment like never before. Millions of people from all corners of the planet are shifting to the new craze of online casino entertainment because of the value they find in it. Gamblers or igamers (as they are referred to) can now securely transact online within a few minutes and start playing their all-time favourite games like poker, roulette, and slots with ease.

The best part is that this can be done from the comfort of their homes, sipping on cocktails, wearing their pajamas and slops, and without having to care about social etiquette. They can smoke while playing casino games, drink, eat or anything else - it's all upto to their individual preference. This is modern gambling in a nutshell.

Statistics from global market research firm, Mondor Intelligence shows that the online gambling market size is expected to grow from USD 60 million in 2023 to USD 103.7 billion by 2028. This is at a forecasted compound annual growth rate (CAGR) of 11.34%. This prediction will see monumental growth, laying bare the powerful impact of the online casino industry on the world.

iGaming is unlike your traditional brick-and-mortar casinos. With online casinos comes a world of modern virtual experiences that makes the impossible possible - where you could put on an oculus headset and escape to a virtual realm where one gets to fight dragons, compete in tournaments and make money while playing.

This new trending form of affordable entertainment is not limited to the United States. In fact, players from across the world are gravitating towards this form of entertainment from South Africa to New Zealand, Canada, Brazil, Austria, Germany and many other regions. With costs as low as a $1 deposit, it's not hard to see why people are choosing it.

And while more and more players shift online, worldwide igaming industry leaders are converging at the EGR US Power Summit in California, United States, on 14-15 September 2023 to discuss the most pressing challenges, opportunities, and new trends shaping the sector. The who’s who in the industry will be there including renowned casinos and sportsbooks like Bet365 and BetMGM, government delegates, igaming experts and sponsors like Better Collective, Paysafe, and many others.

One of the main topics on the agenda is to examine the challenges of legalization in New York, Florida, Texas and California. The Summit will also unveil a new generative AI approach to sports betting, and launch other innovative gaming products that will bring new virtual experiences to avid gamers.

In the US, legalities surrounding igaming has been different from State to State. While some online gambling is regulated in the country, casino games involving risk and chance have yet to be accepted in certain States.

As of December 2022, online gambling was legal in six States including New Jersey, Connecticut, West Virginia, Pennsylvania, Michigan, and Delaware.

With sports betting also making it mark online, the US is seeing a huge shift in the online gambling market. According to media reports, online casinos will soon be launched in Indiana, North Carolina, Massachusetts, and Illinois. Texas is also considering a bill to legalize igaming.

With big igaming legal changes happening in the US, its important to understand that sweepstake casinos has also been making headway in the country in terms of legalization. The distinguishing element of online sweepstakes casinos is that they use virtual currencies instead of real money, and the objective is to play for fun. In most US States, sweepstake casinos are legal (excluding Washington and a few other States) as long as individuals meet the age requirement and other conditions.

All in all, we are seeing a new world order when it comes to regulated entertainment online. It will be incredible to see what the future of virtual reality holds for the igamers in the next 5 to 10 years time, and whether this online frenzy hits a new benchmark worldwide.