Since its advent, the internet has changed the way people do business in many significant ways. The gambling industry has particularly reaped big from an ever-increasing demand for web presence. And as coronavirus pandemic remains a thorny issue globally, online gambling businesses have never been more vibrant. The industry keeps expanding every year, earning billions of dollars in its wake. While the outbreak of COVID-19 has breathed more life into the eGaming industry, technology is among the key factors that contribute to the rapid expansion of the sector. Thus, how online gambling businesses will change soon forms our big question.
This post examines the future of the online gambling industry by answering vital questions. For example, will it grow bigger under the prevailing economic circumstances? Which factors will impact the growth of online gambling businesses? Will more countries embrace the eGaming industry, especially as a source of revenue during the pandemic? While expert opinions on the future of the online gambling business are varied, a common denominator is that land-based casinos are becoming less popular. Updated Spin247 casino review is an example of how you can sign-up and play exciting casino games online.
Stats Don’t Lie
Since 2019, the eGaming industry has registered explosive growth. Stats published by Grand View Research show that in 2019, the global market value of the online gambling business surpassed $53 billion. It further states that the industry will keep growing by an 11.5% compound annual growth rate (CAGR) until 2027. As more punters access web-based casinos via smartphones and tablets, the online gambling business can only become more vibrant.
When the coronavirus pandemic peaked, a study in the U.K indicated that at least 43% percent of gamblers registered with online casinos using smart gadgets. While you can attribute it to lockdowns during the pandemic that forced gamblers to play online, online casinos’ growing popularity is equally an important denominator. The significance of the eGaming sector has especially been witnessed during the pandemic. As other sectors struggled to stay afloat, online gambling businesses thrived despite being a tightly regulated sector.
The U.S Online Gambling Sector Will Open up to Investment
Black Poker Friday is still fresh in the memories of veteran gamblers in the U.S. But despite restrictions placed on online gambling in the country, the U.S gambling sector is among the largest in the world. In Africa, South Africa leads in eGaming revenue even though the government outlaws online gambling.
The proliferation of offshore gambling websites into countries that do not have clear cut online gambling laws explains the explosive growth in gambling revenue. More recently, three more U.S states have legalized online gambling, which signals a vibrant future for the sector. America will likely top the eGaming craze charts and even shape policies on the industry’s future.
Blockchain Technology Will Revitalize Gambling Transactions
Blockchain technology is the future of internet security and privacy. It is a breakthrough solution that both governments and the private sector need to secure online transactions and protect the identity of internet users. The technology is fast gaining traction in online gambling. For example, blockchain certification eliminates digital fraud when verifying documents online.
Moreover, several payment processing companies now work with eGaming platforms to process payments using blockchain technology. It is anonymous and secure.
The caveat with blockchain is that it powers major cryptocurrencies such as BTC and LTC. While Elon Musk has approved Bitcoin and other crypto coins, most governments remain jittery about cryptocurrencies. According to Forbes, Elon Musk is currently the wealthiest person in the world. The truth is that more Bitcoin casinos will emerge, creating a paradigm shift from fiat to cryptocurrency gambling. Blockchain technology simplifies transactions, especially for busy professionals who want to save time. Bank deposits to online casino accounts are becoming less popular as the demand for instant transactions surges.
Virtual Reality (VR) Casinos to Become Commonplace
As the world becomes more technology-dependent, virtual reality gains prominence. VR is now widely used in online casinos to give gamblers a more realistic gaming experience. The technology creates a real-life experience for punters who cannot visit land-based casinos. It is especially popular in live-dealer games. Most importantly, the VR experience is best realized with modern casino games.
Virtual reality may not have become widely used in eGaming, but its future in online gambling looks vibrant, especially with 5G internet technology implementation. Moreover, as more people shift to online casinos, virtual reality casinos underscore the future of hi-tech and real-time gaming supported by high-speed internet.
Mobile Gambling to Dominate eGaming Sector
A tech enthusiast would agree that mobile gambling is taking over the online gambling businesses. While web-based casinos may never fade completely, they are slowly taking a backseat as mobile casinos gain prominence. The popularity of mobile casinos is attributed to many technologies. For example, smartphones now make it possible to place bets on casino games from anywhere. Also, play live dealer games on-the-go and feel like being inside a casino house.
High-speed internet connectivity is another technology that powers mobile 3D and 4K gambling experiences. Gamblers can now place bets on live games and watch live results from the comfort of their homes. And as more gambling companies embrace gaming apps, mobile gambling reinforces its place in the future of eGaming. The market rivalry that pits giant smartphone manufacturers against each other further underscores the significance of the smartphone revolution in the gambling industry and other sectors.
The truth is that brick and mortar casinos will not disappear completely because they serve a certain group of players. They will only become less popular. The current generation of gamblers that love instant gaming plays a significant role in shaping up the future of online gambling businesses. Technologies that help redefine the future of eGaming are also fast gaining traction among a generation that loves convenient, instant results and speed. And as the online gambling industry continues to experience rapid growth and expansion, we can only wait to see how the sector will change in the future.