[Source: Pixabay]
Online casinos are, today, worth more than they ever have been in the history of the world wide web. Back in 2016, the industry was worth over $44 billion and is projected to reach $88.71 billion by 2022 – truly staggering sums that simply weren’t foreseen back when the first online casinos first made their way onto the internet.
That growth has come remarkably consistently, prompting many questions from those outside of the industry. It’s hardly a secret that people enjoy gambling – there are thousands of years of evidence of that – but for any industry to see the kind of unadulterated growth that the online casino sector has, well, it’s quite remarkable.
So, what’s behind the seemingly endless growth? The answer, somewhat predictably, is innovation.
By operating in an exceptionally nimble manner and responding to customer feedback quickly, online casinos have innovated their way to the very top. It’s an important lesson for any business, but what are some of those innovations?
Mobile support
It should come as no surprise, but the availability of online casino games on smartphones and tablets has completely changed the landscape for online casinos.
Rather than being tied to the home environment, casino games were now available anywhere you were, whether that’s at your desk as you wait for an email, in a café as you kill a little time or, really, anywhere you have a wireless connection.
It instantly made their service dramatically more accessible and, subsequently, helped to contribute towards the ballooning value of the online casino industry.
[Source: Pixabay]
Progressive jackpots
The theory behind progressive jackpots is simple: people are more likely to play casino games if their potential winnings are larger. So, rather than have each slot game have its own jackpot, why not link all slot games together for one gigantic jackpot?
It’s an idea so simple you’ll struggle to believe it wasn’t widely utilized before, but it wasn’t truly achievable at scale until online casinos launched. Because their games are purely in software, it’s possible to connect users and games from across the world to a single pot.
To date, the largest ever progressive jackpot win came in 2015 when a man won $17.4 million on a British casino website, according to the Guinness Book of World Records.
Deposit bonuses
By far the greatest challenge for any online casino has always been jumping to the front of the queue when it comes to new customer sign-ups. Companies spent (and continue to spend) tens of millions on adverts to push their brand. However, smart casinos quickly figured out that incentivizing sign-ups led to greater success than mere brand promotion.
It’s what inspired the creation of deposit bonuses, which reward customers with in-casino cash when they put their own money into their system. Casino Professor, which tracks the latest deposit bonuses, has found casinos offering to double deposits up to €555 to get customers through the door.
It’s proven to be an immensely effective business plan. With customers signed up, they’re unlikely to move their business, helping to create brand loyalty in an industry which, often, lacks it.
