The outbreak of the Coronavirus has presented a golden opportunity for the online gaming industry. As people found themselves confined to their homes and relying on their computers to stay connected to the outside world, a substantial number of traditional gambling enthusiasts seized the chance to explore the realm of online gaming. According to authoritative statistics, the digital gaming sector witnessed a remarkable surge of 37.1% in the initial half of 2020 when compared to the corresponding period in 2019.
The remarkable success of online casinos and poker is primarily responsible for the exponential surge observed. In the month of June, a staggering €8.4 million was spent on online poker tournaments, exhibiting a remarkable 54.2% escalation in comparison to June 2019. The spending on tournament poker during the initial half of 2020 amounted to a noteworthy €73.9 million, showcasing a remarkable growth rate of 76.7% when juxtaposed with the corresponding period in 2019. The cash variant of poker witnessed a spending of €5.9 million in June, signifying a significant 35.6% upturn as compared to June 2019. The expenditure on cash poker during the first half of 2019 stood at €47.1 million, showcasing a remarkable growth rate of 52.2% when contrasted with the expenditures recorded during the initial six months of 2019.
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The online casino sector saw a decline in spending from May to June, with a 57.8% growth compared to the same month last year, but still lower than the previous month's record of 105 million euros. Despite this decrease, the first half of 2020 showed a significant 37.1% increase in the online casino sector compared to the same period in 2019. The industry continues to demonstrate resilience and growth despite fluctuations in spending.
A market that continues to experience steady expansion.
In light of the Coronavirus emergency, analysts' expectations for 2020 are also very positive, given the sector's consistent revenue growth since its inception. Online casino sites were legalized in 2011 and have been steadily increasing ever since, surpassing analysts' predictions. The first-half data has greatly exceeded expectations, signaling a promising trend for the year. Notably, in 2018, the sector experienced a remarkable 12% increase compared to the previous year. The Customs and Monopolies Agency (ADM) has authorized the sector of online casinos, contributing to its continuous growth.
The global online gambling market, with an estimated growth rate of 13.2%, is anticipated to expand from $58.9 billion in 2019 to $66.7 billion in 2020. It is projected to further reach $92.9 billion in 2024, exhibiting a compound annual growth rate (CAGR) of 11.64%.
What factors have contributed to this rise?
The COVID-19 pandemic has played a significant role in fueling the expansion of the online gambling industry in 2020. With people being forced to stay at home during the lockdowns, they have found themselves with ample free time on their hands to explore different forms of entertainment, such as online gambling. This surge in the market can largely be attributed to the restrictions imposed by the pandemic, which have confined populations to their homes and limited their options for leisure activities. As a result, more and more individuals have turned to online gambling as a means of relaxation and entertainment.
Technological advances
The enormous technological advancements in recent years have led to a significant increase in the popularity of online games when we consider the bigger picture. The online gambling market is being transformed by the growth in smartphone adoption, as most betting and casino consumers now use their smartphones to play and earn real money. A better gaming experience is directly correlated with advancements in technology. Improved technology not only enhances the gaming experience but also improves connectivity and accessibility. This means that more players can now participate in online gambling from anywhere in the world, as long as they have a signal. The convenience of playing from one's personal device, without being bound by geographical or time constraints, is undeniably a compelling incentive for users of all ages and social classes to prefer gaming apps over traditional physical casinos.
In today's world, where people dedicate an average of 40 hours per week to their smartphones, online gambling developers and brands have found a golden opportunity to capture the attention of potential players. Gone are the days when online gambling was solely associated with desktop computers. The industry has swiftly adapted to the mobile-focused era we live in, with developers now crafting exclusive mobile applications to cater to the ever-growing demand. The convenience of being able to place bets at any time, from any location, has undoubtedly played a significant role in the surge of popularity witnessed by online gambling. Whether it's placing that last-minute bet on our beloved team or receiving new odds and betting options in the midst of a game, the possibilities are endless.
Best offer
Online gambling has become increasingly popular, leading to market saturation, which in turn benefits the industry. As the sector continues to attract more participants, we observe an enhancement in payout percentages. Moreover, the ability to place bets on a wide range of options is a significant factor contributing to this trend. Nowadays, online gambling is not limited to sports enthusiasts seeking to win money while pursuing their genuine interests. In comparison, traditional gambling sectors struggle to provide the same level of diversity and convenience.
More safety
In recent times, the level of service in the gaming industry has significantly improved, thanks to investments in security. In the past, security concerns regarding gaming apps and websites were often seen as a vulnerability. However, these software systems have undergone substantial enhancements, resulting in a positive impact on consumer trust. To guarantee the utmost security for players, certified and authorized operators have implemented advanced technologies. These include sophisticated security protocols, double encryption keys for access, and various other security systems. As a result, online gaming portals are now absolutely secure, safeguarding players' online participation from every perspective.
Cutting-edge technologies and virtual reality
In recent years, virtual reality and VR headsets have gained immense popularity and have become a revolutionary addition to the world of online gambling. Online casinos are continuously enhancing the gaming experience to make it more engaging and thrilling, apart from investing in security measures. The advancements in technology, such as VR, have impacted various industries, including the way people gamble in online casinos. With the help of virtual reality, players can now immerse themselves in a virtual casino environment and enjoy all the games without the need to travel. This transformation has truly changed the landscape of online gambling and added a new dimension to the overall experience.