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How the Pandemic Impacted the Economic Growth of Online Casinos

  • Written by NewsCo

Since its launching in the late 90s, online casinos have caused rapid and unstoppable growth to the gambling industry.

The online gambling market has grown to $58.9 billion in 2019 and $66.7 billion in 2020, a 13.2% jump. The COVID 19 is one of the major reasons for the increase, where most populations are staying at home due to lockdowns. It gives many people some free time to play paid and free games that include gambling online casino at diverjoe casino. The market is expected to grow 11.6% more in 2023 at $92.9 billion.

The innovation of mobile devices and the internet's development have made online casino games, such as slots, accessible anytime and anywhere for the players who want to gamble. The blockchain and the cryptocurrencies made playing on gambling sites a lot safer, keeping all the personal data private. Moreover, virtual reality has made the gaming experience more fun, entertaining, and appealing.

The impacts of the pandemic

The coronavirus outbreak has made a lot of restrictions on land-based casinos and gambling areas. Moreover, tourism, public transportations, and gatherings, among others, have been restricted, heavily impacting the industry of off-line gambling.

However, this situation has increased the demand for online casinos and other gambling sites worldwide. The adoption of work from home and temporarily closing the colleges have also driven the market's growth.

For instance, Australia has seen a 67% increase in online gambling in April 2020, according to AlphaBeta Australia. Meanwhile, internet-based gambling in Great Britain has jumped 17.5%, as reported by Concordia University. Moreover, the closure of non-essential services during the lockdown due to the pandemic has increased the number of users on mobile gambling.

With that in mind, the pandemic crisis has provided remarkable growth to online casinos. Furthermore, it is expected to rise with a significant CAGR or compound annual growth rate after the pandemic.

The latest trends

Virtual gambling companies like online casinos are significantly investing in the latest technologies to enhance their user experience. AI or artificial intelligence plays a crucial role in providing new functions and features in mobile gambling. Website and application developers are utilizing AI technology, providing a better customer experience.

Combining all the technological advancement and AI aids in analyzing the user's gaming behavior and interest. It can significantly enhance the customer experience by providing game suggestions based on players' interests.

Moreover, AI can also help in finding possible negative patterns and addiction problems through users' behavior. Most developers are using AI to provide preventive measures in managing gambling addiction. For instance, some gambling sites use AI to track their users' digital footprint, detecting problematic gamblers. Features like this can help boost the market growth rate.

Driving factors

The increasing adoption of mobile and digital payments has made deposit procedures easier for online players. Moreover, online payment facilities or sites offer safe and secured transactions, boosting the online gambling industry. Furthermore, the more convenient and simpler payment methods attract more players in the online gambling industry.

The ease of remote payment creates wide opportunities for online players, providing the business with a good cash flow.

For instance, financial companies like MasterCard and Visa offer secured credit and debit payment modes for online casino accounts. Moreover, companies such as Neteller and PayPal offer E-wallet services for online gamblers. Neteller also offers free transactions in 26 currencies. Furthermore, access to secure digital payment platforms fuels the demand for online gambling.

The market for online casinos and other gambling sites is seeing rapid growth in various regions worldwide. Europe is expected to continue dominating the online gambling market for the next five years, while Asia-Pacific holds the records for the fastest growth rate.

The growth of online casinos and gambling is caused by the legalization of online gambling activities, affordable gadgets, and various technological innovations. With this in mind, the online gambling industry shows continuous evolution without any sign of slowing down in the future.

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