The rise of online casinos: what’s the reason?

Jul 18, 2022 Others

Sports betting, poker, and bingo have been established for several years as popular leisure alternatives. Whether it’s for fun or to win some extra money each month, it’s not surprising that almost everyone has tried their luck at one of these games at some time or another. However, in recent years there has been a growth in the gambling sector more than any other, thanks to the rise of online casinos. With an ever-expanding offer, known as the Gaming sector Mega888 Free Credit, it has established itself in most countries. It has become a source of wealth that the tax collectors of every government highly value. But really, what is the reason for this boom in online casinos?

More variety than ever in online casinos and related businesses

As they are digital platforms, creating new casinos is much quicker and more agile than if they were physical casinos. Imagine how much it would cost to build a new physical casino, considering land rental, building construction, real estate, decoration, and staff. We are talking about investments in the millions and a long waiting time. In the case of online casinos, although it is necessary to have an excellent economic cushion to invest, the expenses are considerably reduced since the business engine will be the software used and those professionals who implement the mechanisms of operation of the platform.

For this reason, more and more companies are encouraged to try their hand at online gambling. They knew it was a very lucrative business with much room for growth. And the current offer of operators is such that you can easily find websites and blogs on the internet focused on this sector and that serve as a guide for players who want to enter this little world. Such is the case.

Internet-Casino

Do I need licenses or permits to create an online casino?

Any company that operates on the internet needs to comply with a series of requirements. And in the case of casinos, it could not be less. It must consider that it is a platform that allows users to gamble and deposit/withdraw money, so it must comply with all the relevant jurisdictions and be as transparent as possible. Typically, they will need one licence or another depending on the market in which they operate. One of the most internationally known licences is the Malta Gaming Authority. This allows casinos to use legally, legitimately and safely on the internet. Many operators adhere to this jurisdiction, with many casinos lawfully based on the European island of Malta.

Current market facts and figures

The data relating to the growth of the gaming and gambling industry in recent years is truly impressive. And we are talking about worldwide. In the case of Spain, for example, from 2013 to 2020, a growth of around 250% is estimated, with an increase of more than 500 million. Almost nothing! In the case of Latin American countries, growth has been somewhat slower, as it has been in the last 5 years that it is taking off the most. But even so, the growth graph is increasing. Given this circumstance, it is not surprising that governments and authorities look favourably on promoting this type of business, as it has become, without a doubt, a tremendously attractive source of income (via taxes).

Prospects

With such an optimistic situation, and steady growth over the last few years, it is not surprising that the online casino business will continue to grow. There is still estimated to be plenty of room for growth in this market. And especially in some Latin American and Asian countries such as India. What is clear is that the online casino business is here to stay. And considering the high revenues it generates for institutions, it does not seem to be a bad business for the economy as long as it is played in a responsible and adult manner, of course. The latter should be non-negotiable.

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