Online casinos account for over 25 percent of net gambling revenue today. In fact, virtual gambling’s market size is estimated to pique to $96.89 billion within the next 4.5 years. One can take the example of the Caribbean and LATAM regions here where $4.9 billion was generated from online gambling in 2017 which was a 20% increase from 2016.
The bottom line is- online gambling is on rise. All the figures mentioned above only point to the fact that the time has come for land-based casinos to expand to online versions. Initially, there was the fear of cannibalization (for physical casinos) on expansion to the online channel. However, if you check the real-life example of New Jersey casinos you will find that the said feat is nothing but a myth. The two leading physical casinos of NJ, Golden Nugget and Caesars2, have witnessed amazing results with expansion to online versions. As per the reports, active players of the brick and mortar Nugget casinos enhanced their land-based spending by a whopping 15 percent after subscribing to online casino site.
In fact, studies have found that 72 percent land-based casino players are willing to play online as well as they are doing so today. Online casinos offer the added advantage of playing anytime and anywhere. They allow players to play even while on the go which has been a major draw to pull in millennial players. This is something that is not viable with a land-based outlet. Thus, if a land-based casino expands its operations online, it will be able to retain and attract more players in its ecosystem.
But, still some land-based casinos are reluctant to expand online.
One of the main reasons here is expensive fees needed to expand online. Apart from a significant initial investment, these casinos have to pay monthly fees and overhead charges of maintaining an online gaming system. Top casinos are somehow able to afford these fees but things are unaffordable especially for small and mid-sized casinos.
Besides, most of the land-based casinos don’t have access to high-end resources that are needed to maintain online gaming systems. Even if they get access to them, they can’t afford a specialized team needed to manage them.
A crypto-based platform could offer a solution
A blockchain crypto-based platform could offer a solution here. Pbet is a crypto-based gaming platform which is working to create a synergy between land-based and online casinos, while incorporating cryptocurrency payments. It’s helping physical casinos to delve online yet without the usual high fees. Pbet also extends specialized resources to partner casinos to ensure a seamless hassle-free expansion to the online channel.