To say that 2020 was a good year for the online casino industry is an understatement. In reality, the sector was one of the fastest-growing and most profitable in the world, beating some of the biggest brands in the world in terms of revenues generated. As a result, the projections for 2021 and beyond are very healthy. Indeed, the compound annual growth revenue for the US market is estimated to reach 14.78% in the next five years.
This is a healthy increase, even for an industry that has been incredibly profitable for a consistent period. However, figures such as these can lead to awkward questions. Will the sector build on its platform? There are no guarantees, yet here are the reasons why many people believe the answer to be a definitive “yes”.
Not Teching Liberties
Online casinos have managed to carve out a lucrative lane by investing heavily in technology. A prime example is their push to mobile platforms. By leveraging apps, remote wagering establishments can ensure their products and services are more accessible than ever. As a result, a study by the UK Gambling Commission found that 44% of online gamblers had reported gambling on mobile in 2019. This is an increase of 21% since 2015.
But online casinos don’t rest on their laurels. Currently, there is a move to implement the latest tech releases to enhance the customer experience. For instance, virtual and augmented reality headsets allow players to feel as if they are in a land-based, traditional establishment. Another modern feature is the live casino online software that is operated by dealers and croupiers in real-time, improving the experience even more.
With technological advances, from live casino programs to VR and AR headsets and 5G mobile connections, only getting better, the future is bright for both the platforms and their users.
A Sporting Chance
There is another powerful reason why online casinos stand to build on their recent success – the rise of eSports. The link between the two industries is difficult to ignore, especially as gaming monetization becomes more popular among developers, and it’s down to something known as “loot boxes”.
Loot boxes are mechanisms that let users spend money within a game. According to research, they are prevalent to the point that 46% of players have purchased them at some point. This led to UK consumers spending over $1 billion on mobile gaming in 2019. The connection between eSports, online casinos, and gambling is evident, and as these markets flourish – the gaming sector will be worth $160 billion by 2022.
Unraveling Cryptos’ Mysteries
Cryptocurrencies might be foreign to most industries, but this isn’t true of the remote gambling scene. Allowing deposits and payments in Bitcoin, for example, is something the sector has done in the recent past. It has paid off big time because people who wager love the anonymity it provides, as well as the diverse resources it offers.
This is best seen with professional poker players. The pros are boosting their winnings by asking casinos to pay out in cryptocurrency as it’s a solid investment with surging stock prices. Because of this, some organizations are paying 90%–95% of winnings in Bitcoin.
The success of the online casino industry is built on innovation. Therefore, the market will continue to expand in the future.