While most economic sectors have struggled in the last year after the outbreak of coronavirus, online casinos have realized explosive growth. It begs the question, what could have spurred the massive growth witnessed in the eGaming industry? Economic experts also project that the online gambling industry will grow by 17% annually. It means that by 2025, the sector will be worth more than $67 billion. From an economic standpoint, many factors have contributed to the sharp growth of online casinos. Experts forecast that the growth curve will keep rising, at least for the next decade.
This post delves into the reasons for the rise in online casinos. Moreover, it explores future predictions for the sector. As the world still grapples with coronavirus variants, the question of where to play casino games has never been more important. To gamblers who are new to online gambling and wish to sign up with a top gaming site, Playlive casino review for South Africans is a must-read. It explores one of the best casino websites that offer South Africans a chance to enjoy playing handpicked games from top game providers.
With the best South African online casino at your fingers, now explore a few reasons that explain the rise of online casinos and future predictions.
Lockdowns Have Spurred Growth of Online Casinos
Since COVID-19 forced countries into lockdown, eGaming has become a mode of escape from everyday realities. It is a fact that lockdowns have spurred the explosive growth witnessed in online casinos. And despite breakthroughs in finding coronavirus vaccines, the reopening of economies remains a subject of speculation.
A surge in online casino sign-ups, especially in the last year, underscores a trend that is likely to continue into the foreseeable future. The popularity of land-based casinos will continue to fall, even when the pandemic will be gone. Stay-at-home restrictions have underscored the significance of online business, and casinos have been the biggest beneficiaries. Also, given that gaming lowers the risk of depression in boys, more casino players are set to sign-up with different gaming sites.
In many ways, technology has contributed to the growth of online casinos. From complex to the simplest forms, every technology that has spurred growth in online casinos has also massively impacted gamblers. Most importantly, technology has triggered a shift from brick and mortar casinos to digital gaming platforms. A good example is virtual reality technology (VR), whose demand in the eGaming industry keeps rising. VR technology has been mostly experimented with in playing live casino games, eliminating a need to visit land-based casinos for live dealer gambling.
Smartphone technology, which is now powered by 5G internet connectivity, further explains the rise in online casinos. 5G is set to transform the eGaming industry by providing high-speed online gambling. It will also birth a never-before-seen digital migration and hi-tech security inventions for the online gambling sector. Blockchain technology is notwithstanding redefining online casinos’ future in unfathomable ways.
Cryptocurrencies Are Shaping the Future of Online Gambling
Digital migration remains noticeable many years after the invention of the internet. With businesses shifting their operations to the World Wide Web, demand for digital currencies has peaked. For example, since the creation of Bitcoin (BTC) in 2009, cryptocurrencies have birthed a new generation of crypto casinos. Note that Bitcoin relies on blockchain technology, which is equally driving the eGaming sector to greater heights.
Other cryptocurrencies such as Litecoin (LTC) and Ethereum (ETH) have also become popular in the last decade, triggering high demand for digital currencies. In the wake of cryptocurrency trends, online casinos have become among the first online businesses to accept crypto payments. Despite some economic experts arguing that BTC is a bubble, the current 1BTC market value of at least $49,000 tilts the scales against the cryptocurrency fear factor. When writing this, the cryptocurrency, which was valued at $24,000 in December 2020, has surpassed the $50,000 mark.
Revenue Factor in Growth of Online Casinos
In the last year, governments have been cash-strapped. Coronavirus pandemic has brought most economic activities to a halt, triggering a financial crunch in unstable economies. In the wake of these challenges, eGaming businesses have made an indelible mark as important revenue sources. Some states in the U.S are now considering opening up the online gambling sector to generate more revenue. The U.K and Spanish governments are also fast-tracking legislation that will open up the gambling sector to generate more revenue in these troubled times and beyond.
No one would have foreseen an explosive growth in the online gambling industry that surpasses economic projections. And as the world battles a virus that has halted major economic activities, the eGaming industry is undergoing revolutionary changes that will redefine the sector for good. Interestingly, these challenging times have become a blessing in disguise for an industry that struggled to thrive against hostile legal frameworks. Moreover, as people continue to work from home, online casinos have become a newfound way of relieving stress. Thus, the massive changes and trends in online casinos are as revolutionary as they are necessary for revenue generation in difficult times.