UNITED STATES—Online casinos experienced significant growth last year, primarily because more people had time to play games online. According to a report on Businesswire, the online casino market is expected to grow at a compound annual rate of 7.13% until 2025, eventually reaching a grand market size of $67 billion.
However, once people are more comfortable with going out to visit land-based casinos, will the hype of online gaming die down?
Growing selection of games online
If we’re comparing land-based casinos and their online counterparts, the latter will always have a broader library of games no matter who the provider is. For instance, online gaming giant Evolution Gaming offers every poker variant available, from Texas Hold’em to Omaha Poker. They even have an online exclusive variation of the game called “Live Poker,” which is a very fast-paced version of the game. Similarly, the vast selection of slot games on Gala Spins includes titles that are inspired by popular movies like Thor Infinity Reels and TV shows like Rick and Morty: Wubba Lubba Dub Dub. If you’re into classic board games, you can also find titles that are based on those like Cluedo Cash Mystery.
In short, no matter what your preferences are, you’ll always find the right casino game online. New titles are also being created every year to keep up with pop culture.
Expansion of online gaming
Even before the pandemic, online gaming providers have been working to create partnerships and initiate collaborations to expand their reach across the US. For example, Golden Nugget Online Gaming recently partnered with marketing platform Incubeta to enter the online gaming space in New Jersey and Michigan. A lot of them are even touching base with brick-and-mortar casinos to help them break into the local gaming market. This is because there are fewer government restrictions for land-based casinos since the latter can be regulated. Online poker providers BetMGM and Borgata Poker plan to launch their services in Pennsylvania via collaborations with land-based casinos Hollywood Casino Grantville and Rivers Philadelphia respectively.
The coming of cryptocurrency
The blockchain is a type of ledger that allows people to conduct transactions. Activity on the blockchain is checked by multiple computers, ensuring its safety. Grand View Research informs us that the blockchain market size is growing at a year-over-year rate of 82.4% until 2028.
A lot of industries have evolved thanks to the blockchain, and online gaming is one of them. The blockchain produces a kind of digital currency called cryptocurrency. It’s a self-regulating currency, so on-site institutions can’t intervene with its operations. This means that its exchange rates are much lower. The blockchain also hides the IP addresses of the people that use its service, so online casino players can pay and withdraw funds without the risk of revealing personal data.
A lot of online casinos today like Bitstarz, Intertops, and Bovada accept crypto as payment. This is helping the online gaming industry attract and retain players.
In conclusion, the pandemic might have accelerated its adoption, but online casinos are here to stay. Certain technologies like the blockchain and the industry’s ever-expanding selection of games will ensure the continuation of its growth.