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Lemons into Lemonade: iGaming's Better New Normal
By Shane Addinall Mar 10, 2021While the COVID-19 pandemic wreaked havoc on the global economy, some digital markets peaked in popularity and helped us adapt to the new way of life that lockdown brought us. Join us as we explore the iGaming market’s growth in this period.As human beings, we are remarkably resilient creatures that can adapt and evolve to survive anything served to us. 2020 quite simply proves this fact and provides yet another historical showcase of how we manage to take a bitter scenario and create a fabulous silver lining from it.
The COVID-19 pandemic was certainly one of the worst global disasters we have had to face in recent history, yet we have managed to adapt and become even stronger because of it.
One of our greatest assets during the past year has been our push for global digitalisation. Our love for technology has worked tremendously in our favour and has made lockdown and social distancing so much easier.
In fact, 2020 is a defining moment in the refinement of the digital realm. Great advancements were made to cater to the scenario, such as improvements in online shopping, digitised payment solutions, advancements in live chat technology, and so much more. The effects of the pandemic challenged us to find a new normal that could pander to our needs as social beings.
Fans of online gambling have experienced a similar renaissance in response to these worldwide improvements in working, living, and playing online. In search of our very own silver lining, we have discovered 5 ways in which the online gambling industry has become safer, more secure, and more popular over the last 24 months.
Newly Regulated Regions
Many countries previously opposed to online gambling have seen reason when it comes to digital gaming and recognise its positive impact on regulated economies. While land-based gambling establishments closed in various countries due to lockdown protocols, online casinos have taken over and provided socially distancing residents with sought-after ways to amuse themselves.
Did you know? More states in the USA are looking to legalise online gambling at the moment. These include regions like California, Connecticut, Indiana, Illinois, Massachusetts, and New York.
As more countries and regions move to legalise iGaming, it only improves the security of the citizens in those areas. Many players gamble without the security and protection of regulation, so steps to regulate the market are set to create a safer environment for all punters.
Thriving Business
Where various businesses were forced to close their doors to limit social interaction, digital companies like online casinos have had the privilege of remaining in full operation over the lockdown periods, which has had a hugely positive effect on the overall market.
Quick Fact: According to the Online Gambling Market Report 2020-2025, COVID-19 has led to a sudden rise in online gambling revenues, with some reports citing a 67% increase.
An influx of people has moved over to the digital gambling realms, as it presents one of the few forms of entertainment available to adults in an environment where social distancing and staying at home is the societal norm.
Active Approach Towards Legislation
Thankfully, regulators recognised the need for rapid changes to gambling legislation. Laws that would have taken months or years to pass before, were passed quickly to cater to the sudden growth in popularity of internet gambling.
Did you know? Official figures show that online gambling has emerged as one of the most popular pass times during the pandemic alongside online retail, food delivery, and subscription services. It’s only natural that its infrastructure would adapt to keep up with its growth.
Various regions are in the process of passing laws to establish viable iGaming markets to ride the gravy train to wealth. There is much to recover and make up for, especially with land-based casinos only operating at limited capacity right now.
A Proponent for Responsible Gambling
The sudden attention of the masses in the online gambling sphere was a positive catalyst for governments and gambling commissions to improve their oversight and increase their focus on maintaining a responsible gambling environment.
With much more time to play casino games, it was evident that enhanced responsible gambling protocols were needed to protect the playing public. Regulators in Spain and Britain were among the first to increase their safety protocols.
Some of these security measures have included lowering the betting limits, the introduction of enhanced verification measures, and restrictions on marketing.
Quick Fact: Spain has been the most heavy-handed with its laws on gambling marketing and has recently passed laws to prohibit sports teams from being sponsored by gambling institutions in the region.
Some gaming commissions have limited the types of bonuses and promotions allowed at online casinos with certain regions putting a hold on such offerings. At the end of the day, these improved protocols ensure a safer gaming experience, despite the fact that old-school gamblers have not been in favour of these security enhancements.
New Betting Avenues
Although it is an online betting practice, sports betting has not faired as well as online casino entertainment because of the banning of live sports events. While football has since made a return, along with many other prominent sports, their initial absence from the scene caused bookmakers to become more innovative. Now that sport is back, there are far more options for the public to enjoy.
Egaming became extremely popular thanks to the global lockdown. More and more people took to the exciting video gaming world to pass the time away. Of course, competitive protagonists found it the perfect platform to stage competitions and tournaments. This in turn provided an opportunity for sportsbooks to expand their repertoire and add new gaming options into their libraries – something that has been well-needed to this point anyway.
Quick Fact: While you may think that games like FIFA Soccer would have ranked highly in the Esporting arena, the number one game for total winnings in 2020 is held by a shooter game. ‘Counter-Strike: Global Offensive’ forked out $14.75 million in winnings to its players last year!
Esports is only gaining momentum and is an area of interest that needs watching over the next few years. Heightened regulation may be needed in this arena to protect under-aged players from getting caught up in the betting aspect of the market.
Round-Up
It’s always good to find the positive in any negative situation. The iGaming industry is one of the only markets that can safely do this when looking back over the last two years.
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