An Insight in the Gambling Industry in 2021
By Space Coast Daily // July 20, 2021
We know what happened in 2020. The pandemic brought the world to its knees, and millions of people lost their jobs. 2021 looks more promising but to what extent?
Today, let us take a look at projections and how experts are expecting the gambling industry to grow from this year onwards.
The market for online gambling on a global scale is expected to grow to $72 billion in 2021. In 2020, the global revenue of the gambling industry was at $64 billion, and that performance takes into account the havoc of the pandemic.
The projected compounded annual growth rate is 12.3%. This projection is based on the fact that many companies are expected to resume operations this year. Despite all efforts, the world is still far from fully curbing the virus. As such, a new norm has emerged. The availability of vaccines also provides protection and lessens the fear of the pandemic’s spread.
With special measures that humanity is taking, such as social distancing and remote working environments, the gambling industry will see a resurgence. At a CAGR of 12%, the expected market revenue is $112 billion by 2025.
Remote Gaming Is the Future
Pandemic or not, remote gaming is becoming the go-to entertainment module of gamers. Physical casinos are tedious in the sense that you have to dress up, travel pay for a hotel room, and so much more.
Online casinos are accessible, and there are thousands of games that a player can choose from. From slot machines to various forms of table games, online casinos have it all. At best, a player can access free slots online if he wants to. These slots are demos, and there is no need to register for an account, let alone provide financial information.
The same thing goes for sports—there is no need to visit a kiosk to place bets. Live bets are also a common offering at online sports betting sites, and this convenience is what puts online gambling facilities in a good position to dominate the market.
Another thing that makes online casinos the preferred choice is cryptocurrency. It is much easier to deal in this manner than traditional banking. Many banks do not allow gambling transactions, so players cannot use their credit cards either in a physical or online casino.
However, between online and physical casinos, only the former has the option for cryptocurrency funding. New blockchain technologies make transactions faster and easier than typical funding options.
What Is in Store for Online Casinos in 2021 and the Future?
As early as now, plans are in development to advance the offerings of the online gambling industry. From VR gears to the internet of things, there certainly are new projects that will take the industry to new heights.
More Game Options
There are thousands of game development companies in the world. One day, a group is bound to create a game that we have never seen before. It is inevitable.
As online casinos thrive and become part of the socio-economic state of any society, there will be demands for more games. Right now, there are tens of thousands of online slot machines in the world. Many variants exist, but this is not going to be enough to satiate players.
Live games will also become a staple in the industry. As new technologies emerge, we will also see new games that provide a different level of user experience.
Better Banking Choices
Although banks rarely participate in casino-related transactions, new payment processors are emerging every year. There was a time when people could only use Skrill and Neteller for online gambling, but then this has changed.
Today, there are new companies that exist for this very purpose—make it possible for people to move funds from bank to casino and vice versa. Add to this the existence of cryptocurrency, and what you get is a smorgasbord of financing options. Today, many online casinos only accept either ETH or Bitcoin.
There are dozens upon dozens of alt coins out there, and we are expecting casinos to make inclusive decisions to attract more players.
Rewards systems are not new. However, people expect better rewards that will be worth their time. For one, most bonus systems are not at par with what players expect. Many casinos do not allow you to withdraw bonuses and what you won from them.
A new trend is emerging, though. Today, many casinos give money to loyal users and those who have just registered. This free money is not withdrawable, but you can withdraw your winnings from it without having to meet wagering requirements.
Lastly, mobile gaming is going to be the battlefield of the gambling industry. As the mobile industry penetrates the market, there is more opportunity to get a mobile user onboard the casino mania.
As such, we expect casinos to create more apps that are easily accessible. In the future, they may even strike a deal with Android and iOS to approve casino apps under strict regulations.
The world is changing. What used to be an activity that people frowned upon is now acceptable behaviour. Gambling, after all, is nothing more than entertainment. Several nations have already come to terms that gambling is a much-required business to boost their economies.