Before telling information directly about the Australian market, we at Golden Reels Casino want to talk about the market situation in general. According to studies, online gambling will significantly increase the size of its market in 2022. This figure will grow from $73.42 billion in 2021, to $81.08 billion by 2022. Thus, the growth in just one year will be 10.4%. Scientists say that by 2026, the market will be worth 115 billion.
These figures are counted from the revenues that the industry receives from any actions made by players on the Internet. This includes not only slot machines, but also Live casinos and betting shops that offer sports betting.
According to the same study, it was the Asia-Pacific region that accounted for the largest market share and continues to lead the growth rate.
The future of online casinos in Australia
As you can see from the numbers above, the love of Australians for gambling is not an exaggeration, but a real fact. The entire gambling market in Australia is at its peak. At the same time it continues to show one of the best growth. According to statistics, it grew from $1 million to $2.3 billion between 1998 and 2017. By 2027, that number is expected to be 4.5 billion. Such great popularity has led to the creation of many regulations and laws that control the operation of online casinos in the country, guaranteeing the safety of players and controlling fair and legal play. Such laws do not prohibit gaming and do not prevent banks, financial institutions and other companies from cooperating with casinos, so players will have no problem accessing their favorite gambling houses. The only rule that applies to them is the need to be at least 18 years old.
Regulation and the law
The Interactive Gambling Act of 2003 is the primary instrument that controls Australian and foreign online casinos. The country also has the Lotteries and Gambling Control Act, which also has a number of requirements, regulations and standards. Both of these laws protect players from unscrupulous casinos that refuse to pay out winnings or transfer money through illegal criminal channels.
Australian online gambling sites are regulated by the Interactive Gambling Act (Dover) 2003 and the Lotteries and Gambling Control Act 1992. This means that players are protected from unfair practices and payouts that are made through legitimate channels.
Every online casino that operates in the country is required to obtain a local AUSTRAC license. After receiving the application, a special commission will check the honesty of the casino, checking the compliance with a number of conditions specified by the state consumer oversight body. Software providers, that is, those companies that create games and casino platforms, are required to obtain a license from the National Audit Office ANAO.
Market expansion in Australia
Australia currently has 10% of all Internet users. Among them, 100,000 people are registered users at at least one online casino. About 90% of them use their own phones to play, which once again shows how strongly the direction of mobile gaming is developing. At this moment this amount of players is enough to assume a great attention to Australians from online casinos and developers, which leads to the development of the following directions indicated below.
Convenience and accessibility
Players can rest assured that the interface and games will become even easier and even more accessible. No one today wants to wait for a long loading screen, looking for the right button or long to understand the rules of the game. The goal of any developer is to lead a new player by the hand and not make him want to leave the page he opened. Also, casinos will try to get rid of other negative triggers that may cause the player to want to use the services of competitors. Therefore, it's worth expecting that casinos will offer more and more convenient payment systems, expanding the list of e-wallets and cryptocurrencies to transfer money to the player's account. This will eliminate the need to transfer money between different accounts, create wallets only for one casino and wait several days for funds transfer.
With a mobile gaming share of 90% in Australia, casinos are already making it necessary for them to create their own mobile apps. Many casinos continue to offer players a browser-based version using their phone, but it can't compete with a purpose-built program. Any application requires less traffic and works even at low internet speeds. Its interface is set up for any format of device, whether it's a small screen phone or a huge tablet. Also, special features of cell phones allow you to create games with unique game mechanics that would not work properly in a regular browser version.
You can often find negative casino reviews on the internet, which are related to the fact that the gambling house refused to pay out money for one reason or another. However, the more players there are on this market and the larger the volumes of currency passing through it, the more often the controlling authorities pay attention to it. Australia is already preparing a new bill to protect online casino players, so casinos will have less leverage with which to manipulate the legal side of the issue.
Projected revenue streams
It is wrong to believe that online casinos have already become part of Australian culture, but the public does not treat it negatively as they do in European countries. The proper use of gaming as a way of entertainment rather than a source of earning money helps to attract both young and older users to online casinos. Interest in gambling is steadily growing, as the JTI study proves. On average, every Australian citizen spends about $ 1500 a year at the casino, which accordingly attracts more and more software providers to this market, which will be interested in the number of players to continue to grow. Accordingly, they will also supply a better product to achieve this.
The online casino market in Australia is undoubtedly booming, but there is still a long way to go to the top. The country is already nearly overtaking New Zealand, and once Australia's population reaches 40 million, they will statistically become the region's leader. It's more profitable than ever for Australians to start playing casinos now, because they are offered the best products in the world, casinos give out huge bonuses to attract and retain a new audience, and the citizens' green approach to gaming allows them to spend their time both profitably and without negative consequences.