Just as many industries, technology has tremendously transformed the gambling and casino industry. Currently, the mobile gambling industry has an estimated worth of over $120 billion, and the sector isn’t slowing down. Over the last two decades, several innovations in the gambling industries, like making several casino games available online and the massive rise of mobile tech in gaming, have contributed to the enormous growth seen in the industry. To understand just how far the sector has come, we must look at the timeline and significant historical changes the industry has gone through.
Gambling industry timeline
Although gambling has been in existence ever since the start of competitive gaming, Harry Ogden is believed to be the first man to gain profits from bookmarking. While working at the Newmarket racecourse, he began providing laying odds for all the horses after studying the field. Despite this, betting remained exclusive to the racetrack until 1961 when the law was changed.
Betting shops were made legal in 1961, with more than 10,000 shops opening all over the country just in six months. At the time, gambling technology wasn’t in existence, so betting shops received betting odds through wire service. With time things began to get better, and in 1986, the change in gambling laws corresponded to an increase in fixed-odds terminals and slot machines to provide more games.
With the introduction of the internet in the 90s, the bookies began accepting the technology. In 1998, significant bookies started realizing the tremendous opportunities that are offered. Companies like Betfair and Betdaq build sites for exchanging betting, and many bingos and poker platforms were launched.
By 2012, thousands of online bookmakers had started, with Betway88 being one of the leaders. Also, millions of people were using betting applications such as Betway 88 mobile apps, increasing the markets worth to an approximated value of $4 billion in revenue.
How mobile technology changed the gambling industry
The beginning of the digital era marked a new beginning for the gambling industry, leading to massive growth in the sector’s value. According to a study, the mobile gambling sector rose to more than 70% in 2012, and the growth rate hasn’t slowed down. It has continued to accelerate as more people are getting access to a more reliable and faster mobile network. Presently more than 160 million people make bets using their mobile phones.
Online betting has continued to dominate traditional betting over the years. Therefore, mobile gambling is expected to take over the industry. Mobile gaming goes as far as being worth up to 45% of the online gambling market. This growth is responsible for the noticeable rise in the number of gaming applications in the gambling industry.
Betting shops and technology
Many betting shops are having a hard time attracting customers from the rise of the internet. Most players often prefer gambling from the comfort of their phones and mobile apps and web-based platforms, as it’s highly beneficial and friendly. Because of this, many betting shops favor using applications and technologies such as touch screens to stay competitive in the ever-changing gambling market.
Although online book markers are very convenient and comfortable, there are several things they can’t offer that betting shops do. Betting shops allow players to bet on cash, removing the fear of identity theft and overexposure. There is also the social benefit that online betting platforms can’t offer or replicate, no matter how advanced they get.
What to look forward to
When you look at the last ten years, you will see that without a doubt, technology will continue to play a significant role in reshaping the gambling sector. Many new ways to bet keeps on coming up to make sure customers are engaged, with the virtual world among the next big things in the industry. Ultimately, only companies actively embracing and seeking new technology can stay in business.