How Internet Tech Advances Revolutionalized the Casino And Gambling Industry - EconoTimes
Thursday 30th April 2020
It used to be inconvenient to gamble, but times have changed. The reality is that technological advances over the last couple of decades or so have absolutely revolutionalized the casino and gambling industries. If you look at countries like the UK where gambling has been heavily liberalized, this growth has gone together with improvement in tech and internet infrastructure. In a lot of ways, it's been because of it.
Certain States are now starting to open up their gambling laws as well. It's probably the right time to do so. In an industry that has often relied on bricks and mortar casinos in America at least, there are new possibilities on the horizon. In this article, we're going to look at how tech has improved things for both the gambling industry and the consumer.
How has the internet revolutionalized the casino and gambling industries?
1. More choice for the consumer
One of the biggest things the internet has helped with is choice. That makes things much easier for the consumer, and leads to increased revenue for gambling firms in general.
The abundance of choice is two-fold. Firstly, consumers have a lot more choice about WHERE to gamble. Increased competition gives them more options. People could only gamble in restricted locations previously, like a local casino. This made things difficult and inconvenient. Now you can gamble online. We'll look at convenience in more detail in a minute.
The other choice issue is that there's simply much more sport or other things to bet on. Instead of the limited offers of traditional bookies, you can bet on almost anything online.
Consumers also have the choice to... use a comparison website so they can find the absolute best online betting site for them with relative ease.
2. More convenient
We've already touched on this, but it's much more easy for someone to place a bet no matter where they are. This increased convenience means more money is being staked and revenue is higher for casino firms.
3. Bet anywhere
You can even bet at a venue or sporting event, which can improve user experience and even help attendance figures, without the actual venue having to have a bookmaker license. That helps other businesses as well as the gambling industry, like events and hospitality.
4. Growth of the bonus industry
One thing that's really changed since internet gambling took off is the bonus and free bet industries. Traditional casinos used to "comp" players free meals, but online bookmakers have taken things to another level with the vast array of bonus offers available.
5. Lower costs
Operating online simply doesn't have the overheads that running a bricks and mortar casino or gambling premises does.
6. Improved tax revenue
Gambling has certainly grown in some locations that have allowed it to flourish online. This can be seen as a positive not just for those who enjoy gambling and the businesses that serve them, but also for the local and regional economies. Countries like the UK who have allowed online gambling firms to operate on-shore have seen increased tax revenues and a more vibrant economy. That's one reason why legislators might want to think twice about forcing online gambling firms to operate elsewhere.
7. More jobs
Another benefit to the local economy is more jobs. And these are different types of jobs serving the online gambling industry as opposed to traditional casinos. Things like call center staff, computer programmers and website designers are needed rather than croupiers and bartenders. Some areas might welcome the head-offices of an online gambling firm where they wouldn't be so pleased to have a new casino or betting shop.
As you can see, the gambling industry has been helped massively by the growth of the internet, and this growth looks set to continue.