Online gambling market forecasts paint a picture of a vast industry in the next decade. In 2021, the industry was worth $357.54 billion, according to research data published online. The growth of the eGaming market in 2021 was attributed to the COVID pandemic when most people stayed at home. Millions of people who couldn’t report to work due to COVID restrictions resorted to eGaming as it became impossible to visit land-based casinos. Since 2021, land-based casinos have taken a beating and are no longer as popular as before the pandemic struck.
This post explores fun facts about the online gambling market that every punter needs to know. If you read this in South Africa, this overview of new online casinos South Africa is an ideal starting point. After all, every South African gambler deserves a gaming site with the best offers, exciting games notwithstanding.
Thus far, here are the top five interesting facts about online casinos today.
COVID Had Immense Positive Impact on Growth of Online Casinos
While the world is still grappling with life after the pandemic, the online gambling market has expanded immensely, thanks to the establishment of new online casinos in 2022. Notably, online gambling entities remained afloat even at the height of the pandemic because they were vital sources of entertainment when containment measures became the order of the day globally. As a result, millions of gamblers joined various gaming sites.
Several news sources, including the BBC, reported that online searches for gambling sites were all-time high during the pandemic. It also saw the establishment of new online casinos. The proliferation of new casino sites in 2021 also meant increased tax revenues for governments that struggled to stay afloat.
Cryptocurrencies Have Become the Go-To Banking Methods in Online Casinos
The safety of online gamblers and the security of banking methods on eGaming platforms remain a critical concern among key players in the industry. While online casinos accept only foolproof banking methods, hackers always devise ways of breaching the security layers in gaming sites. Hacking of payment gateways is especially common in fiat banking gateways such as direct bank and credit/debit card transfers. The catch is that a punter can easily fall prey to phishing scams when signing up with casino websites.
However, the use of cryptocurrencies seemed to have reduced risks associated with internet banking, especially among gamblers. Most popular casino websites have fully embraced cryptocurrencies as a safer alternative to banking because transactions remain anonymous. With cryptocurrency wallets or exchanges linked to casino websites, the personal details of gamblers remain anonymous, which is not the case with fiat baking methods. And despite the current crush in the crypto market, uses of Bitcoin, including casino websites, remain upbeat about a strong rebound in the next few months.
The Majority of Online Gamblers Are Aged Between 30 and 40 Years
The growth of the gambling market is mostly attributed to youthful populations who sign up for new accounts every day. First off, eGaming platforms promote responsible gambling through age restrictions. The minimum gambling age starts from 18 years in most countries. Secondly, people who fall between the 30 and 40 years age bracket are mostly tech-savvy, hence finding it easy to join new casinos and play slots or any other game without complications.
When you think slots are the undisputed kings in online casinos, it turns out there is a stronger competitor. Blackjack is ranked as the game with the widest market share in online casinos. As a result, blackjack is more popular than slots, poker, roulette, craps, and any other game in both old and new casinos. The popularity of blackjack is premised on it being a game of skills rather than chance. Moreover, decision-making skills play significance in blackjack games, not to mention that it is easy to learn and play various blackjack variants. Also, check these Playstation fun facts before you play the next game.
AI Enhances Efficiency and Security in Online Gambling Market
The fast-growing online gambling industry triggers a security concern. With more people now moving money to/from online gambling sites, the use of Artificial intelligence to identify potential fraud and secure banking systems has become more urgent. AI is a technology of the 21st century that, together with machine learning, ensures systems are fully automated to eliminate instances of human error. Moreover, Artificial intelligence in online gambling promotes the efficiency, speed, and safety of gamblers.
The eGaming industry is here to stay, even in the unforeseeable future. It is mostly because the world is on track towards a fully digitized global village. New inventions such as Augmented Reality that now make it fun to play games online mean even new online casinos South Africa have no option but to embrace the change. It is the only way a new online casino can survive the wave sweeping across traditional gambling systems. In a nutshell, there are more interesting facts to know about the online gambling market beyond the ones explored in this post.