Since the dawn of the internet, communication around the world on a global scale has enabled a marketplace where merchants are able to facilitate their services in the digital space. Studies also suggested that the consumption of various services has inflated by 28 percent annually over the past decade and the annual growth of internet casinos has been a huge part of that ordeal.
In 2019, the global online gambling industry was worth over $53 billion and according to the compound annual growth rate (CAGR), the industry is expected to grow at 11.5% from 2020 to 2027.
Today the world of Online Casinos and Online Gambling is considered a global activity that is developing both from the standpoint of technological advancement and organization with many that cater to specific demographics such as online casinos for Chinese speaking players.
However, despite its popularity, it is fairly important to understand the various pros and cons of Online Casino and Gambling.
PROs of Online Casinos
- Convenience: Physical Casinos are not found on every other block or street and more often than not it only caters to a certain type of people. Physical Casinos around the world require their users to show up in a sophisticated manner whereas you access an online casino at the comfort of your own house, in casual attire.
- Loyalty Rewards and Programmes: There is no physical Casino in the work that would reward its visitors just because they walked through their entrance doors. However, in the online sphere, users can start making rewards from the moment they sign up and make their first deposit.
- Variable Payment Option: The deposit system in any land Casino is fairly limited with deposit options basically including only cash and card. However, for online casinos, they are plenty of ways to fund your account and access withdrawals, which ranges from the use of cryptocurrency and e-wallet payment options.
CONs of Online Casinos
- Addiction: Going by the phrase “too much of anything is bad”, the 24×7 Online Casino services can translate into a gambling addiction for certain users if they do not practice self-control. Many top Online Casinos have tools and functions to help prevent over-indulgence but users should be careful as well to not get dragged into the allure of instant rewards all the time.
- Pay-Out Problems: One of the major cons of Online Casino is that withdrawal of winnings can take a lot of time. For some Online Casinos, the payout time can take up to 3 days. However, there are options to reduce this waiting period by opting for e-wallets while making deposits and withdrawals.