The online gambling industry, or iGaming, is undoubtedly one of the sectors that have benefited the most from technological advancements and have undergone significant changes in recent years due to the latest tech trends such as new devices, platforms and software. Online casinos, for example, an important market in iGaming, are constantly adapting to these new developments to provide both superior gaming experiences and a real casino atmosphere.
According to business experts, more than 41 percent of the world’s population participates in some form of gambling each year, whether playing casino games or placing bets on sporting events. But over the past two years, with COVID-19 and subsequent lockdowns and quarantines, the iGaming market has witnessed major growth, attracting customers looking for new forms of online entertainment.
With every new technical trend introduced over the decades, iGaming operators can create new gaming ventures by providing expanded platforms, to enjoy multiple aspects of online enhanced gameplay, and empowering users’ entertainment. From operators to gamblers, this article covers how these new technologies have impacted the iGaming industry.
The Numbers – Worldwide
The online casino industry has grown tremendously in recent years. Today it is a market of more than 70 billion dollars (66 billion euros) worldwide. It is expected that this upward trend will continue in the coming years. The estimated global market size will rise to around 130 billion dollars (123 billion euros) in 2027. That means that every year the online gambling industry is growing by about 10%.
The Numbers – Kuwait
In Kuwait, the online casino industry is quite small, with just under 425 million euros in 2019. That is considerably less than in other European countries. However, online gambling games aren’t fully legalized in Kuwait and there has been a growth in market size since then. Corona has also caused people to play more online gambling games.
The growth of the casino industry can be largely explained by technological progress. We are dealing with major digitization in the world. For example, everyone nowadays has a smartphone with which he/she can play online casino games. What is also especially important is that the online gambling experience is getting better and better.
Thanks to advanced techniques such as Virtual and Augmented Reality, online gambling is getting closer to what it is like in an offline casino. The atmosphere is simulated so that you don’t miss any of the glitter and glamour. In addition, nowadays you often have a lot of freedom in choosing a payment method. Through blockchain technology online casinos offer players to pay in cryptocurrency. This ensures a faster and more transparent transaction. As these technological innovations are in full development, they are likely to fuel even more growth in the online casino industry in the coming years.
For example, as industry experts share on the GPWA platform, more and more real money online casinos in Kuwait use artificial intelligence to improve the user experience, ameliorate their customer care, suggest games similar to each player’s preference, localize the site’s content, and offer better bonuses. Some newer Kuwaiti casinos offer artificial intelligence assistants that recommend games, offer advice, evaluate their progress, act as casino friend, and more.
Advantages of Online Casinos Compared to Traditional Gambling Halls
The fact that the online casino industry has grown in Kuwait so fast in recent times is directly related to the many advantages that online gambling entails. Below are some of these benefits. These provide, among other things, a lot of freedom and flexibility.
You don’t have to go anywhere: you just play at home from the comfort of your couch.
- Online Kuwaiti casinos can be visited 24 hours a day, 7 days a week.
- There is no dress code. So, you don’t have to go to the casino in a tight suit, but you can enjoy a game in your sweatpants.
- There are tons of games to choose from.
- You decide how much money you bet. Start as low as you want.
- Online casinos frequently use attractive promotions. Often you can first play a free game to see if you like it before you spend money on it.
- There is a wide range of online casinos to choose from. You will always find one that fulfils your wishes the most.
The Influence of the Corona Crisis on Kuwait Gambling Industry
The corona crisis had a huge impact on our lives. Many people have suffered. Not only because of the virus itself but also because of the measures that had a major impact on our psychological well-being, among other things. During the lockdowns, everything was closed and people had to find other forms of leisure. Fortunately, we live in a digital age. There is plenty of entertainment online. Many people have therefore started looking for entertainment on the internet, such as online gambling. The regular casinos were closed, but online casinos offered a solution to still enjoy a gambling game. Especially at a time when many experienced it as stressful and lonely, that distraction was much appreciated. As a result, the online casino industry has grown considerably in a short period. For example, research by the Center for Responsible Gaming shows that:
- No less than 40% of the people who used to like to go to the casino, found salvation in online gambling games during the corona crisis.
- Not only the number of online casinos Kuwaiti players has increased but also the spending that players make.
- Also, Kuwaiti players who already loved an online gambling game used it even more due to the corona crisis.