It doesn’t take an expert to notice that the COVID-19 pandemic changed the entire world. No business industry remained unaffected by the virus, although the effects were different. It seems that online gambling was among those fields that increased its profit in these new circumstances.
Why did that happen, and what will be the online gambling market size at the end of 2020? We analyzed the statistics and market situation, and here is what we discovered!
Gambling market before the COVID pandemic
Everything seemed like a fairytale for the global gambling market before the pandemic struck. Land-based and online gaming facilities both had a steady increase in the number of players. They had big things planned, but the COVID-19 outbreak changed those plans.
Land-based gambling properties took the biggest hit in the entire industry. It’s understandable because many had to close their doors for players or restrict the number of visitors per day. You can’t underestimate that potential guests might be afraid of the virus, affecting the frequency and number of visits. Many people who wanted to visit Vegas or Atlantic City had to cancel their trips because the government banned air traffic during the pandemic.
The word “online” played a crucial role in the internet gambling market. You can visit these websites from any location as long as you have a good internet connection. That means you can stay home, which is far safer than heading to a casino.
It’s something that online operators used to their advantage. They adapted to the new circumstances and offered unique benefits to attract players to their platforms. You can check the new Supernova casino review by CasinoHEX to learn about a gaming website’s current features.
As a result, the COVID-19 pandemic affected the online gambling industry for the better. The increased number of players led to more significant revenue, and the estimated market size at the end of 2020 will be $66.7 million. That is a 13% growth compared to $58.9 million in 2019.
Other important things that influenced the gambling market
If you analyze the gambling market, you see that the land-based properties took a significant hit, while online gaming notes huge prosperity. That trend was present even before the pandemic – more players started favorited online gambling than land-based properties.
Why is that the case?
Here are several factors that influenced the gambling market in the last several years:
- Comfort – players love that they don’t have to dress up and walk or drive to the casino. Instead, they can access the desired platform in seconds over the web.
- Convenience – you can access an online casino from any location where the internet is available. That means your favorite website will be accessible wherever you are.
- Technology – thanks to technological progress, online casinos now offer live dealers streamed from actual gaming facilities. You can even try 3D and VR games that make you feel like you are in a land-based gambling property.
The statistics show that the internet gaming market increase is obvious. The industry has shown a steady increase of almost three times in the last decade.
According to experts, the online gaming market size will increase to $92.9 billion by 2023 and $162 billion by 2027. That is a compound annual growth rate of 11.5%. Those estimations showed that the pandemic accelerated the industry’s progress, but only to some extent. Even if there weren’t a pandemic, online gaming would still increase its popularity steadily.
Online casino market changes to expect at the end of 2020
Here is a quick overview of the changes we could see in the online gambling market at the end of the year and in 2021:
- Improved security
- Enhanced mobile gaming support
- More casinos accepting cryptocurrencies
- 4K live gaming, VR and AR games, and other technological innovations
The internet gaming industry takes security seriously. Hackers are finding new ways to collect personal and sensitive information, and they don’t hesitate to use ransomware and other tactics. Fortunately, online casinos usually implement the latest encryptions and security measures. Most of them are well-protected and manage to stay out of trouble with data breaches and other safety issues.
It’s not only that more users are moving to play over the internet, but more players adopt using mobile phones to play casino games. That trend is likely to continue, which is why we will see more websites with dedicated casino apps for Android and iOS. We will also see an improved interface and beginner-friendly layouts that will make players feel comfortable on the platform.
Although the industry already started accepting cryptocurrencies, we need to see them on a bigger number of platforms. That could be an extra income source for online casinos, which is why we believe many will start accepting Bitcoin and other cryptos soon.
Thanks to technology, we expect to see even higher resolutions in live gaming. That means 4K gaming might become a standard soon, and we are looking forward to VR and AR releases.
The pandemic affected the entire gaming industry, but it seems that online gambling came out as a winner in that battle. An increased number of people migrate from land-based facilities to internet providers every day. That should secure steady growth for the industry, which is a win-win situation. The operators will earn more, while players can look forward to new playing options and other exciting features added to online platforms.
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