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The online gaming industry is a relatively new phenomenon, one that is global on scale, and enjoyed by an estimated 1.6 billion people each year. That is a truly incredible amount of individuals who enjoy logging on, sitting back, and playing everything from horse racing to poker and digital games games. Take for example, big sporting events and the financial and business impact that they have due to the sheer amounts of people watching them. The world-famous Kentucky Derby is responsible for a spend of a staggering $122 million every year.
The world is really a microcosm of investors from all over the world, and if you visit here you can find a great range of top-notch Canadian casinos. Online gaming is not just an industry, but it has become a sport in its own right and here we will discuss the history of it, and how we are where we are today.
Industry Development
The sports industry and speculation have been around in various forms for hundreds and hundreds of years and have been enjoyed by men and women from every corner of the world. It was the advent of technology in the form of computers, smart phones, and of course, the internet that has propelled it to the status it enjoys today. Back in 1994, the first platform for online gaming was developed by Microgaming based in the Isle of Man, and it showed that it could produce viable and safe transactions. By 1997, there were over 200 online gaming rooms bringing in a total of $830 million on a worldwide basis that year. By 1999, multiplayer gaming was introduced where players could play together and interact via chat messaging platforms in real time. This changed the online gaming industry from a solitary sport, to something that could connect people across time zones and continents.
Growth Projections
By 2016, the industry was pulling in an impressive $46 billion every year with predictions showing that the rate of growth is set to continue increasing. The most popular games in today’s market are lotteries, followed by keno, followed by electronic scratch cards, and finally poker. Nowadays, the trading options for playing are incredibly vast- in fact video poker, roulette, and black jack have risen in popularity as instead of interacting with a computer generated display, the players can talk to a real croupier or dealer and it is much more akin to the real life experience.
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Future Predictions
So what is the future of the online gaming industry? Use of portable devices to play games and interact with other players is already common place, with a huge number of users choosing to log on when they are on the go. I wonder though, with the increased popularity of the smart phone and new technological developments coming out every day, will we soon see the use of augmented reality in online gaming?
The reality would allow individuals to step inside a virtual world and react and play in real time in a make-believe surroundings. There are many articles online that believe this could be the case. I imagine that this will be the next step as the enhancement it would bring to an already enjoyable experience would be incredibly valuable to online gaming investors. Players would not have to leave their homes to experience a realistic gaming experience and I see no limits to the power of business technology that would stop this from being a viable reality within a couple of years.
