The COVID-19 pandemic had a major impact on the gambling industry on an international level, including the United States. This led to the closure of casinos, lottery outlets, and gambling establishments. Many of them have expanded their online gambling offerings, and bingo operators have moved their offerings online, which has positively impacted the market. Let’s see the reasons why casinos are going digital and analyze the market share of the gambling industry in the US.
Offline casinos losing their positions
The reasons for the success of online gambling are simple to understand. Online gambling provides players with unrivaled convenience, and the level of anonymity provided by online casinos is unmatched by traditional gaming.
New technologies are the calling card of the iGaming sector. The appeal of new technology draws both casino owners and gamblers, and it is at the core of online gambling, from virtual reality to AI and chatbots.
Cryptocurrency’s expansion into the world of gambling is also critical. More and more online casinos are accepting Bitcoin, Litecoin, Ethereum, and other cryptocurrencies. Players who value their privacy prefer swift, secure crypto transactions, which has led to the development of numerous systems that support their ability to do so.
Here’s why offline casino operators go online
The worldwide gambling sector, particularly its most active component — online casinos, has changed as a result of the coronavirus epidemic. Some of the well-known advantages of online casinos include round-the-clock customer service, a vast selection of wagers, fast payouts, and the fact that it’s just easy to use. When brick-and-mortar casinos were closed due to the epidemic, they were the only choice.
The gaming sector appeals to first-time entrepreneurs for obvious reasons. The sales staff at Slotegrator discovered that a large portion of the company’s clients and existing online casino owners came from offline establishments.
Online Vs. offline casinos in the US: the market share
According to Statista estimates, the online gambling industry will show a CAGR of 7.91% between 2019 and 2026. Experts also estimated the size of the market: at the end of 2020 it amounted to 66.7 billion dollars, and by 2023 this figure will reach 92.9 billion dollars globally.
Zillion Project analysts believe that the online segment will be the main growth driver for the gambling industry. The pandemic has only accelerated the influx of users to online casinos and bookmakers, this transition from classic offline outlets has been going on smoothly over the past years. Online gambling has been in active development for more than a decade, and as long as there are regions with a weak presence, such as Latin America, Africa, and Eastern Europe, the growth will continue.
For instance, according to the source over at iGamingNJ, the 2021 NJ online gambling revenue alone has reached $1 billion, which represents an astonishing growth rate for this thriving industry.
To summarize, online gambling has transformed the gaming business. It provides a number of advantages that the offline betting model cannot match. It’s no surprise that the number of customers and profits in the online gambling industry is increasing at an exponential rate. Offline gaming has a lot of benefits up its sleeve, but these benefits aren’t enough to keep offline gambling afloat in today’s world.