In 2020, the entire world hit a standstill but the iGaming industry saw an unprecedented growth
The COVID-19 pandemic came into play, and almost every industry had to take a backseat for the safety of their employees and customers. It was a difficult time for most businesses, especially those that could only be accessed when leaving the house.
Overall, the pandemic was a negative time for almost everyone, but the iGaming industry was able to experience a newfound increase in popularity. More people were visiting online casinos and making bets more than ever.
How Popular The iGaming Industry Became During The Pandemic And Saw A Notable Growth
But, how exactly did the pandemic contribute to the growth of iGaming, and what does this mean for the industry’s future?
What is iGaming?
Before we can start discussing the popularity of iGaming, you will need to know what it is first. Simply put, iGaming involves betting or gambling via games in the same capacity as a bookie or casino, but on the internet. Each game you’ll play on an online casino is dependent on odds, chance, and winning real money.
iGaming is its own industry, separate from regular gaming, and has developed a massive fanbase over the years. You can now play all your favorite casino games from slot machines, poker, and Russian roulette more easily than ever before. You can experience the fun for yourself when you explore USA online casinos for real money, like the ones reviewed and listed on CasinoUSA.
Why iGaming became so popular
As we headed into the pandemic and lockdowns were introduced around the USA, it seemed as though the world was at a standstill. You could no longer do the things you love, such as going to the movies with your family, spending a night out at your local casino, and coming home with some lucky winnings.
Most shops, activities, and businesses were closed for the main months of 2022, so people started to turn to the internet. When they weren’t binging the latest show on Netflix, they were discovering the availability of iGaming.
Players and avid gamblers no longer had to find their way to a brick-and-mortar casino to play a game of poker or have fun on the slots. Instead, all they had to do was log on to their computer or smartphone, find their favorite iGaming website, and enjoy some of the best games in the comfort of their own home.
It all became so easy, so even when the pandemic started to subside, people weren’t heading back to their local casinos. Instead, they kept playing online.
What sort of growth did iGaming experience?
It’s all well and good saying that iGamign experienced an increase in popularity during the pandemic, but how do we know this for sure? This is when we look into the numbers.
After a record yearly revenue in 2019, the iGaming industry accumulated $44 billion in 2021, the highest it has ever been. Due to this exponential growth, experts have put several predictions in place that estimate that the industry will only continue to grow.
According to the “Online Gambling Market Size, Share, Analysis Report, and Region Forecast 2022-2030”, the industry has been estimated to reach a total value of approximately $172 billion, which is over four times more than it received in 2021. The sports betting sector alone will take home a large chunk of the revenue, with an expected value of around $139 billion by 2028.
Benefits of growth in the iGaming industry
There’s no denying that increased popularity in the iGaming industry brings a wide range of benefits for both companies and users. Companies are gifted with higher revenues, allowing them to expand their online casinos, offering more games and innovations. While customers are rewarded with higher payouts and quality experiences they didn’t have before.
With more funding, online casinos can also increase their security measures, ensuring gamers have a safe place to deposit money and play. In addition, enhanced cybersecurity leads to fewer breaches and phishing scams, providing a better name for the company.
The emergence of crypto casinos
Innovation has become at the forefront of the iGaming industry, especially since its experienced this newfound growth. It’s always looking for new ways to attract new customers and tap into broader markets. One of the ways they have done this is by introducing cryptocurrencies such as Bitcoin and Ethereum as payment methods for users.
There is now a wide range of crypto-based casinos, such as BitStarz, that put a significant focus on using cryptocurrency as a deposit and withdrawal method on the site. They typically still offer the more common methods such as debit, credit, and PayPal, but you are exposed to a much wider variety than other online casinos.
The future of the iGaming industry
As you can see from the predictions, the iGaming industry will only get bigger. Due to this, there are talks of a wide range of new innovations and developments that will be put in place to increase the accessibility and quality of the games.
Online casinos have already adapted their websites so they can be used on smartphones and tablets, but it won’t just stop there. Developers are looking into providing cloud technology for these devices, which will speed up loading times and make gameplay even more seamless. Your server will be linked to one strong server, so you don’t use too much power, and nothing lags.
Other innovations developers and providers are considering introducing are VR and 3D animation. This will make the storylines and games come to life, and you may even be able to believe you’re in a real brick-and-mortar casino without even leaving your sofa.
There is so much to come, and this is all thanks to the pandemic. Without people turning to the internet and seeing how much iGaming has to offer instead of real-life casinos, this growth never would have happened. So stay on the lookout for the latest updates in iGaming, and be the first to try some of the newest innovations as they come out.
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