Why Does the Online Slots Industry Continue to Grow?

The online slots industry is the fastest growing segement of the gaming industry. The slots machines’ new technologies and advances are attracting a growing number of players worldwide. Social networks and video game designers are trying to replicate the success of the slot machines with various degrees of success.

Industry Analysis

Industry analysis forecasts that, at more than 5.2% CAGR, the size of the slot machine market will reach $4450 million by 2024. That’s up from $3230 million in 2019 for a CAGR growth of 5.5%. Such a trajectory over five years means a healthy immediate future for casinos, game designers and support systems.

Analysts say that the slot machine industry is a relatively concentrated industry where manufacturers range from small, privately owned companies to large multinational corporations. The top five producers account for about 70% of the revenue market.

North America remains the biggest market for slot machines, taking 41.56% of the market. Europe has 19.52% of the consumption market and Japan accounts of 9.21% of the global total industry.

Slot machines are simple machines that require no skill, decision-making techniques or ability. So what’s fueling their growth?

Here are some of the reasons that gamers prefer slots.

Interactive

The quality of development has caused increased interactivity in online slot games. The biggest game designers are investing enormously to improve the user experience and gameplay of online slots and players are responding with more online casino visitors choosing to play slots every year.

Return to Player

The Return to Player (RTP) in online slots tends to be higher than the RTP for the land-based slots machines. Brick-and-mortar slots have a RTP of between 90% and 92% whereas the RTP of online slots is over 96%. Gamers are becoming increasingly sophisticated at identifying these discrepancies and are aware that online games give them more for their money.

Simple

Unlike other casino games, it’s relatively easy to learn how to play slots. There’s no prior experience or skill required so anyone can play and win. In fact, veteran slots players and newbies have the same opportunities to succeed when playing slots. There’s no learning curve – it takes about 5 minutes to learn how to play and after that, the gamer is off and running.

Gameplay

Online slot games operate with a Random Number Generator (RNG). That way, the outcome of every spin is unpredictable. Gameplay is random so winning or losing is not due to any outside influences. This gives players a fair and safe game. Players are also given bonus rounds which can retrigger for an overall atmosphere of genuine land-based casino entertainment while playing online.

Cost Efficient

Many slots enthusiasts do the math before they sign into start playing. Playing at a brick and mortar casino involves travel expenses, food, drinks and other miscellaneous costs. Online slots players make the decision to save those funds and use them directly on the machines which, they see as giving them a cost-efficient gambling opportunity.

More Games

There are more slot machines at Springbok casino than there are at a land-based casino. The games offer quality gameplay for players at all levels of experience and at all betting levels. At a land-based casino, the casino’s slot room is limited to its physical allocated space. So even a large casino that has several dozen games can’t compare with an online casino that can offer hundreds of games which are all available on the gaming screen.

Betting Options

The benefit of online slots over card games such as poker and blackjack and other table games is that the player has more freedom regarding how s/he wants to place his/her initial bet.

Though players can wager the maximum amount and activate every pay line on a game, there’s no requirement to do so. For many of the slot games, the player can make a small bet of a single credit and activate as few as one pay line. Or, the bet can include any of the combinations in-between which give the player an almost endless list of betting options. This is particularly true on the more advanced video slots that have dozens of pay lines. The player can also adjust the total number of coins and the coin amount on each line to ensure that there are suitable options for everyone.

Safe and Fair Gameplay

As noted, today’s slots operate with a random number generator. The “RNG” makes the outcome of any spin unpredictable, so the result is totally random and there’s no outside influence as to which symbols will land on which reels. Every player has a balanced shot at winning. Online slots players are guaranteed safe and fair gameplay.

Progressive Jackpots

Game designers can modify an online slots to include a wide range of bonus games and extra features. These combine to creates a more exciting gaming experience. One of the most popular of these features are progressive jackpots. Progressive jackpots give players the opportunity to win an extra jackpot prize on top of the regular machine payouts.

In a jackpot game, when a player lands on the correct activated payline, the built-in combination in a progressive slots pays out a jackpot prize. The progressive jackpots are “progressive,” meaning that they increase in value over time. Most table and card games are not compatible with this type of feature but slot machines are, which is why so many people like to play slots online.