During the pandemic, people have been spending time online more than ever before. Working from home, attending online classes or even communicating with friends and loved ones have moved to the digital space. As non-essential stores and restaurants have been forced to close, people have also moved online for entertainment in unprecedented numbers, whether for online shopping, watching movies or shifting a land-based hobby online.
Online casino growth
While many industries have struggled during the COVID-19 pandemic and will suffer economically for some time, the online casino industry has been thriving as gamblers move from brick-and-mortar venues to a wide variety of online options. And the numbers don’t lie, just between May and June 2020 the online casino industry recorded growth of around 115 per cent, reaching a new highs that dwarf pre-lockdown levels. According to topratedcasinosites.co.uk the number of searches for online casinos has continued to increase as the pandemic continues throughout the year, with more people checking out casinos than previously recorded. Moreover, research shows that in the months of cancelled sporting events, a great number of sports bettors have pivoted to betting at online casinos.
Bonuses and promotions
Almost all online casino sites offer bonuses to encourage players to sign up to a variety of games such as poker, slots, blackjack, roulette and others. In these months of increase in player numbers, casinos have definitely leaned in with more and more generous offers in their aim to entice new players and retain current ones. Bonuses have also played a role in the increase of average player deposits from US$ 95 before the pandemic, to US$ 110 in the months after the lockdown.
Advanced technology
As early adopters of new technologies, online casinos have greatly benefited from the times of social distancing. Various new technologies like Virtual Reality, 3D Animation, live table games, and mobile-friendly gaming are propelling the market outlook in ways that other industries could only dream of during the pandemic.
The mobile betting scene has also taken a huge leap with smartwatch betting. The new trend is undoubtedly a contributing factor in the estimate that the smartwatch industry will reach its global worth of almost US$ 33 billion by 2021.
This enhanced experience paired with the convenience of playing from your own home, has gradually blurred the line between playing online and the real casino feel. The continuous integration of new tech innovations has definitely played a huge role in keeping online casinos in the foreground of the digital services industry.
Will the industry be able to keep this up?
After everything covered so far, it comes as no surprise that the global gambling market will be worth a record US$ 66.7 billion by the end of 2020. Projections also show that the trend will continue with expected numbers reaching US$ 127.3 billion by 2027, registering a CAGR of 11.5 per cent from 2020 to 2027. With impressive numbers like these, the industry is definitely going to catch the eyes of investors, making gambling stocks a hot commodity in 2021.
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