It has certainly become quite a challenge for pretty much everyone when the coronavirus known as COVID-19 has plagued the entire planet. Online gambling, in particular, has been lucky to keep itself afloat and even gained a substantial amount of growth.
Let’s take an in-depth look at how the online casino market and online gambling market surprisingly thrived amidst the rough times that is the 2019 pandemic.
The novel coronavirus
The COVID-19 was first detected in December of 2019 in Wuhan City in China. The province was devastated and the outbreak has gone across its entire population of over 11 million people. The coronavirus has since spread to over 200 countries around the planet.
The outbreak was declared and categorized as a pandemic on March 11, 2020, by the World Health Organization. There have been over 97 million confirmed cases of COVID-19 with more than 2 million reported deaths globally as of January 2021.
The gambling market before the pandemic
As you may have known, the coronavirus has swept the entire global market, including the gambling market, businesses, and livelihoods, forcing inevitable lockdowns everywhere.
But before we talk about the effects of this global pandemic, let’s take a look back at the state of the gambling market before this global predicament.
Since the humble beginnings of the gambling scene online, there has been a consistent growth of consumers and players online. The benefits that online gambling websites bring has greatly encouraged many players to try and gamble over the internet.
Online casino sites such as Solarbet offer an impressive selection of your favorite online gambling games.
The global gambling market peaked at around USD 45 billion in 2017 and still continues to increase exponentially in the years that follow. The entire market is very much stable, to say the least. This number is more impressive if you consider the fact it is not legal to gamble in all parts of the world.
But of course, part of the increasing growth of the gambling industry is the relentless battle to make online casino sites legal. As more and more regions start to adapt to such changes and revised gambling laws, you can expect that there’s no stopping the numbers from going up.
The impact of the global pandemic
It’s no news to hear that the outbreak has definitely left a devastating impact on the entire world. Sports in particular and other events were either moved or canceled. Cities went on lockdowns and every major location was shut close.
Pretty much everywhere in the world was affected by this pandemic. Small businesses have gone either closed or ended up filing for bankruptcy. Even mid-class companies have also taken a heavy toll, leaving some to lay off some of their employees to save their businesses.
Across the many impacted industries, the gambling market seems to have remained well and good. But it is not without some unavoidable changes. Sports betting for instance has to adapt to the cancellations of the many sporting events around the world.
Online casino websites need to find some clever new ways to draw more people in despite the financial struggles of the majority.
Surprisingly, due to the lack of any sports-related gambling activities, people were naturally forced to gamble on online casino games instead. We highly recommend Solarbet if you are looking for loads of quality online gambling content.
Online gambling is becoming a booming success
The impressive number of people who started gambling online has increased tremendously. The online gambling market has become saturated with loads of online casino companies aiming to dominate the whole industry, striking while the iron is still hot.
Many online casino song bai truc tuyen game providers have become more relevant and in-demand nowadays more than ever. People being forced to stay indoors, there’s really no other option for them to bet on sports or play casino games but to do it online.
People can instantly jump straight into gambling and playing casino games whether on a computer or from their mobile phones at any time. These are the main reasons why gambling online is the superior choice amidst the pandemic.
The Esports is crushing the competition
Sports betting is honestly a bit lacking over the past months. As you can already tell, every sporting tournament, leagues, and events were all canceled and postponed. The NFL, as well as the NBA, did not start until very recently still due to the threat that the COVID-19 is causing.
One sport, in particular, has never left the market idle in the air, and that is Esports. If you happen to live under a bedrock and do not have any clue what Esports is, it is basically a sport for professional and competitive gaming that can also be considered under the umbrella of the video gaming industry.
This billion-dollar market has grown to become one of the biggest and fastest growing industries in the world which surprisingly started as a personal hobby amongst many people. It is no surprise either that the newer and younger market has become more common than ever before.
The Esports community continuously grows with no signs of ever taking a hitch. Esports bettors are relatively as big as their niche. The industry is actually seeing billion dollars of investments over the next few years.
While many people still argue that Esports is within a league of its own, it has dominated the entire online sports betting scene due to the constant gaming events that can still be held even at the comfort of each home.
North America remains the fastest-growing region
During the pandemic, the US has remained the fastest-growing region for remote gambling, spanning across even more states. New laws are still being implemented despite the outbreak that allows for additional legal online casinos, online casino games, and online sports betting.
New Jersey is still the leading and the biggest market in the US related to online gambling. As a matter of fact, there are lots of online bookmakers and live casino apps currently up in the state.
What this means for the future of online gambling
In summary, the entire online gambling market is expecting to see a significant increase of a little over 13.2% in 2021. From the forecast of over USD 59 billion, it is predicted to rise to almost USD 70 billion this 2021. In 2023, we are expecting well over USD 92 billion.
The pandemic has certainly been quite a tough challenge for everyone. With so many lockdowns and canceled events, it truly is a remarkable feat that the online casino and gambling market has managed to not only stay afloat but also keep a very promising future.