Business Daily Media

How the Pandemic Impacted the Economic Growth of Online Casinos

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.

Business Daily Media Business Development

Turning resolutions into short-term survival and long-term growth tactics

Few Australian industries have been harder hit by the pandemic than hospitality. After two years of lockdowns, social distancing restrictions, staff shortages and supply chain woes, 2022...

Paul Hadida, General Manager, APAC at SevenRooms - avatar Paul Hadida, General Manager, APAC at SevenRooms

The ‘baby bust’ is set to kick-off an AI-boom

The Australian workforce is set to see almost an entire generation retire within the next 15 years. Firstlinks predicts that there will be more baby boomers exiting the workforce than 15-y...

Andy Mellor Regional Vice President of Australia at Kofax. - avatar Andy Mellor Regional Vice President of Australia at Kofax.

How Microsoft's Activision Blizzard takeover will drive metaverse gaming into the mass market

Ready Player 1,000,000,0001?Sergey NivensMicrosoft was positioning itself as one of the pioneers of the metaverse even before its US$75 billion deal to buy online gaming giant Activision Bli...

Theo Tzanidis, Senior Lecturer in Digital Marketing, University of the West of Scotland - avatar Theo Tzanidis, Senior Lecturer in Digital Marketing, University of the West of Scotland

Some of the super-rich want to pay more tax – but society cannot afford to depend on them

Shutterstock/PilgujDemands for the super wealthy to pay more taxes are not new. But they don’t usually come from billionaires or millionaires.Yet on January 19 2022, around 100 of the ...

Peter Bloom, Professor of Management, University of Essex - avatar Peter Bloom, Professor of Management, University of Essex

A killer app for the metaverse? Fill it with AI avatars of ourselves – so we don't need to go there

Ready avatar one?Athitat ShinagowinBig numbers coming. Microsoft’s US$75 billion (£55 billion) acquisition of Activision Blizzard has landed – true to Call of Duty vernacul...

Alex Connock, Fellow at Said Business School, University of Oxford, University of Oxford - avatar Alex Connock, Fellow at Said Business School, University of Oxford, University of Oxford

Labelling Equipment; Prayers Have Been Heard and, Answered

If you are an instrumental part of a management team for a business that now requires labels for their products or goods, then traditionally you’d have had one of three choices, if the...

Business Daily Media - avatar Business Daily Media

Content & Technology Connecting Global Audiences

More Information - Less Opinion