Despite the casino market being in existence for many years, new betting companies enter the market all the time.
Some have grown into global brands by offering players experiences and deals that no other competitor does.
While the uniqueness of these offerings may seem to be drying up, there is still potential for a late-joiner to enter the market, as we’ll see in the guide below.
We’ll first take a look at the current casino market before exploring the rise of online casinos. Then we’ll consider what casinos currently offer before reflecting on the odds of a late-joiner making a name for themselves.
The rise of online casinos
The rise of online casinos has been clearly evident over the last few years. Propelled by the pandemic and with greater investment in apps and websites, players have found an enjoyable casino experience online.
In 2021, the value of the global online gambling market alone was $57.54bn. Between 2022 and 2030, it’s expected to expand at a compound annual growth rate of 11.7%.
Much of this is due to the wider use of mobile phones, and more powerful phones at that. It’s also due to the relaxation of gambling laws around the world.
This has enabled some betting companies to move into new, previously untapped markets, and that presents an interesting opportunity for any newcomers to the casino market.
Ukraine, for instance, is a relatively new market for betting companies to enter. The international market opened up gradually after the fall of the Soviet Union. You can learn more about Ukrainian online casinos here.
Late-joiners may also explore other emerging betting markets such as India, Japan, Malaysia and Macau in China, which has been described as the next Las Vegas. However, it very much depends on the laws and regulations in place in those nations. Whenever laws are relaxed, opportunities may arise.
The current casino market
The current casino market is enjoying a period of growth and has been for the last few decades. This has been prompted by the global relaxation of gambling laws, though in many parts of the globe, casinos remain outlawed.
In 2021, the size of the global casino and gambling market rose to $231bn. That’s even after the global pandemic which forced brick-and-mortar casinos to close their glittering doors.
Despite the pandemic, in the US, the revenue of the casino industry is set to grow year on year up to 2024. People are still enjoying going to brick-and-mortar establishments and seemingly are making up for lost time after the lockdown.
But that’s nothing compared to the growth in online casinos, which we looked at above.
Can a late-joiner make a name for themselves?
There’s still a lot of potential for a late-joiner to enter the market and make a name for themselves. With such a significant shift to online casino betting, it has become less costly for companies to dominate the market, and quickly.
With no need to invest in brick-and-mortar casinos and all of the staffing and insurance costs associated with them, betting companies can invest more funds in their platform. When it comes to online casinos, it’s the platform that makes or breaks them.
There’s greater scope for online companies to introduce new features, such as virtual reality, or a wider selection of live table games. Both these features have been experimented with by some of the more established casinos, but the goal is still wide open for someone new to eat up the market.
However, one of the biggest challenges any late-joiner faces is that they’ll be entering a pond with a lot of big fish already swimming around them.
Chances are, whatever unique or original idea a late-joiner may have, it could quickly be replicated by any of the other big betting companies who have the resources to close the gap.
They also have greater sway with the deals and offers that they can provide to players. A newer betting company may be hampered by start-up costs and the lack of a steady revenue stream. To compete with the big guys, they’d need to invest heavily in marketing.
But technology can help young companies break into established markets. With clever techniques such as digital marketing and Search Engine Optimization, as well as innovative marketing on social media platforms, and appealing offers that incentivize the betting process, it’s possible to win new players over and become a force in the betting world.