The Malaysian gambling industry has undergone numerous transformations over the last few years. These changes remain even today and have further evolved to include technological advancements. One of the most significant changes is the growth in the popularity of online gaming. Gone are the days when casino players solely relied on traditional land-based casinos. Today, most casino players have resorted to the internet for entertainment and to make money on the various online gaming platforms. Players have realized that they can play their favorite games online without the inconvenience posed by location constraints.
Today online casinos account for about 70% of the revenue generated by the online gambling sector. But what has influenced this extraordinary growth? Although some gaming sites offer incentives such as welcome bonuses, that is just the tip of the iceberg.
The following factors have led to the growth of the Malaysian online gaming industry:
1. Blockchain Technology
Numerous online gaming platforms are beginning to accept cryptocurrency as a payment mode. Incorporating this technology into online betting enhances the anonymity and security of players. Since technology is constantly evolving, it will be interesting to see what impact cryptocurrency will have on online gaming in the future.
Blockchain is convenient as it removes the need for intermediary requirements such as verification and authentication of transactions. It also makes online gaming more accessible and improves transparency. Apart from advancing the sector, blockchain can increase the level of trust.
The revolution brought about by blockchain technology has been embraced by key players in the industry.
Several top online casinos available on Jackpotslayer have already embraced payment in Cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin. However, the adoption of blockchain technology in the industry has been slow.
Although cryptocurrency has many benefits, it is still in its infancy. Therefore, players and other stakeholders in the gambling industry are unaware of its advantages. Since blockchain technology requires a network to work efficiently, the sector needs to educate gamers about it.
2. Convenience
The growth of online gaming across Malaysia can be attributed mainly to the ease of use provided by mobile devices. Apart from crypto, most online gaming platforms now accept main credit and debit cards, e-wallets including PayPal and Neteller, and electronic funds transfers. Online gambling is finding a foothold in Malaysia, and the availability of these services can only improve the rate of this growth.
The lengthy lockdowns brought about by the coronavirus pandemic led to the adoption of work-from-home policies and the closure of traditional land-based gaming establishments. This significantly boosted the popularity of online casino gaming.
Thanks to the prevalence of mobile devices, the industry’s growth is not expected to slow down any time soon. Players, especially the younger generation, have realized that playing games on their devices is more functional.
Also, mobile casino games offer more portability and flexibility than you can find in traditional offline games. With online gaming, you can play your favorite games with family and friends without the inconvenience posed by location constraints.
3. Easy Access to Reliable Internet Connection
Today, you can easily access a stable internet connection in all parts of Malaysia, including in rural and suburban areas. Also, in most places, the internet is cheap due to the presence of numerous service providers in the telecommunication sector. This has led to a significant rise in the traffic on online gaming and betting platforms.
With a reliable internet connection, you can access live online casino games without leaving the comfort of your home. Online gaming platforms are using this information to gain leverage for their platforms.
For instance, they are now providing round the clock services to their customers and improving their customer care services. They are also improving user experience by updating their games to ensure they don’t lag and enhancing their graphics.
The introduction of better networks such as 4G and 5G networks has led to more significant investments in the industry to attract younger players.
4. Improved Marketing Strategies
Proper marketing strategies play a crucial role in sustaining the growth of any industry. In an industry where competition is stiff, marketing your venture sets it apart from its competitors and helps it stay ahead of the curve. This is no different when it comes to online gaming in Malaysia.
Almost all online casinos are doing everything possible to attract new players to their platforms. They have executed these strategies correctly, leading to major wins for the online gaming sector.
One such strategy entails tracking player preferences and building an email database. The online casino service providers understand that they can connect with their customers through an email newsletter. However, they need to collect the email addresses of their target market first.
One way of collecting this data is by asking visitors on their sites to sign up for a newsletter or asking them to key in their personal information in pop-ups. Also, location-based marketing strategies in Malaysia ensure that these online casinos target potential players while avoiding competition with nearby casinos.
5. Changing Consumer Gambling Habits
The global online gambling industry has experienced significant changes in consumer habits. The growth in popularity of gaming applications and social gambling are some of the main factors fueling the growth of online gaming in Malaysia.
Most online casinos are leveraging the high number of internet users and prevalence of mobile devices to develop games optimized for social gambling. The number of players engaging in social betting is growing as they find competing against friends exciting. Social gaming also enables socializing and interactions through game tournaments and great gameplay.
Also, the increasing incorporation of the Free-to-play (F2P) model of social gambling in Malaysia is currently driving the growth of the online gaming sector. However, since this model does require you to pay a participation fee, it does not generate revenue directly for the online casinos.
Instead, you only pay for the virtual goods that you purchase to gain access to the advanced features of the game or gain an advantage over your competitors.
