Online Slots Industry Economic Trends
Throughout the history of gambling it has always been intrinsically connected to wider economic trends, and the gambling industry has also historically been one of the most challenging to state authorities in history. The simple matter of fact is that there is an extraordinary amount of wealth in the casino market, something that has been intensified massively in recent years due to the expansion of the online casino industry – join and play.
Over the last two decades quite literally millions of new gamblers have joined the market, and it is all because of the fact that they can now gamble from the comfort of their own home. And you cannot mention online casino without mentioning online slots as well, because these two industries are intrinsically linked. In fact, if it were not for the first online slot developers most gambling experts recognise that the online casino industry as a whole would be nowhere near as big. This leads nicely on to a discussion regarding economic trends in the online slots industry.b Keep reading for a lowdown.
The effect of regulations
Back in 2004 the UK government passed The Gambling Act 2004, something which many casino operators at the time were extraordinarily fearful of. You see, the gambling industry has a long history with state interventions in the form of regulations and tax, and it generally has resulted in more bad than good. Anyway, The Gambling Act 2004 did bring a few more restrictions into the mix, however it also revolutionised the online slot industry, as it seriously reaped the benefits.
In exchange for having to disclose things like RTP and slot volatility, online casino sites and slot providers were able to advertise with more freedom, and this ultimately pulled in many more customers. The online slot industry has been on an upward economic curve for quite some time since then, and you can really see the positive effect of state regulations in play here.
New technology such as mobile slots
Don’t get us wrong, the online slot industry was coming along just fine in the mid 2000s, however there was one piece of new technology that really drove things forward when it first became a commercially viable thing to do. Before the late 2000s not enough people really had smartphones to make mobile slots a sensible option, however this all changed with the arrival of things like the iPhone.
This, paired with the new HTML5 technology, meant that online slot developers could faithfully reproduce their online slots for a mobile format, and it revolutionised everything! There are now more people playing mobile slots than there are desktop slots, and it has simply increased the overall slot’s industries exponential economic rise.
Online slots and their role in the online casino industry
The online casino industry was in its primordial stages before online slots existed, however it would be a stretch to say that it was that popular. The thing that really kick-started exponential growth was the invention of online slots, and the online casino industry will forever be indebted to this.