Competition is great for consumers. It lowers prices, sparks innovation, and pushes companies to work harder to earn your business.
However, recently, we heard from William Macmaster, a content editor at Casino.org, with more than 8 years of experience within the online gambling industry. He explained how the increased competition in the iGaming industry is actually hurting rather than helping consumers.
This admission led us down a rabbit hole of research, which has left us firmly in agreement with Macmaster. To find out just why, read on…
Table of contents
The gambling industry: a background
The concept of online gambling has been around for some time, with online poker sites popping up on the internet as early as the 1990s.
It wasn’t however until the mid to late noughties that online gambling as an industry as we know it began to take off.
Much of that early work was done in the United Kingdom, where the New Labour government implemented a legal and regulatory framework that allowed the industry to flourish.
In those early years, online gambling went from strength to strength. Towards the end of that decade, though, something seismic happened – 📱 Steve Jobs and Apple released the very first iPhone. With that began the transition of our lives online.
The start of mobile gambling
Instead of having to log onto social media and gambling sites on laptops and PCs, people could suddenly do so on small, handheld devices that followed them wherever they went. The explosion in popularity of online casino gambling was unprecedented, and revenues began to skyrocket.
At the time of writing, the most recent UK Gambling Commission figures indicate that revenues from online wagering alone in the UK last year exceeded £5 billion.
To say that online gambling is big business would be an understatement, and it’s a similar story elsewhere in the world, particularly in the United States, where recent legalisation has led to a stampede of companies trying to get in on the action.
The oil rush
In the 19th century, oil became known as ‘Black Gold’, such was its value on international markets. When an abundance of it was found in Titusville, Pennsylvania by Edwin Drake, a glut of prospectors not just from all over the USA but all over the world descended on the state.
In their hunt for black gold, many were unscrupulous, underpaying local workers and exploiting the land. Whilst the result of the oil rush was a huge influx of money into the area, the landscape and residents bore the scars for years to come.
How is this related to online casinos, we hear you ask? The same, it appears, is happening in the online gambling industry.
As revenue rises, so does the number of unscrupulous providers seeking to capitalise on the opportunity. Whilst the impacts may not be as devastating as widespread drilling, individuals are suffering.
Promises are not being kept regarding bonuses and offers, withdrawals are being cancelled, and money is being lost. Even in less extreme cases, the sheer level of choice on offer creates a barrier for the average player in finding a good and reliable online casino suited to their needs.
In this environment, what steps can consumers like you take to not only avoid signing up with an unscrupulous provider but also find one that caters perfectly to your needs? Here’s how…
Use a comparison site
When you buy car or home insurance, you will most likely head to a comparison site to make sure you’re getting the best possible deal, so why not do the same when you’re choosing an online casino?
Suppose you’ve been driving for over a decade or have a fairly average house. In that case, chances are you’ll be spending more each year wagering online than you will on your insurance, so it would be foolish not to be careful with that money.
Fortunately, casino comparison sites like casino.org exist that not only independently review online casinos but also provide detailed search tools, allowing you to find providers that cater to your specific needs.
They often look at:
- Game variety
- Bonuses and promotions
- Payment methods
- Licences and regulations
- Software developers
If you want to find a casino that specialises in online slots, has a great record of customer service, and accepts payment in cryptocurrency, then you can find it using the search tools on sites like Roger or casino.org.
In summary
Less is more when it comes to online wagering. Whilst competition was good at first and led to lower prices and better innovations, it is now getting to the point where the market is saturated and consumers are suffering.
To make sure you’re not impacted by this, use a comparison site to make sure you’re spending your money with a safe, reliable, and fun online casino.
