With the advancement of technology and internet connectivity, the future of the iGaming industry is vibrant. Game providers have continued to improve their content to widen their market scope and raise their revenues. So, here is everything you need to know for punters who want to stay updated with online casino news in 2020.
Online Casinos; Biggest Beneficiaries Of Digital Migration In 2020
The rise in digital migration has redefined the future of many industries in profound ways. In the gambling sector, it has triggered a shift from land-based casinos to digital gaming devices. A good example is the increased use of smartphones powered by the high-speed 5G internet connectivity for punting.
Stats by gambling commissions show that online casinos will take over the eGaming enterprise with millions of gamblers signing up. Technology is serving as the ultimate way of fueling these platforms’ popularity. It does this through improved user experience, fast loading times, quick payouts, and accessibility at the convenience of any location.
Cryptocurrencies Dominate The Online iGaming Industry In 2020
From making deposits, cashing out to gameplay, the popularity of digital currencies in online casinos soared in 2020. For gamers, transacting using this method is not only secure, but it is also convenient due to its anonymity. At the start of the year, cryptocurrency casinos only used Bitcoin. Towards the end, however, these casinos have accepted more cryptocurrencies, including Litecoin and Ethereum.
These currencies allow players to play at casinos from countries even with strict gambling regulations. For instance, Taiwan has recorded increased gaming on sites that enable this payment method despite its strict online casino regulations. The bottom line, cryptos are the future of digital storage of value, especially in the gambling industry.
The iGaming Industry Win Big After 2020 US Polls.
It’s been less than three years since the US Supreme Court passed a ruling to legalize gambling, and online casinos are thriving. The industry has significantly grown after the November polls where President Trump lost to Joe Biden. Perhaps the most significant development was the approval of legal sports betting in Maryland, South Dakota, and Louisiana.
Other states like Colorado expanded the selection of casino games and eliminated some of their wagering limits. The casino industry’s top trade commission, the American Gambling Association, hailed these expansions. This trend will have more and more Americans accessing safe and regulated entertainment from the comfort of their homes.
Online Casino Growth Attributed To The COVID 19 Lockdown
The e-gaming industry has seen a boom in their demand due to the lockdown measures put in place. People had to stay at home, which led to a record of thousands of new users signing in daily. Some countries like Belarus and Armenia saw the spike in online casino users as an opportunity to ease their online gambling laws.
As a result, the global gambling market expects a rise from $58.9 billion in 2019 to $66.7 billion by the end of 2020. CARG projects a market growth of 10.4% to $113 billion in 2025. This market includes revenue generated from online gambling platforms that offer casinos, sports betting, lotteries, and poker games.
Cyber Security Is A Major Threat To Online Casinos 2020
In an industry where billions of money transfer via e-wallets and bank transfers, it is no surprise that many cybercriminals target online casinos. Signal manipulating through fake apps, SQL injections, DDoS attacks, and scraping are the most rampant forms of cyber-attacks facing this industry in 2020.
Reducing the impact of cybersecurity is essential for sustaining the gambling industry. To this effect, online casinos started to implement firewalls and SSL encryption technology to secure the client’s data privacy. Also, they have taken to using blockchain and cryptocurrency methods of payment. For gamblers, it is advisable to ensure the responsible authorising body regulates a website before playing.
While the coronavirus pandemic has crippled various sectors in the global economy, it has created a thriving atmosphere for e-gaming. It explains why the gaming industry has continued to make headlines and signal a massive digital migration. And according to some experts, the future projections for online casinos are simply mind-blowing.