The online casino gaming and sports betting industries not only survived but thrived during the COVID-19 pandemic. Market analysts predict that the international online gambling industry will be worth $92.9 billion in 2023. You can expect it to continue growing in the future as it thrived during the pandemic.
Will iGaming Hit A Plateau
But will the growth of online casinos reach a plateau? The online casino industry will never stop growing because it is quick to implement the latest technological developments. The industry is continuously growing, transforming, and exhibiting new trends and will continue to do so in the future.
There has been consolidation across the industry with operators, affiliates, payment providers all feeling the winds of change. When we spoke to NoDepositFan.com, they were quiet to confirm that they are too seeing changes in player behaviour, but that this is country dependent. Countries are at different point of maturity.
Here are some interesting facts about online gambling based on a 2020 online survey of 8000 players in the UK gaming market.
- Most gamblers, especially young players, prefer gambling on mobile devices.
- Gambling on tablets, PCs, and laptops showed a decline in 2020.
- Online gamblers prefer gambling at home, but a few go outside their homes to gamble on public devices.
- Online casino players hold an average of three gaming accounts, but some young gamblers have more than three gaming accounts.
- Most bettors prefer in-play betting, especially the younger ones.
- eSports betting is fast gaining popularity among young male adults.
Here are a few ways the online casino gaming industry is changing in 2022.
Playing with Cryptocurrencies is Fast Gaining Popularity
Many online casinos support cryptocurrencies. Some are crypto-only online casinos. Some support fiat currencies with cryptocurrencies. In the next few years, cryptocurrencies will dominate the online casino gaming industry.
Players are fast becoming aware of the benefits of using cryptocurrencies as casino payment methods. Cryptocurrencies are safe, secure, fast, affordable, convenient, and anonymous. You do not have to reveal your bank account or credit card details to make online casino deposits and withdraw winnings with cryptocurrencies.
Mobile Gambling Grows More Popular
Most gamblers own mobile devices and prefer playing games for real money on the move. Social gaming on the move is also fast becoming popular.
Mobile devices have made games and gambling sites easy to access. They have also led to an increase in social gaming sites, which can operate legally in many countries because they do not profit directly from offering casino-style games.
Owners of iOS and Android smartphones and tablets are ready to spend money on entertainment, and operators of online casinos and social gaming sites are eager to use this trend to their advantage. Players are more interested in playing social games on the move because of the risk-free entertainment they offer.
Virtual Reality (VR) Casinos to Become Popular
Virtual Reality (VR) is the latest technological development, delivering an immersive casino gaming experience. Today, VR accessories are widely available and affordable. VR casinos are few and far between now, but industry experts expect their number to rise in the next few years. More players will be able to purchase VR accessories and enjoy a VR casino gaming experience from the comforts of home in the future.
Software providers have already started developing VR versions of their most popular slots. For example, NetEnt recently presented a demo of the VR version of Jack and the Beanstalk, its most popular slot. Many software providers are on the verge of launching VR versions of their best games.
Place Bets on Smartwatches
In addition to using smartphones and tablets to access online casinos, players will start using smartwatches too. The smartwatch industry is expected to become worth $33 billion by 2022, and many players will use smartwatches to place bets on their favorite games.
Software providers will get busy tweaking existing games to fit into the screens of smartwatches and developing new games that function well on all devices.
