The Current Situation with Online Gambling - What’s Next?
As awful as the pandemic is in its nature, it serves as both blessing and a curse.
11:30 17 December 2020
For online establishments, it certainly worked as a big push towards success. We are now nearing the end of 2020, seeing that the online gambling market is on the rise, and many betting companies are doing better than ever, generating insane sums of revenue due to the high demand for online casino entertainment. It’s not hard to understand why the niche is booming, or why there is such a high need for the industry’s presence, but the future of the online gambling market certainly raises some questions. As long as people around the world remain cooped up in their houses, the money will keep flowing in - thus, allowing online operators to keep expanding in size and worth. But what will happen in the upcoming years, once the pandemic loosens its grip, and people around the world will stray from the web to once again, get the taste of freedom outside the daunting four walls? At this moment, we can only predict - but we did come up with a rather reasonable forecast based on current numbers, and existing research.
Let’s touch base with the growth history of online gambling
So far we know that the gambling market is estimated to have a value of 59.9 billion dollars worldwide in 2020. For the past 10 years, the market has been increasing by approximately 28% each financial year globally. Betting companies such as William Hill PLC, and Bet365, Paddy Power Betfair have contributed greatly to the rise in numbers by implementing up to date aspects to online casino gambling.
What made these numbers rise at such speed?
To help you understand why the online gambling industry has been so successful, and why it continues rising, we listed some of the key aspects that resulted in the growth in the niche. Understanding why online gambling is dominating a good chunk of the web will make it easier to predict what the market will look like in the future.
1. Online casinos allowed players to gamble without travel
2. The banking options made available to players made gambling online much easier
3. The mobile optimization for online gambling games drastically raised the demand for mobile-friendly casinos
4. Incorporation of modern 3D graphics attracted many players
5. Available bonuses and VIP Programs online casinos offered a more rewarding gambling experience
6. Betting was made available to those who live in countries with gambling restrictions
7. A much larger variety of gambling games was offered to players online
8. Players were able to play in complete privacy when gambling online
9. Live Casinos eliminated the need for brick and mortar casino gambling
10. Casino apps became available to players
11. The COVID-19 pandemic has resulted in players having more free time to gamble at home
What will happen in the next few years?
One thing we can tell you for sure is that the online gambling market will continue to rise confidently while the pandemic reigns. Experts predict that the yearly growth will keep going up at 11.5% for the next 5-7 years at least. If that’s the case, it means that by 2026, the industry will be worth $160 billion dollars, which is more than double what it is right now. At first, you’d think that the end of the pandemic would rejuvenate the life of land-based casinos once they open back up, and players will slowly lose interest in being cooped up in the house. However, the numbers did not just appear from thin air, and financial experts made these predictions based on some convincing points…
Gambling with digital coins may become the backbone of the online gambling industry, even after the pandemic ceases to keep gambling facilities closed. Since 2015, players have made bets in over 5 billion dollars in online casinos all around the world. The perk of cryptocurrency is that your winnings can increase once they’re back in your e-wallet, and your initial withdrawal holds a great potential of growing in a rather quick period of time. Unless brick and mortar casinos catch on, and figure out a way to allow gamblers to make deposits via crypto - online gambling will continue dominating this virtual finance entanglement. And of course, the more crypto coins keep rising in value, the more demand there will be for affiliated casino sites.
Virtual reality casinos are the future, and that’s an unarguable point. We already see the instant progress of VR video games across the globe, and we have no doubt that incorporating this high-tech creation into casino sites will not only keep the existing players involved, but it will also draw in the attention of many other consumers who haven’t even considered gambling before. Some casino lovers will stick to land-based facilities due to the atmosphere and the physical aspects it presents. However, if these details are implemented into a VR version of an online casino, it almost eliminates the need to leave the house - as our modern technology can recreate such things to the T.
Mobile casinos will always be on high demand, especially if gambling sites continue showering players with various bonuses and ongoing promotions. It’s much easier to gamble on the go, and continue betting when traveling when doing so via smartphone devices. It’s comfortable, convenient, and it allows gamblers to continue their streak after completing a deposit.
Therefore, it seems like online gambling isn't going anywhere at all for a while, and the advancement in technology will only make casino sites more appealing, and lure more clients in. It’s very possible that the market for the industry will double in its value in the next several years, making it skyrocket from 59 to 127 billion in just seven years.
However, these are all but predictions, and it’s not easy to make confident statements, when we couldn’t even foresee the current national emergency. The aftermath of the pandemic could go one way or another in terms of the online gambling niche.
So now, it’s best to just keep an eye on the stocks, as well as the quarterly revenue for online gambling companies if you’d like to keep up. It would also help to look out for new releases in gaming technology (such as Ocular VR, and gambling software providers). The good thing is that this market is not quite as volatile as some other industries that can have it all, and be left with dry bones the next day.
The future of the online gambling industry is looking rather bright. If you are involved in the niche, this is a wonderful time to make some investments, and give yourself a nice push towards further involvement in the business. For those who are simply there to play, make sure to keep yourself in check when it comes to gambling activities. The impact of online gambling could be severe on several important aspects of your life, and it's much easier to lose balance than you may think. So long as you are mindful of your actions and expenses, you will be okay. And to make your online casino experience even more fruitful, we suggest you look to Casinority.com for guidance, as well as online casino reviews on the web.