Like many industries, technology has radically changed the casino and gambling industry. Today, the mobile gambling sector is worth over $120 billion and the sector is still growing. Mobile tech is of the innovations that have contributed to the incredible growth experienced in the industry over the last two decades. However, to understand how far the market has come, we must look at the industry’s timeline and significant historical changes.
Gambling Industry Timeline (News - Alert)
While gambling has existed since the beginning of competitive gaming, Harry Ogden is the first known man to make a profit from bookmaking. Harry operated at the Newmarket racecourse and started offering laying odds all the horses after studying the field. However, betting remained within the confines of the racetrack until 1961 because of the law.
In 1961, betting shops became legal and over 10,000 shops were set up across the country within six months. The gambling technology was non-existent at the time and the odds were transmitted to betting shops through wire service. Fortunately, things got better in 1986 when the gambling law changed and fixed-odds terminals rose alongside slot machines to offer more games.
When the internet came along in the 90s, the bookies started embracing the technology and by 1998, leading bookies were already realizing the immense opportunities it offered. Companies like Betdaq and Betfair created betting exchange sites and lots of poker and online bingo platforms were launched.
By 2012, there were thousands of online bookmakers, with Betway88 being among the top. Even better, millions of punters were betting on apps like the Betway88 mobile application, growing the market to an estimated value of $4 billion in revenue. The growth continued and by 2017, the market had an estimated value of over $50 billion.
How Mobile Technology Changed the Gambling Industry
Since the beginning of the digital era, the gambling industry has grown to unprecedented heights. Study shows mobile gaming increased by over 70% in 2012 and the growth rate has continued accelerating as more people get access to faster and more reliable mobile network. Today, 160+ million people place their bets through mobile phones.
Given that online gambling has dominated traditional gambling, you can expect mobile gambling to take over the industry. In fact, the mobile gaming industry commands over 45% of the online gambling market today. This growth accounts for the significant increase in the number of apps in the gambling market.
Betting Shops and Technology
Since the rise of the internet, betting shops have had a tough time trying to attract customers in the shops. Most users prefer the convenience of gambling on the go through mobile apps and web-based platforms as they are also friendly and highly beneficial. As a result, betting shops are increasingly adopting apps and technologies like touch screens to remain competitive in this ever-changing market.
While online bookmakers are convenient, betting shops offer one thing they can’t. They allow the punters to wager on cash, eliminating the fear of overexposure and identity theft. There’s also the social aspect that no online chat room can replicate no matter how sophisticated.
What The Future Holds
If you take a quick look at the last decade, we’ll agree that technology will continue to re-shape the gambling industry in the foreseeable future. New ways to place wagers will continue rising to keep the customers engaged, with virtual reality being among the industry’s next breakthroughs. Ultimately, only operators actively seeking and embracing new tech will remain in business.
