Not many industries can claim to be nearly as dynamic as the gambling industry. All around the world, the sector has been rapidly evolving in a bid to keep up with the ever-changing technological trends and meet the growing market demands. The United States happens to be one of the world’s major online gaming markets and it has rightly become a benchmark for what to expect from the online gambling industry over the next year and even the coming decade.
Many industry experts have projected that in 2022, the online gambling industry would likely reach a $565 billion value. That is, by all standards, very impressive. These projections paint a uniquely optimistic future for the iGaming industry. It is all guided by a unique look into several factors all of which contribute in various capacities. Some are quite easy to point out. Others are not too obvious.
Pandemic-Induced Boosts
The COVID-19 pandemic was one of the biggest blows to the global socio-economic scene in the recent past. Not many other things had such a devastating impact on the world. Its far-reaching impacts are still being felt across several industries. Even now as we try to move towards regaining some form of normalcy, there is still the lingering reminder that things will likely never be the same as they were pre-pandemic. Maybe someday, but not too soon.
Now, while it is pretty clear that the pandemic was a bad thing, it made room for growth in the digital sector. This was a good thing not just because it kept many businesses afloat but also provided safe alternatives for people who would otherwise have to visit land-based venues for some products and services.
The online gambling industry, for one, experienced a massive surge in traffic. This was in addition to the already burgeoning growth in demand that it had been enjoying over the past few years. More people are gambling on the internet than ever. There are also now more online casino sites than ever before.
As things begin to return to normal, land-based casinos do not seem to be pulling customers away from online casinos. It would seem that iGaming platforms may be a death sentence for retail gambling. This is not the case though. Retail casinos are still very popular. As such, a more accurate way of looking at this would be considering that both will likely co-exist for a very long time. Each of them offers its own set of unique perks and there is always a market for those.
Emerging Trends
Before the pandemic, other factors were driving the steady growth of the online gambling sector. Key among these were several emerging trends. As expected, many of those were inspired by modern technological advancements.
As with all trends, some fall off along the way. However, the best ones always survive the test of time. These are still a huge part of the online gambling market even today. Moreover, they are set to be a huge part of the future of online gambling. They include:
Mobile Gaming
No device has become more synonymous with computing in the modern world than the smartphone. Mobile devices are today not just communication devices. They are also entertainment powerhouses and considering how large the number of users is, it is a massive market for online products and services.
Online gambling operators were very quick to pick up on this. As such, mobile gaming has been a key driver in the growth of the iGaming sector. This applies both in the case of revenue and market share. Everyone with a smartphone or tablet will likely be able to access a gambling platform or app of some kind. Over the next decade, mobile use for gaming purposes is expected to increase further.
Live Gaming
As mentioned earlier, online casinos offer a ton of perks but they still fall short when it comes to the ambiance found at brick-and-mortar casinos. Live online casinos are all about bridging the gap between retail gambling and the online gaming experiences we all know and love.
Players now have the chance to interact with live dealers and other players just like they would at a land-based casino. Nothing quite comes close to that. Considering how receptive the market has been to modern takes on live casinos, it is safe to say that they are here to stay. More studios continue to launch and iGaming operators are offering more live dealer games.
Cryptocurrencies and NFTs
Digital currencies and blockchain were always bound to end up getting integrated into the iGaming sector. The gambling industry has always been very open to adopting new technologies and it did exactly that with crypto. The result has been both beneficial and profitable. That is not just because of how lucrative crypto is but also because it opened the sector to new audiences. Casinos are now safer and more trustworthy due to this.
Non-fungible tokens (NFTs) are the latest craze in the world of crypto and they too are slowly making their way to online casinos. These have grown immensely over the past year and continue to garner traction among both die-hard enthusiasts and curious newbies. The most appealing thing about them is the potential to increase revenues across the board. That is, everyone from the creators to the players and even the casino operators can reap huge benefits from them.
Esports Betting
Esports are now just as popular as traditional sporting activities. Tournaments and matches are often spectated by audiences from all around the globe. Sponsors and big brands are taking the activities more seriously and so are sportsbooks.
It is very easy to find sports betting sites that offer odds on esports nowadays. This is not just limited to esports events in the United States. The market is huge and thus the further they can go the better. That is just the beginning though. The coming decade is about to get even better.
Is That It?
Not really. What we have mentioned so far is just the tip of the iceberg when it comes to the factors that are contributing to the growth of online gambling in the United States. Other interesting technologies that are contributing to the growth include Artificial Intelligence (AI) and Machine Learning. Advancements in digital marketing techniques and technologies are also a huge contributor.
All in all, the next few years are set to be very exciting for the iGaming community in the United States. These revenue projections may be even surpassed. Fortunately, this time, it is possible to actively participate in the growth of the sector. The casino of the future is not too far away now.
