How the Online Gambling Industry Benefited from the Pandemic?
The COVID-19 pandemic made 2020 tough in every aspect of our lives. We were forced to shut down and stay at home, we were deprived of our freedom and the business sector has lost a lot of money. That is why millions of business owners were displeased with how governments are responding to the situation, but the reality is that there was no other way.
While some businesses suffered and lost a lot of money, others were actually blossoming. One of those industries is the online casino industry, which managed to record massive growth in its annual revenue. With that being said, we wanted to take a look at how this industry managed to become successful in a time where very few could pull that off. In order to answer this questions we go in touch with Exycasinos and that’s what the experts say.
What do The Numbers Say?
Considering the fact that they are easily accessed, online casinos started recording massive success. In the USA, the state of New Jersey recorded a total of $996.3 million in wagers in December only, which is a record. Additionally, the total revenue was around $6 billion, which was a 33% increase from 2019.
As for the total revenue in the USA by the online betting industry, it was around $21.5 billion, which is a 60% increase compared to 2019. As for iGaming, it generated around $1.6 billion, which is a leap of 200% compared to 2019.
As for the global online gambling industry, the revenue made in 2020 was far greater than the one made in 2019. That means, that while land-based casinos had a massive decline in their revenue – $261 billion in 2019 then $226 billion in 2020, online casinos were on the rise. In 2019, their total revenue was around $59 billion. In 2020, it had a solid rise and it reached around $63 billion. What’s even more interesting is the fact that thanks to the pandemic, players were able to see what the advantages of online casinos are, which is why they are expected to grow. In 2023, they will likely reach annual revenue of around $92 billion and will break the $100 billion barrier in 2025.
The Main Reason Behind the Success
Let’s start this with one interesting statistic. Research shows that around 51% of the global population takes part in some type of gambling each year. This leads us to believe that casinos are very profitable as they are loved by millions of people. But, in the past couple of years, online casinos have managed to make a huge impact as their popularity grew at a staggering rate.
After the pandemic hit, most of the land-based casinos were forced to shut down and people had to stay at home. But, their passion for playing casino games remained the same, which is why they sought out the alternative. As the term itself suggests, online casinos operate on the Internet, meaning that they can be accessed at any time and at any place. All you have to do is visit a licensed and regulated site and register.