The significance of the online gambling industry has continued to be recognized over the years since it was introduced on the internet. In fact, its remarkable growth is evident in its global market size in recent years. From $44.317 billion in 2019, it was projected to reach $72.02 billion in 2021 and from there is poised to increase at an 11.94% CAGR by 2026 (more of that later).
Given the fact above, there’s no doubt the online casino industry enjoyed a very good market share and is expected to continuously do so. There are a lot of reasons that can explain the phenomenon, one of which is the onset of the global pandemic Covid-19.
The Coronavirus pandemic
As aforementioned, the online casino industry’s global market was valued at $44.317 billion. While it was already anticipated to continuously go up, it rose significantly high during the pandemic when all people around the world were forced to be confined at their homes as the governments’ precautionary measure to stop the spread of the virus.
With people relying on the internet for entertainment, many engaged in various online activities including online gambling. With that, mounting data showed that the online casino’s market spiked at $64.13 in 2020. By the end of 2021, the growth is projected to reach $72.02 billion, with a compound annual growth rate (CAGR) of 12.3%. The market is projected to peak at $112.09 billion by 2025.
Meanwhile, although there are already many land-based casinos allowed to reopen as restrictions are slowly relaxing, a huge population is still expected to continue gambling online, even until the pandemic is over.
Advancement of Online Technologies
Certainly, new technologies have made a great impact on how people live their lives. With the convenience it brings, you won’t see a single household without any sort of technology. That’s the reason why almost every industry already has its online counterparts – from food, shopping, banking, to entertainment industries.
The development of online casinos continues. Before, patrons may still need a computer desktop in order to play online casino games. Now, with just a tap of your smartphone, you can already enjoy a different kind of entertainment as promised by online casino operators. What’s more crazy is that you can now even place bets on your smartwatch!
The accessibility of the internet and online casinos through smartphones drove more people to sign up for various gambling sites. And with more people joining virtual casinos, more iGaming sites popped out.
Increase in iGaming Sites
Any activity involving betting online is considered an iGaming, this includes sports betting and online casinos. With increasing popularity being the fastest growing industry, many operators took interest in it. That’s the reason why even those who don’t have actual land-based casinos turned to operate online to cater to the increasing player turnout.
Endorphina’s CEO Jan Urbanec even credited the continuous rise of slot games providers to the growth of the whole iGaming industry, during his interview with BETANDBEAT.
With many key drivers that put online gambling in a very good light, as well as the increasing user base, an estimate of nearly 3,000 gambling websites that operate today, data from the American Gaming Association (AGA).
Convenience
One significantly unique feature of online casinos is that you can play it whenever you want and wherever you are. If you don’t like dressing up to blend in with casino folks, or if meeting new people isn’t your thing, you’ll definitely enjoy casino games (of course, given that you like playing casino games).
You can play them while sitting on your couch, lying on your bed, or even when you’re just inside your car.
What’s more interesting is that all your transactions are also done online, such as if you place your bet or claim your price. There are actually a lot more features that online casinos offer that it would take a day or two to enumerate one by one.
Privacy
The advantage of not having to meet new people (in addition to the item above) to play casino games may be a huge thing if you’re a private person. Unlike land-based casinos where you’ll be forced to interact with real human dealers and be watched while playing, online casinos can give you the anonymity you want, or perhaps you need.
Being in a controlled environment that you are used to should give you the comfort and concentration you need to win your games.
CONCLUSION
While land-based casinos are still alive and extremely popular, and while many people still prefer to play in person than virtually, there’s no denying that online casinos are getting every opportunity to attract more players to play online or play at their sites. With the momentum they have and the odds in their favor, it’s only a matter of time until they can finally take over the whole gambling industry.
