2020 is a year that has witnessed a rapid upsurge in the internet gambling market. Much of this is because of Coronavirus. Many people stuck at home and are turning to entertainment outlets and alternative streams of income. This, in addition to many other trends, show that there will be impressive industry growth.
Recent Trends Fueling Growth
The global gambling market will grow by $114.21 billion between the years 2020 and 2024. The industry is growing in size due to development in technology, added convenience, and increased game options.
Every year, the number of players that visit online casinos on mobile devices increases. According to a study by Rub90, the number of gamblers is more popular than ever. The number of users that prefer playing on their smartphone or tablet grew by 117% between 2012 and 2019.
Michelle H. Thomas, an expert in the world of online casinos, praises operators like Casumo Casino because they’ve developed sophisticated mobile apps. These apps feature the most popular slots, table games, and even live casinos.
Those that don’t feature an application have ensured that their sites are optimized for mobile play. As developers focus more on mobile gaming, players can enjoy their favourite titles. They can place bets and play games, whether they’re at home, commuting to work, or anywhere else.
Cryptocurrencies and Blockchain
Another trend with a remarkable impact on the industry is cryptocurrency and blockchain. These digital technologies offer a multitude of benefits for providers and players alike.
Digital coins, like Bitcoin, provide the highest level of transaction security. This enhances player confidence and trust in new platforms.
Crypto also offers users an unprecedented level of anonymity. This is a boon to the online gambling industry. Transactions are also faster and cheaper with cryptocurrencies than traditional currency exchange methods.
An increasing number of virtual casinos now accept cryptocurrency payments. Many new crypto casinos have also come into existence this year. This is because crypto removes so many barriers that had once been in place.
Online gambling operators have also started to embrace cutting edge technology. These impressive new features are attracting new customers. Artificial Intelligence and Virtual Reality are two primarily successful solutions.
AI programs allow online casino providers to develop customized offers through algorithms based on user data. They also enable operators to fight against gambling addiction and potential swindlers.
With these systems, it’s easier to track player activity. Collecting information is useful for designing customer retention campaigns.
Automation also allows for the simplification of client communication. Platforms integrate chatbots, which are helpful for smooth customer service. VR solutions are also welcome technology for online casinos. Some online casino platforms use VR to give players an immersive casino experience.
While they’ve yet to become widespread, VR technologies likely will expand the online gambling customer base.
As more governments loosen regulations around online gambling, the market will grow. Current online gambling regulations in Canada don’t prevent players from gambling online. They can enjoy digital gaming, as long as the casino is licensed in Canada.
There are even a few provinces in the country that have started their online gambling casinos. The Federal Government has yet to pass any legislation about gaming and betting online.
Live casino games are especially popular during this time of quarantine. Those who cannot visit brick and mortar casinos are finding their favourite games online with live dealers. These table games are expected to become more popular.
As this category grows, gaming providers will be able to expand their customer base. They’ll do this by broadening the range of games and the number of languages for broadcasting. When this happens, more players will enter the online betting market.
Gambler Daily Digest predicts that the online gambling industry will be worth $94 billion by 2024. 61% of the revenue will come from online bets placed through mobile devices.
Players in Canada can place bets through casinos based in foreign countries. They can also get past many restrictions placed by regional banks. This is possible by paying for games and placing wagers with crypto, or credit/debit cards.
Another interesting factor to consider is the gender of gambling. Many studies state that women who gamble prefer to do so in private. Online casinos in 2020 offer anonymity, as does crypto.
People can now enjoy betting online from the comfort of their homes. They’ll also have privacy while playing their favourite slots, table games, video poker, and more.
The fact that people around the world are stuck in their homes during the COVID-19 lockdown isn’t great. That said, the online gambling industry is growing at unprecedented rates.
Online casinos offer convenience and comfort for gambling enthusiasts. Many trends have set up the online gambling market for impressive growth in 2020.