A recent report from Statista has shown that the world of online gambling is set to increase in size by the year 2024 to $94.4 billion, compared to the $45.8 billion it was back in 2017, meaning it will double in size in just a few years.
While the increase was expected due to the technological advancements in recent years, especially that of mobile and apps, the gambling industry is ready to face some headwinds that could see the big operators get a bigger share of the market and the smaller ones take a substantial hit. Here are three of the most significant changes.
No More Credit Cards to Fund Gambling Accounts
One of the biggest changes to ever come into effect within the world of gambling is that players will no longer be able to fund their bingo and casino accounts using their credit cards. If you take into consideration that over 50% of deposits are done using this payment method, then it should be interesting to see what the side effects will be of this new regulation.
This change is set to come into effect in April 2020, and while an article that was published by the owner of BingoFind.com less than a year ago indicated that it will be business as usual for most operators, there’s a feeling that some smaller businesses will take a considerable blow.
Where Have All the No Deposit Bingo Sites Gone?
Another change that was enforced by the gambling authorities in order to prevent minors from accessing gambling sites had a huge impact on the online bingo scene. It wasn’t that long ago that you were able to access no deposit bingo sites in the hundreds that used to offer their patrons a free bonus.
In other words, all you had to do was to register an account, in many cases earlier in the days you didn’t even have to verify that account, and that account was credited with a free bonus so you could try their games.
The Cozy Games network used some healthy bonuses and so did the Mandalay operated websites that are now owned by a different company. In the case of the former, a number of those sites are no longer in operation, as this method was their primary way of attracting new players. Once this bonus was abolished, also due to the abuse from bonus hunters, it was impossible for them to compete in an ever-competitive landscape.
Today, anything that’s free, whether its free spins or bonuses, patrons must verify their account, as per the new regulations, so they can prove they are over 18 years of age. Additionally, all freebies are attached to a deposit and higher wagering requirements. When it comes to bonuses, the no strings attached motto does not exist.
The Ban of Animated Characters
This ban came into effect about a year ago and it was put in place so gambling companies would stop attracting people under the age of 18 inadvertently. So, all companies that used to have a mascot on their website, and they were many, had to remove them, while banners that showcased slot games with fairies and other cartoonish characters had to be replaced. These images are now only available once a client has registered an account and has their account approved, meaning they are not minors and can go ahead and gamble. This was not a massive change, but it was one of the first ones taken from the Committees of Advertising Practices to safeguard minors from exposing them to gambling.
