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ONLINE GAMING INDUSTRY - THE DRIVING FORCE BEHIND THE ECONOMY DURING COVID-19

2020 was the year of triumph for the gambling industry. Self-isolation, stress, loneliness, excessive free time, and the inability to spend it on the usual offline entertainment spurred interest in dice, pokies, and poker. Amount of players in online casinos has significantly increased.

There have always been many myths surrounding gambling. For example, it was believed that the classic player is a teenager. However, according to various studies, the average age of a player is 36 years old. 1 out of 10 players is a company executive or senior manager. 

A person who plays moderately and has no special medical limitations, such as epilepsy, may not be afraid to periodically spend time playing pokies and will not confuse the virtual and real world. Experts in the gambling industry say self-isolation has helped change attitudes toward online casinos for the better.

Online casinos can serve as a kind of outlet during difficult times like the pandemic. People have such an opportunity due to the high quality of visual graphics in modern slots. A surprisingly high increase in players occurred in online pokies australia - almost 50%. Nowhere was there such great growth.

Online Casinos Drive the Economy During COVID-19

The digitalization of the gambling industry is an unstoppable trend. And the COVID-19 pandemic only spurred it on. Of course, players will return to offline casinos, but as long as there are quarantine restrictions because of the coronavirus, they will continue to play online. Experts believe that many of them will remain there even after the pandemic is over.

Only in March 2020, when the whole world was hit by COVID-19, the volume of average deposits at online casinos in the world grew by 3% compared to the previous February. At the same time in the Netherlands, this figure was the highest - 9%. Nevertheless, offline casinos are making big losses.

The decline of the offline segment of gambling is noticeable in the U.S. and Macau, where land-based casinos are forced to close for a while or operate in limited conditions, which affects revenues. Virtual casinos become a worldwide trend in 2020. In confirmation of this, online casino revenues have risen in the U.S. gambling market.      

For example, Businesswire writes that a poker room in the U.S. reported a 43% increase in the number of poker site customers in America after the nationwide quarantine measures began. At the same time, the number of novice players who play poker regularly increased by 255%.

Nevertheless, people's income for 2020 decreased significantly. The decline in personal income may well lead to a drop in turnover in the online gambling segment in 2022. The estimated size of the online market at the end of 2020 was 66.7 million dollars, which is 13% higher than in 2019 (then it was 58.9 million dollars).

Experts say that the trend of the transition of players in online gambling will continue, and on the decline, it will go only after the situation with the pandemic is resolved. For example, the European Betting Association reported that the annual growth of the online gambling industry in Europe is 10%. In 2018, the gross revenue of the online industry here was 22 billion dollars and by 2022 analysts expect this figure to increase to 29.3 billion dollars.

Online Gambling Sites are Trying to Attract and Retain Players

To attract new customers and increase the loyalty of existing customers operators of the online gambling segment in 2021 will pay attention to the following points:

• Increased security.

• A strong focus on mobile gambling.

• Accepting cryptocurrency as payment for gambling.

• 4K live gaming, VR and AR gaming, and other techno-innovations.

So, online gambling operators will take security even more seriously as attackers find new ways to collect personal and sensitive information. In addition, more and more players are using mobiles to play casino games. This trend is likely to continue in 2021, so we will see more gambling sites with special apps for Android and iOS, and with an improved interface.

In particular, a rather current trend is the creation of HD gaming for smartphones. Another way to keep the customer for a long time - payment transactions with digital money. According to experts, in 2021, the number of platforms that will accept cryptocurrency and payout winnings in it will increase significantly. This can be an additional source of income for online casinos all over the world.

Gambling is a way to achieve mental wellbeing

Casinos help meet three basic needs for mental wellbeing. When playing, a person feels capable of making choices and feels his or her effectiveness and competence. Any person also gets something that many people miss so much in times of turbulence and uncertainty - control over the situation. However, some people believe that the feeling of control can be imaginary, and excessive enthusiasm for slots and other gambling games can lead to addiction. 

Gambling helps people from all over the world relax after a hard day's work. When playing, the body releases the hormone of joy - endorphin, which leads to an increase in mood. For a person accustomed to the monotonous activity, the game may be almost the only way to replenish the adrenaline supply. For an employee whose profession is in some way connected with risk, it is a great way to distract from stress and anxiety. 

 

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