The least said about 2020, the better since it hasn’t been a good year for most people or brick and mortar businesses. The previous year has seen gambling revenue nosedive globally due to the pandemic. According to analysts, gambling has been one of the hardest-hit sectors, along with the aviation, hospitality and automotive sectors. However, according to new data, online gambling revenue has been relatively unscathed, and in some instances, even prospered. Over half the world’s population participates in betting of some sort or other every year. Many have turned to online betting sites as an alternative, which means a clear monetary advantage for internet gambling sites.
Gambling Revenues for 2020
The global games market has generated $160 billion in 2020, a healthy year-on-year growth rate of 9.3%. It comes as no surprise considering lockdowns, restrictions and limitations to public gatherings. The ones that did remain open have had to deal with reduced attendances and inflating costs. Online gambling managed to reach 20% of total gambling revenue in 2020. The caveat is that it isn’t widely available in all regions and markets worldwide. In the USA, where many states disallow the practice, punters have been turning to offshore sites in more significant numbers. The online sports betting offshore market in the USA is estimated at $17bn in 2020! Nevertheless, there is room for expansion in the lucrative US gambling market.
Governments look to Increase Revenue
With governments worldwide looking to fill the hole in public finances with alternative forms of revenue while supporting the land-based gambling industry, more countries and states are considering legalizing online gambling. For instance, the Canadian government has opened up online gambling in provinces where land casinos operate, and some states in the USA are considering doing the same. It could mean a flurry of legislation in many regions and conditions in 2021. Governments can cash in on upfront license fees, boost tax revenues and assist land casinos that have badly impacted, so they will eventually return to normal in 2022. Online casinos offer a more significant revenue opportunity than sports betting, although the two can work well in tandem. In the USA, online casino legalization could catchup with sports betting to generate around $10 billion by 2030, up from $1 billion in 2020!
Cryptocurrencies to Dominate Online Gambling
Cryptocurrencies will dominate the gambling industry, with many online platforms accepting cryptos. Many enjoy and prefer the transactions for deposits and withdrawals in Bitcoin and other digital currencies because of security and anonymity. Regular payments will continue as an option for gambling sites. Nevertheless, cryptocurrencies are slowly replacing older methods since many prefer being anonymous and untraceable, especially with something as sensitive as gambling. The added security makes users feel secure since identity theft and hacking are minimal. Cryptos have grown into the best option for gambling, and it will continue that way for the foreseeable future.
Access to Restricted Gaming Areas
Croydon brings anonymity to the gambling world, and it is untraceable since users don’t tie in their personal information with a digital currency. That has allowed many players worldwide to access and play online gambling games in localities that were initially restricted. In places where land casinos aren’t available, there has been a rise in online gambling sites due to the protection afforded by cryptocurrencies. Many countries with strict regulations see a rapid increase in online gambling that accept cryptocurrencies as a payment method. Such sites allow players to peruse and enjoy gambling at online casinos that accept cryptos and Bitcoin. The growth in demand will keep increasing over the next few years as online casinos grow more confident, pushing for expansion in such areas. Tapping that underserved market is a primary concern since the large volumes justify the investment in those markets.
Live Dealers Take Center Stage
Players prefer casinos that have a realistic real live dealer casino. They enjoy the engaging experience of a live dealer, which is the primary reason they started gambling while not having to leave home. That has led to more online casinos are using this information to gain leverage for the benefit of their online sites. For instance, dynamic, lively dealers in games like Blackjack and Baccarat are popular with online casinos. Many land casinos concentrate efforts on providing engaging live dealers on the casino floor. Ever since the casino industry started, players have enjoyed interacting with dealers who possess wit and charm. Something is intriguing about human interaction, making it more tempting to play and stay on the site longer. With highly advanced technology, dealers look real and just as engaging online.
The decline of Land Casinos
Land casinos feel the burn from their online versions and facing a rapid decline with the recent popularity of online gambling venues. Land casinos are mostly in one area, such as Vegas, Atlantic City, or Monte Carlo in Europe. People have to spend more to get to land casinos. Players are opting to save on transport, accommodation and incidental costs. They can channel that into online betting. Online casinos have the edge since they offer better privacy and convenience for players. Furthermore, online casinos offer better and more rich gaming experiences. Some sites have hundreds of games to offer, so players have a fantastic choice.
New Slot Machines with Better Features
As casinos try to attract the younger generation, the industry will continue incorporating slot machines with an element of skill. People want to be engaged and entertained while gambling. If they are get something redundant, they will undoubtedly get bored. That is something you don’t want to happen to players. When they feel bored, they think of leaving the site to find an alternative one. Upgrading slot machines means gaming that feels fresh and new.
New Table Games Options
Games like blackjack, roulette and poker need mastery to play correctly and increase the winning odds. Unfortunately, not everyone has such a skill, so they are on the lookout for new games that are challenging but more comfortable to learn. Casino operators continue to bring new table games to the floor to see which ones become popular. Also, as guests become more familiar with online and social games, they are drawn to the same types of fun on the casino floor, which is why there’s been a marked rise in interactive gaming systems at land casinos.