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The Ins and Outs of Online Gambling in the 2020s
The world of gambling has seen a dramatic shift in the way it approaches potential bettors. Since the pandemic-related lockdowns have started, companies have seemingly moved most of their focus to online banners and ads rather than street banners or even TV commercials.
And, to be fair, it is understandable given the way this decade has started out. Now, taking into consideration this context, bettors are wondering where the online gambling industry will go from here on out. Will it grow to new heights or will it stagnate? Or could it possibly fall back to the level it was at during the 90s, even if the latter seems unlikely? Let’s find out.
The Dreaded Year of 2020
Most people are incredibly happy that 2020 has ended, as it has come with incredible detriments for many markets, small businesses, families, and individuals. However, online gambling has seen exponential growth in that year.
Back in 2019, it was expected that online gambling revenue would grow by 12% during 2020. However, at the end of the year, we have seen that the growth was actually a record 20%, as David Henwood has claimed at the Sports Betting USA Conference. Amazing, right? Yes, it is. But it won’t be enough to recover for the losses that physical casinos have suffered.
What can you bring to the table when there’s already more than people can ask for? Well, that’s a question that most gambling websites seem to have answered through improvements rather than novelties.
However, there are a few gaming suite solution offerings that do add a taste of something fresh, such as the ability to jack into a live casino among other things. But most websites have stuck to improving already-existing technologies such as virtual reality or virtual sports and fantasy leagues.
The US Is Expected to Become a Driving Force
Fortunately for bettors and casino owners alike, legal online gambling is quickly spreading throughout the US, so people will no longer have to travel all the way to places like Las Vegas to get their kick.
It was only a matter of time until the US started to adopt this mindset, as we have seen the country become more liberal from a social standpoint throughout the 2010s. And the 2020s are forecasted to be no different regarding that aspect.
In any case, even though a specific US city didn’t make it on our list of the best locations to open a new business worldwide, we would still recommend opening up an online casino in one of the cities that allow it.
But What About Europe?
Europe is one continent where a lot of the states inside its borders enjoy the benefits of legal gambling. However, that’s the place where the gambling industry saw an overall decrease despite the emergence of huge online gambling casinos.
One of the most addicted countries to gambling is the UK, which to has seen a little rise in online gambling numbers while seeing a huge decrease in physical casino and sportsbook attendance.
The country with the most casinos in Europe, however, is the Czech Republic, which also outputs a large part of the gambling industry’s revenue. However, oddly enough, the country that brought in even more revenue for the gambling industry in France, with roughly 2.3 billion euros.
Online Gambling in the 2020s: Gambling in Asia and Australia
Let’s move a little towards East and then to the Earth’s Southern hemisphere and see how things are going there. Sadly, our Asian brethren’s gambling markets took major hits in 2020 not only because of the pandemic but also because of meddling governments. As a result, both land-based and online casinos were greatly affected.
For example, Macau took a very heavy hit thanks to its close proximity to China. And despite being closed for only 15 days, land-based casinos have struggled ever since thanks to multiple restrictions – which saw a revenue downfall of extreme proportions. In short, the first eleven months of 2020 in Macau barely represented two months’ worth of revenue in 2019.
As for Australia, the country’s largest iGaming provider, Crown Resorts remained the only competent entity for whom the pandemic was the second concern.
The operator’s operational license was under heavy fire due to Australia’s ever-increasing strange relationship with China and their more Orwellian laws. Due to such decisions, many investors are planning to leave the gambling giant behind and focus their endeavors elsewhere. It’s sad to see that our Asian and Australian friends are having such a difficult time opening a casino-related business or partaking in their favorite pastime when compared to the rest of the world.
Online Gambling in the 2020s: Final Thoughts
It is plainly obvious that online gambling has nowhere to go but up during the 2020s, at least in Europe and the US. More and more people will try their luck at it, and more entrepreneurs will try opening up an online casino. What do you think? Is it worth the risk in the actual context? Leave us your thoughts in the comment section below and start a discussion with our community.