The online casino market could grow by 5.56%, Statista anticipates

Just recently, a study by Statista valued the global online casino market at $35.13bn and anticipated it to reach $46.04bn by 2029, showing a CAGR growth of about 5.56%. You can actually agree that a lot has changed in this industry ever since the first online casino was launched in 1994. It’s now possible to access casino experiences from any place at any time.

But why exactly do you think the industry might continue growing, just like Statista projects? If you have such questions, then this article is just right for you. Here, we will explore some of the reasons fueling this growth and other fascinating insights.

The power of user experience

Every successful business owner can agree that you can’t do well in business if you don’t give customers valuable experiences. Actually, do you know that, according to Business Wire, up to 86% of customers will stop doing business with a brand they once trusted after only two to three bad experiences?

It is no wonder online casinos are critically paying attention to CX to enhance their customer loyalty rates. You do not just want to access casino experiences from afar—the experiences must also be consistent.

That explains why you have not stopped seeing platforms like no-limit casinos for big bets emerge to allow players to transact without strict restrictions. Plus, players can find better game diversity on these platforms, ensuring that almost every preference is catered for. All these efforts are to ensure you find better customer experiences on their platforms.

According to Zendesk, companies that focus on customer experience can actually see revenue rises of up to 80%. When players find customer-centric games on your platform, they are more likely to feel that you care and think about them, which may enhance their connection.

And that’s exactly what many online casinos are doing. You will not cease to find numerous game selections, diverse payment methods, live support, and easily navigable interfaces, all of which help gaming companies attract millions of audiences to their platforms.

Has the popularity of mobile technology played a role?

Thanks to mobile technology, you no longer need to spend hours in queues waiting for your turn to spin the wheel. As long as you have a good internet connection, you can now get into the game by simply touching a button. Mobile technology has greatly transformed how we access casino experiences by making them more accessible.

Imagine the potential opportunity casino companies have to reach new audiences, with more than seven billion individuals owning a smartphone. Plus, to keep them returning, these companies are now incorporating mobile-first design approaches to ensure that their games are responsive across multiple devices.

In a time where nearly three million gamers use their mobile to play, why wouldn’t you want to use responsive designs to engage them? According to Deloitte, about 8-10% of businesses that improved their platforms’ responsiveness saw an increase in conversion rates. 

As if that were not enough, Loopex Digital added that 94% of first impressions are related to design. Realizing such statistics, online casinos have been adopting websites that work well on multiple platforms, which could be, in part, the reason why the number of players is increasing.

Meeting unique customer preferences

Have you heard about the ongoing buzz around personalization? Especially now that data has become the new gold, many businesses are working hard to understand the unique preferences of their customers to tailor experiences for them. It is no different in the casino sector. With the thousands upon thousands of games available, you definitely do not want to spend all your time finding an appropriate game.

You could actually be part of the other 81% who prefer such experiences. If you could find a platform that offers just the right game suggestions that perfectly align with you, what would you probably do? Remain loyal, right? Ninetailed once highlighted that 90% of customers were ready to spend more with businesses that tailored experiences.

Artificial intelligence now allows online casinos to monitor different playstyles, habits and thematic preferences in real time. They can then break down these enormous data amounts into useful information that they can use to customize experiences.

When potential customers perceive that you are willing to go the extra mile to cater to their unique preferences, they will more likely be drawn to your platform. And the good side of this is that it can also drive word-of-mouth recommendations.

Rounding up

Ever since the first online casino was launched, these companies have been adopting innovative solutions to enhance customer connections. As more companies join, the industry becomes more competitive, raising the costs of acquiring new customers.

That’s why most operators have been paying critical attention to features like customer experience to enhance their competitiveness. Therefore, it is actually not surprising that most gaming products align with customer needs.

Plus, technologies like AI allow game providers to understand customers better and cater to individual customer needs. We cannot fail to highlight the role mobile has played in making casino experiences more accessible. With all these factors put together, it’s most definite that the online casino industry will continue growing and maybe turn out just like Statista projected.

By GamesAndCasino