Still Alive...and Kicking: Data Sees iGaming's Future Bright as EverPublished June 27, 2020 by Lee R
Thanks to technology and COVID-related uptakes in activity, iGaming is primed to survive.
Times of turbulence are afoot: shutdowns have challenged all industries, including iGaming, and are sure to topple some.
Updated Future Projections
That's why new data about future market performance for iGaming is such a vital component to understand when assessing the impact of COVID-19 on the industry overall.
Strong Growth Coming
In a new uncertain era after the first wave of pandemic and shutdowns, post pandemic data from the "Online Gambling Global Market Report 2020-30: COVID-19 Growth and Change" projects the
global online gambling market to grow from $58.9 billion in 2019 to $66.7 billion in 2020 at a rate of 13.2%.
This is a figure most industries would be thrilled to boast, as their entire existence has been rendered fragile at best by the impact of COVID-19—and they all know it.
Disadvantage to Advantage
Yet in the iGaming industry, the new-found growth projections are attributed in large part directly to the occurrence of the pandemic.
Lockdown Increases Activity
With large swaths of the global population having been confined to home—and further swaths still confined, more people at home have far more time to pass, and a lot more time to go online.
With online play the only option after land-based closures, the home-bound factor has pushed expectations to a market size of $92.9 billion in 2023 at CAGR of 11.64%.
The sources of online gaming revenue include remote gaming activities played online via desktop and mobile devices; and refers to sites offering games such as online sports betting, casino, bingo, lotteries, and poker games.
Emerging and Contributing Technologies
Technologies such as Blockchain, IoT and VR continue to develop and transform the mechanized field of iGaming forward.
VR Sustaining Access
VR provides players with access to a virtual casino where they can enter and play casino games.
Blockchain Improving Trust
As far as trust is concerned, there have been no shortage of fraud and cheating scandals—with the main complaint or lingering concern being a lack of transparency which served to hide internal workings and organizational processes.
Blockchain technology offers the perfect remedy for these concerns, with full disclosure of all transactions and organizational activity designed to reduce fraud and increase user trust.
Thus, emerging technologies are actually addressing the biggest challenges to the iGaming industry in the current climate—accessibility and transparency.
With technology instilling users with increased trust and access to iGaming, the COVID impact served to prove the sustainability and future adaptability of the iGaming market that supports data projecting iGaming's COVID future performance to stand out against its counterparts.