During the coronavirus lockdown in 2020, online gambling experienced a global surge. Traditional sports and gaming venues around the world have been forced to close their doors. As a result, the Internet has increased this market share. The upward trend seems to continue thanks to technological advances, a paradigm shift in the implementation of virtual environments and a wider variety of casino, poker and sports betting sites.
The global market continues to grow as more jurisdictions regulate online casinos for additional tax revenue. Many players contributed to this change in behavior as they had to bring their business online during the lockdown. Remains question whether the growth of online gambling will continue as the pandemic slows down .
Main news
- Legalized online betting can help generate tax revenue in countries affected by the pandemic.
- Crypto payments are gaining popularity and may overshadow traditional banking methods.
- The industry is constantly evolving under the influence technological and socio-economic factors .
Online Casino Gambling Outbreak in 2020
Some industries have experienced a huge strain following extensive lockdowns and social distancing to curb the spread of the coronavirus. but during this period, the gambling industry experienced a dramatic growth players despite the closure of conventional casinos, bars, bingo halls, racetracks and more.
The explosive growth of the industry was the result of players preferring to play at online casinos that remained open during this time. This is not surprising as studies show that in most countries, mobile users make up about 80% of all users of the online gambling industry.
Research also shows that the global online gambling market will grow with $64.13 billion in 2020 before $72.02 billion in 2021 at a compound annual growth rate (CAGR) of 12,3% .
Will the online casino boom continue?
Before the outbreak of the pandemic, the volume of the global online gambling market in 2019 was $53.7 billion , with a steady increase reported since 2016.
Since then, America has also allowed several states to reopen physical casinos after the widespread introduction of the vaccine, which will naturally boost the gambling industry. The question remains; Will players be more inclined to take risks at a casino if they can easily access a real money online casino from home?
Internet adoption will grow significantly thanks to technological progress, rapid urbanization and the spread of the Internet around the world. In addition to these factors, cultural acceptance and legalization of online betting , especially in America, will also greatly accelerate the growth of the market.
Factors that will affect the success of an online casino
The continued success of the global gambling market, both physical and online, depends on several critical factors such as financial technology, product development, and technological advancement. If casinos can leverage these factors effectively, they can successfully stimulate additional market growth and healthy competition.
The main factors that can affect growth are the following:
Cryptocurrency
More online casinos are accepting crypto payments than ever before and this will certainly become the norm. Gambling sites are increasingly making efforts to include more cryptocurrencies such as Bitcoin, Ethereum, and Ripple.
This also bodes well for the players as their transactions are recorded on the blockchain, which removes any trust issues that players may have.
Technology
Online casinos are constantly implementing new technologies to their platforms , with the industry being a pioneer in the use of technology. Virtual reality already proposed, while others are considering using augmented reality .
High internet speeds have paved the way for live casino games broadcast in HD and 4K in professional film studios.
Variety of games
Innovations allow online casino developers to create more wide range of games with optimized animation and graphics . The latest games offer players an exceptional experience and naturally open the way for further improvements.
3D slots used to be a dream come true, but now they are available at several US online casinos.
What to expect from online gambling in the USA
While the pandemic has caused severe financial damage, several industries have flourished during this challenging period. The online casino industry is a prime example a hardy sector that has weathered the storm.
Revenue has grown, more players have signed up, and naturally the competition has intensified, leading to new game development and technology adoption. Forecasts show that the growth of the online gambling industry cannot be stopped because how market penetration is increasing and more and more games are on mobile devices.
Post Will Online Casino Growth Decline After the Pandemic? first appeared in US online casinos.
Source: onlineunitedstatescasinos.com
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