The article was written with the help of an authoritative source onlineslotsx.com – a digital company focused on free online slots and casino bonuses, mainly in Canada and Australia. Ryder Harpur, Senior Content Strategist, with nine years of experience and expertise in the gambling industry, has discussed the iGaming challenges openly in the past and is determined to continue doing so.
Across the globe, 2020 created a major shift in the daily routines of people owing to the Corona Virus pandemic. Various sources indicate that as the pandemic progressed, there was a steady rise in activities such as online gambling due to social distancing, isolation, and overall disruption of routines. As a result, a great number of people found themselves becoming hooked to online gambling as a way of coping with the harsh realities the pandemic had brought forth, as well as to kill boredom.
This sudden interest in online gambling largely contributed to the rapid growth in the online gambling market, as evidenced by the high turnovers and increased profit margins in online casinos. Furthermore, the online gambling market grew due to the closure of physical gambling franchises in line with the Corona Virus safety regulations aimed at curbing the spread of the disease.
New Gambling Platforms
As the effects of the pandemic continued to devastate the world’s economy, gambling franchises sought ways to stay in business with the closure of their physical establishments. As a result, the ones that lacked an online presence were quick to set up online platforms to minimize losses and ensure that their services had a wider reach. The new online platforms would provide users with a fresh gambling experience and introduce them to a wider range of products.
The success that such franchises were able to garner motivated new entries into an already thriving market. Even as most economies suffered as a result of the pandemic, the online gambling market posed lucrative opportunities for new investors, and everyone wanted a piece of the cake.
Consequently, 2020-2021 saw the emergence of new online gaming platforms across the globe, all of which seem to have smiled to the bank as evidenced by the financial reports of the online gambling market in 2020 and the projections for 2021.
Rapid Rise of Mobile Gambling
As the online gambling market continued to thrive in 2020, there was an evident increase in mobile gambling rates as mobile phones were deemed more convenient and accessible for gambling. Online casinos worked tirelessly to improve their mobile users’ user interface and experience, making it more appealing, especially to first-time users.
The gambling companies ensured that their mobile apps were easy to launch on a range of smartphones and tablets by offering fast processing speeds, larger storage, state-of-the-art graphics, and pocket-friendly prices. The websites are also designed to deliver the best experience to mobile users. Further, it was reported that more than 50% of gambling revenue in 2020 was from mobile gambling, and it is projected that the figures will steadily rise in 2021 moving forward.
Improved Overall Gambling Experience
As the gambling companies continued to enjoy profits in 2020, the companies set out to ensure that the online gambling market would be sustainable even after the pandemic was under control. After that, things started going back to normal. In doing so, the companies would promote safe gambling procedures online, as well as advanced features that safeguarded both their interests and those of their users.
One such feature is the introduction of Artificial Intelligence in the gambling experience to create a more personal and customized experience for every player.
Artificial Intelligence has the power to fully analyze a user’s preferences, develop a personalized page, and offer safer gambling tips through interactive chat-bots. It also helps to identify and report potential fraudsters and scammers.
Additionally, gambling companies are keen on incorporating virtual reality into the gambling experience. As of 2021, several gambling franchises are reportedly in the early development stage of launching the feature, which is aimed at giving players access to a more realistic and vivid gambling experience.
Blockchain Betting
In the last couple of years, blockchain went mainstream, and companies around the world even started recognizing blockchain as an accepted currency in exchange for their products and services. Among these companies are gambling franchises, both old and new, that have embraced blockchain. In 2021, blockchain gambling is expected to rise, and there’s a keen interest in how the reception will be, especially where federal governments are concerned about setting gambling regulations.
The advantage of blockchain in gambling, online betting, and the casino world is that it facilitates transparency and accountability in database transactions. When online gambling is facilitated by blockchain, one can trace the money lost into the system. This means that one can easily see and scrutinize how much is earned from their deposit and whether the site is safe for such transactions. The use of blockchain in gambling is expected to rise steadily, as evidenced by the projects in the online gambling sector that are centering all their operations, products, and services on blockchain.
Telegram Gambling
Another feature in the online gambling market projected to rise steadily in 2021 is the Telegram casino. The feature is increasingly becoming a preference among many online gamblers since it is easier to get to the games than through a website. It is also popular for its accessibility, given that Telegram was developed as a mobile messenger, which means that users can access the casino at any time or place without necessarily logging on to the website. Besides, Telegram casinos provide an easier way to control the casino’s components through the backend management system, and as a result, gambling companies are quickly mainstreaming the option.
Social Gaming
Perhaps one of the most important features in online gambling is social gambling, a feature that is also set to experience increased usage in 2021 and the years to follow. This feature allows users to gamble over a social network platform using virtual currency mainly for recreational purposes.
The future of online gambling looks very promising. However, its growth will be largely dependent on federal governments as different countries have different laws and regulations on social gambling. All in all, the online gambling market is set to rise in the coming years both in its clientele and, subsequently, its turnovers.
