The impact of online games on the digital economy

It could be a game of bingo while waiting for the next bus. Or it could be settling down on the couch for a major session with a major online role-playing game.

No matter what kind of digital gaming appeals to you, you’re part of the great revolution in online experiences. Thanks to top operators like 888 ladies bingo and many more, there is now a whole world of games available to us anytime, anywhere.

Literally millions of games are available, from ludo to poker or from Temple Run to Minecraft. Players can range from kids to retirees, as all genders, ages, and backgrounds are welcome to play in this new online world.

The unprecedented rise of online games also has profound social consequences. Many gamers now socialize online, belong to internet communities, and mingle with other gamers in a distant world.

The digital revolution is also creating an important source of jobs and investment. It has created a major multinational industry, adding a major element to the growing new global digital economy.

This is why future generations will remember this period with wonder. Still don’t understand?

Well, think about how quickly our gaming life has changed. Over the last generation, the changes have gone like this:

  • In the 1950s and 60s, families played together in front of the living room fire.

  • Then, in the 70s, rebellious teenagers started finding their own board games to play in dark rooms, like Dungeons and Dragons or Risk.

  • The first electronic devices introduced games that we had never seen before. They included pub and arcade classics like Pacman or Space Invaders.

  • Even a very basic electronic game like table tennis with moving bats and a bouncing “ball” sounded incredibly exciting and sophisticated. So when a more complex digital game like Space Invaders came along, it was just mind-blowing for this generation.

  • However, it wasn’t long before games like this were available on portable devices like Nintendos. People could now play amazing digital games on the go – and those games were available anytime, anywhere.

  • Technology was accelerating now. Next came the console era, with ever-evolving digital gaming platforms offered to home gamers.

  • The digital revolution was now well under way. Families have played the Wii together, others have found ways to get basic games on their basic cell phones.

  • The next step was to bring the most advanced gaming technology to the screens of our portable devices such as phones, tablets and laptops. When huge swaths of the population started searching for Pokemon characters with their phones or creating fantasy worlds on their tablets with Minecraft, it seemed like the golden age of mobile gaming had arrived.

  • But wait a moment… Then there were the online casinos. With great designs, brilliant games, and slick operations, it was perhaps no surprise that internet gaming was destined to take over the planet.

This incredible digital revolution has had a huge economic effect. Online casinos and gaming operators are now at the heart of a massive multi-billion dollar global industry.

And that of course had many unexpected spin-offs. For example, in America, many casinos are owned by Native Americans.

The huge profits that are now being generated are making some tribes very wealthy. These previously marginalized and poverty-stricken groups benefit immensely from the latest digital economy.

Some tribes have been transformed by the digital manna. It is likely to continue.

Meanwhile, in Europe, many governments have started to realize the enormous benefits that can come from the large sums generated by online gambling. Tax payments from the digital economy are now an important part of many large public spending programs.

At first rather uncertain about the digital economy, the European financial establishment quickly realizes that there are major advantages to be discovered. The gambling industry should continue to grow at a rapid pace – and the taxes generated should also increase.

Also think about the side effects of the success of these successful online business ventures. They spend massive sums on things like software development, online security, and game design.

Universities have even started offering courses to train game developers. Meanwhile, across the globe, financial investors are always on the lookout for the next exciting new game idea to invest some money in.

Free Man in red long sleeve shirt Stock Photo

Each online casino pays for the domains that host their huge traffic and licensing fees to all the different regulatory bodies required. More and more gaming operators are opening up, each offering new financial, IT and administrative jobs behind the scenes.

And perhaps the most exciting factor is that this digital revolution in gaming has only just begun. Economic experts predict the boom is set to continue.

And how will exciting developments in AI and virtual reality impact digital games? How will handheld gaming be boosted by driverless transportation in the future?

New technology will surely fuel the new digital boom. The future therefore looks extremely bright for all forms of digital games.

Look at where the game was just 50 years ago. There has certainly been a revolution in the last 50 years – but don’t bet against the continuation of the revolution for the next 50 years as well.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.

About Dorie Castro

Check Also

Paul Hastings’ Dayanim to lead Orrick’s new play practice (1)

Orrick, Herrington & Sutcliffe enlists Benham Dayanim, partner of Paul Hastings, to create and lead …