Online gaming has taken center stage in the recent past and the authorities are still looking into ways of cutting out the legal framework under which this industry will be regulated. While this is still happening, the industry is recording tremendous growth and the remarkable returns achieved are a proof to this. Just the other day, Sportech, an online betting company reported great returns in profit amounting to £7.1m. This growth in the industry has been as a result of the high number of online users and gamers from all over the world. The growth in technology and the expansive internet connectivity around the globe have both influenced the current growth in online gaming.
The legality of gambling has been a cause of concern for years now and there has been different views on this particular matter. However, with the growing rate at which the industry is experiencing and with the speed thereof, it has become more difficult to stop the trend. In essence, online gambling is just like any other kind of legitimate betting including football games and other sports where betting is involved. Although the legality of gambling is still in question in many countries, the game is slowly gaining popularity and positive approaches from the authorities. As it seems, it can be a great revenue contributor to the national grid if the potential in the industry is well harnessed.
Going by the trend of the current development in the gaming world, one cannot help but notice the rapidly growing online casino gaming market. This development has been on the rise since 2005 and by then the entire industry around the globe was estimated to be worth $13.8 billion. This growth has been achieved amidst the rising concerns of legalizing the market. America is the most vocal country where calls for the ban of online gaming have been quite rampant. Even so, the American online gaming industry has also been on an escalated rise over the past one decade.
However, progress is imminent in the online gaming industry as some states in the US have made the bold move and they have legalized gambling. One of the areas where they have legalized online gaming is New Jersey. In California, the bill was almost complete to legalise online gaming but it was delayed due to the great opposition from other quarters of the government. However, the greatest and most rampant growth of online gaming is mostly seen in the western countries. The UK and Europe have an open policy and casinos in these regions have a free operating space with very minimum restrictions.
In the UK, the only concern that necessitates regulation is for fairness and best practices in the industry. Currently, it is evident that the online gaming industry is on the rise, it is making great financial contribution to the national grid, and countries are greatly benefiting from the growth thereof. Other factors that are fuelling the rampant growth of the online gaming industry include the technological advancement. Several electronic gadgets have been developed including mobile phone, tablets, minicomputers, laptops, and smart TVs to mention but a few. As a result, people have the options of gaming from the convenience of their cars, home, office or any other place they feel comfortable to play from.
This aspect of growth has technically created a challenge to the authorities hence making gambling a hard nut to crack. Decades ago, gambling was done in designated areas where people would gather and pay games together, this way it was easy to control the industry. However, with the new advanced technology where communication has been made very easy, online gaming is almost uncontrollable. People can access the gaming websites with their smart phones, smart TV’s, from their laptops and personal computers at the comfort of their homes.
The current advancement in technology and in this case the global internet connectivity is yet another challenge that has caused the authorities sleepless night as they try to contain the situation. Due to the effective and great internet connection around the globe, players can easily access their gaming websites and continue with their online gambling unnoticed. To make it even worse, there are numerous online banking companies out there so pay offs are very easy to carry out. With the ease on accessing online gaming websites and with a similar ease in accessing payment services through online banking, online gaming is actually growing tremendously.
The industry has even grown to a level where the trend and mode of playing is becoming even better. Take for instance the live gameplay that has been the recent popular trend. The industry is consistently developing consumers’ experience to make sure that players are getting exciting deals. This is further making the industry increase in values and worth both in the financial aspect and in popularity. Online casinos are currently posing a major threat to the conventional physical casinos and the trend is expected to continue. In the next few years, the online gaming is expected to be integrated with the new gaming technologies such as the augmented and virtue realities that have been already rolled out in the physical casinos.
Evidently, online gaming has impacted the gaming industry and it has brought new aspects in the gaming world. The growth of online gaming has been quite rampant in the past decade amidst the constant opposition from conservatives who have a negative approach towards the game. However, the growth of internet usage has beaten all the odds and it has provided the gaming industry with a leeway to expand and spread all over the world. Currently, the industry is worth billions of dollars and it has become a great contributor of federal revenue in the countries where it has been made legal like in the UK and Europe.