By Regina Muratov
The online casino market is projecting large profits in 2020. Gamblers across the globe can access casino games easily online. Since the invention of online gaming, casinos have grown tremendously, gaining popularity and yielding significant revenues. Big market players like JackpotCity Online Casino continue to expand to numerous parts of the world, a trend widely expected to go on for the unseeable future. Many people are becoming conversant with online gambling making the industry to grow both in size and reputation.
Though casinos are among the fastest growing online gaming options, many countries have not legalized betting, while others allow it under strict conditions. However, some have fully legalized online casinos as others are on the verge of considering it legal. Allowing sports betting to online casino betting will increase the already fueled betting industry and encourage those that are gaming without licenses.
Trends and Forecast (2020-2025)
The online gambling segment which is growing at a galloping rate is projected to gain a CAGR of 8.77% within the forecast period (2019-2024). Artificial intelligence has taken over the market, and there is an increase in the number of female populaces in online casinos. The cashless mode of transactions during gaming is also a boost to the estimated period.
In 2018, the United States Supreme Court legalized sports betting, which is likely to encourage betting companies to expand online casino betting options. On the flipside, air-tight regulations are expected to bar the market growth.
A Significant Market-share for Online Casino
The online betting in 2020 is predominantly geared towards the sports segment, specifically in events like European Championships and FIFA World Cup. Established betting companies like Betway are now sponsoring various teams as one of their strategic marketing. Additionally, the adoption of smartphones and fast access to casino games pushes the market to higher levels. The internet circulation and availability of convenient betting applications are expected to influence a significant market growth margin.
Currently, electronic gambling devices are readily available and easy to maintain. Punters can now enjoy the mimics of local and exotic casinos on their mobile phones. A Video Lottery Terminal (VLT) can be customized to video slot machines, electronic slots, and spinning reel slot machines to give gamers a real-time playing experience. Many gamblers are joyous to play in this environment to entertain them as they wager on their favorite sports. It is a technological advancement that will make the online casino market to grow many folds.
Increased Number of Casino Players
There has been an increased number of great sportsbooks, and so has the number of gamers. Gamblers across the globe are currently more than ready to place bets online. Most are now wagering in betting pools, contrary to the traditional fixed odds. For instance, gamblers in the UK have opt to bet on sporting events as far as the online casino in question has a license from the UK Gambling Commission. Due to the popularity of online gambling, especially sports betting, many betting companies have acquired licenses to access UK citizens. The licensing is also expected to attract more gamblers in the forecast period.
Online casino leaders have been giving their full attention to increasing their market share. The competitive landscape has been, in recent times, made the online casino giants better their pricing and marketing activities. Consequently, there has been an increased number of online betting events resulting in a peak in the market.