The online gambling industry is growing rapidly, and the covid-19 pandemic is one of the key drivers of the demand. A new report titled “Online Gambling Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021-2026)” confirms that online casinos and betting sites are flourishing. If you are still skeptical about them, the findings will surprise you.
Casinos from the wintermoolah.com collection contribute to a stunning CAGR. During the 5-year period, the industry is expected to grow at a rate of 11.94%. Overall, the pandemic has affected the market very positively. Here is a closer look at the connection between the lockdowns and gambling, and other factors behind this spectacular growth.
Changes in Perception
Lockdowns have had many negative implications, as they created financial, psychological, and social crises. Consumers have been turning to gamble platforms to bridge them. A study conducted in Sweden highlights a strong connection between the restrictions on sports events and the soaring popularity of online gambling.
Sports Betting Is Poised to Skyrocket
According to the report, betting on sports will be the fastest-growing segment over the next 5 years. The market is being changed by investment in such technologies as AI, machine learning, and chatbots.
Another strong factor is the legalization of sports betting in the United States. The decision made by The Supreme Court in 2018 supports market growth. It allows bookmakers licensed in Nevada, Pennsylvania, and New Jersey to operate legally. At the same time, online gambling regulations remain quite stringent, which limits the growth potential.
More and more women are now using online gambling sites. Traditionally, females have gambled less than men, but the proportion is changing. Some websites are tailoring their services to the needs of the female population.
New technologists in online payments boost convenience. Now, more and more casinos are adding cryptocurrencies like Bitcoin and Ethereum to their selection. Consumers appreciate the speed, security and pseudo anonymity of this mode. They can make a deposit or withdraw winnings without sharing sensitive banking details. Only the wallet addresses are required.
Football Dominates Betting
Prominent football events like FIFA World Cup and European Championships attract the largest share of bets for digital bookmakers. Many of these companies (for example, the Bwin brand) are sponsoring teams like Real Madrid and AC Milan as part of their marketing strategies and strategic expansions.
The Fastest Growing Region
Pennsylvania has become the fourth and largest state in the US to legalize and regulate online gambling. Now, virtual casinos, online poker, sports betting, and other gambling activities are lawful. The changes have made New Jersey the biggest market for regulated gambling in the country.
While Mexico is reviewing its gambling laws, Canada remains a largely unregulated gambling location where offshore sites are particularly popular. In comparison, European companies like Bet365, Entain (PLC), The Stars Group, and Flutter Entertainment PLC, focus on establishing monopolies in their respective countries.