The recent global pandemic has brought to light the need to diversify business channels in addition to their physical establishments. Restaurants, retail shops, and even offices have launched online models to jump over the hurdle of the ban of movement instituted during the Covid-19 outbreak. Casinos have not been left behind in this.
The online business casino has taken off in the last few years, with the size of the market valued at close to $40 billion per annum. Casumo online casino has introduced games that were previously only available in brick-and-mortar establishments. Blackjack, roulette, and spins, with all their variations, are now accessible at the touch of a button.
Does it Make Business Sense?
Casino owners and managers are now strategizing on ways to increase dominance in this lucrative market category. A few of the reasons for the push in this direction are discussed below:
- Worldwide Audience
Compared to the land-based casinos that are frequented by residents living in the vicinity, online casinos can be accessed by anyone in the world. The only requirements are an internet-enabled device and access to a payment option such as Visa or MasterCard. This has broadened the access to online gambling games from an audience of a few million to billions of people who visit the web.
- Lower Overheads
Online casinos do not have physical restrictions/requirements such as leasing a building, buying expensive equipment, and hiring a dealer for each table. An online casino operator only needs to develop an app, and have it supported by a few technicians on the backend. The cost of entry for the business are lower, therefore making the business within reach for those with less capital.
- Convenience for the Players
The ease with which online casino games are played has enabled it to gain popularity across all demographics. The user interface has been developed in such a way that anyone with basic mobile phone knowledge can search, log into, and play games with minimum effort. Payment options have been integrated with most banks making withdrawing one’s winnings a seamless process.
- Timely Business Opportunity
80% of people in advanced economies have access to the internet, presenting a massive opportunity for those providing an online service. The top 10 most profitable casinos each made over $800 million in 2021 making it one of the most lucrative businesses. Statista projects the online casino market will be valued at about $95 billion in five years. Investors riding this wave are expected to increase their wealth astronomically during this period.
- Easier Licensing Process
For a land-based casino to begin operations, they have to acquire a gaming license and purchase equipment that has been approved under the gaming laws. This is both a complicated and expensive process that can take quite a bit of time. On the other hand, setting up an online gaming business will only require an offshore gaming licence and an app where players can access the games.
- Variety of Games
Online casinos, which are only limited to their server capacity, can offer a lot more games than brick-and-mortar establishments. The latter is restricted by the size of the room and how many slot machines and tables can fit there. Live games and tournaments have also become popular with online gamblers.
There has never been a better time for a casino business owner to get into the online gambling scene. The industry is making leaps and bounds in growth, with the newest clients preferring playing casino games in the luxury of their own homes. With states in the U.S like Nevada making a record $13 billion in gambling revenue, this segment of the gambling industry is poised for great success.