2021 served as a bounceback year for many industries that suffered catastrophic fates during the 2020 global pandemic.
It’s no secret that while certain industries may have experienced substantial losses over the course of the pandemic, various digital industries managed to grow in massive capacities. One example of such industries is the online gambling market. When traditional land-based casinos started closing themselves off to patrons in an effort to promote quarantine and social distancing protocols, the online casino industry saw a big boost in terms of their user base. This is because many traditional gamblers transitioned to playing online in order to satisfy their gambling needs. This is what caused the huge bump in terms of cash flow and user acquisition within the online gambling industry. But despite the gradual incline in popularity of the online gambling industry, many skeptics were doubtful whether the industry would be able to sustain this kind of growth after the pandemic. For example, Canada is a very gambling-friendly country with its own fair share of world-class casinos and betting establishments. However, many of these physical land-based casinos temporarily closed down during the pandemic. Fortunately, finding an online casino in Canada isn’t a problem due to the country’s friendly online gambling laws. As a result, many Canadian gamblers flocked to their favorite websites to play beloved casino games on various platforms.
Now, Canada is handling the pandemic response very well and physical locations are slowly starting to return back to normal operations. Naturally, many of the people who transitioned from traditional casinos to online platforms are eager to return to their favorite gambling houses. Does this mean that 2021 saw a dip in terms of online gambling usage within the country? What about the rest of the world?
Reports seem to suggest that growth within the industry in 2021 came as a direct result of the improvement of internet infrastructure and the accessibility of mobile devices throughout various parts of the world. It should be worth noting that one of the biggest selling points of the online gambling platform is the fact that it’s a lot more accessible than traditional land-based or even web-based casinos. Mobile applications of gambling platforms paired with high-speed internet connectivity are now allowing gamblers from all over the world to play their favorite games regardless of where they are at whatever time of day.
It’s also worth noting that the cryptocurrency and blockchain technology trends that are sweeping the world are also starting to impact the popularity of the online gambling industry. Part of the appeal of gambling online is the anonymity that comes with being able to play from behind a computer screen. With cryptocurrency and blockchain technology, online gamblers are now given a chance to protect the security and privacy of their transactions with crypto-enabled casino platforms.
All of these developments in the field of technology, finance, and online gambling have given many experts reason to believe that the market is going to grow to as much as $160 billion US Dollars by 2026. So, all signs seem to point towards the industry still experiencing massive growth despite the fact that traditional casino establishments are starting to open themselves up again. Another big factor that influences the growth of the industry is the increasing competition between key players in the field. There are some notable names like Bet365, The Flutter Entertainment PLC, and Kindred Group PLC that are getting very aggressive in terms of expanding their digital domains in order to reach wider audiences all around the world. Many countries are also starting to ease up on their online gambling restrictions in order to give citizens the opportunity to access offshore casino sites to play their favorite games. Some license-awarding bodies are also making it easier for these players to establish operations in newer territories in order to create a more competitive online gambling landscape.
Ultimately, all of the trends for the online gambling industry seem to point upward. There is very little reason to believe why the industry will not continue to grow even though traditional casinos are opening themselves up again. If the current data is to be believed, the forecasted CAGR of 11.49% will make the online gambling industry one of the most lucrative markets in the world.
