Online gambling is slowly by surely gaining in popularity globally. Gamblers play casino games such as poker, bingo or slots online to make money. Online gambling has one of the longest histories on the internet. The first ever online casino was launched in 1994 itself, which is almost a decade before Google or Facebook even existed. Since then, online gambling has evolved leaps and bounds, thanks largely to technological advancements and ecommerce solutions. After 3 long decades, it transformed into a $38 billion market by 2015. Michigan lottery promo code was one of the top searched keywords last year.
Regulations in online gambling
Online gambling has been regulated more than ever now. It has managed to bring in newer and newer jurisdictions. Over 60 countries have acknowledged the benefits of such monitoring and regulations. Firstly, consumers are protected from gambling addiction, using time locking systems. Secondly, regulations bring in tax income and economic benefits. Thirdly, it helps keep online gambling scam free and thus safeguards the average gambler. Ultimately, such regulations protect integrity of sports.
Requirements in regulated gambling space
The demand of regulated gambling markets calls for strict regulation regimes. Firstly, online casinos require an operator licensing model that will encourage full product range and gambler’s preferences. Secondly, anti-money laundering measures need to be strictly in place. Thirdly, it brings in responsible gambling tools such as cash limits, id check, budgeting, gambleware, 18+ restrictions, self-exclusion, account history, etc… Finally, there should be a viable taxation system and standardized betting procedures. The demands may vary slightly from territory to territory.
How online gambling works?
Online gambling is all about the payout ratio. It refers to the longer run returns to the gambler. A payout ratio of 95% means for every $10 invested, you can get up to $9.5 in winnings. This is how it goes for every spin in casino slots or games. The higher the payout ratio, the larger is the earnings to the customer. Casinos compete heavily on the payout ratio, considering it easily gets the gambler’s attention. Unlike odds in sports betting, the payout ratio in casino slots and games are highly reliable. Hence it generates a steady and reliable revenue stream, even for the smallest of casinos with decent traffic. After the spin is over and the earnings are paid out, what remains is called the gross win. Governments tax the online casino companies on the gross win alone. Besides, there are lottery sites that attract the gamblers equally.
Market sizes of different games
There are a lot of different casino games available to the average gambler today. Roulettes, slots and blackjack have been the true favorite of hardcore gamblers. Online gambling provides a reliable revenue stream for game creators and casinos. It reflects in its market worth of around $10 billion globally. In addition, consumers can choose to play poker as well. In tournaments, each player pays fees and receives a certain amount of poker chips. Alternatively, in cash games, player decides how much to play in individual hand of poker. The online poker market alone is estimated to be worth over $3 billion globally and bingo is worth over $2 billion.