As we reported recently, the onset of the global pandemic has had a significant impact on the increase and uptake of online casino and sports betting across the United States. No-one could have foreseen the how quickly the uptake of online gaming has unfolded, and it shows no sign of slowing. With that in mind, let’s analyze the biggest ongoing trends for online casino and sports betting moving forward.
Implementing New Forms of Technology
In the wake of the pandemic may land-based companies have been switching to cashless payments and while at the same time limiting personal interactions. Many casino resorts already allow customers to check-in their establishments via their cell phones and other mobile devices, and load their casino rewards cards online. The shift towards a completely cashless casino business would be a huge step forward for the industry and it comes on the back of greater than ever uptake of legal online gaming as online and technology in general continues its forward march.
Currently, the online gambling market is valued at $46 billion worldwide and projections show it to more than double and reach $94 billion globally by 2024.
That is more than double the value in only 4 years. It’s become clear that consumers will increasingly prefer their gaming to be done online. Across the world, people are not only playing at home on their computers; a majority of online gambling is now done on phones and other mobile devices.
Technology and its convenience are the buzz words of now and further into the future. Online bettors are showing that they want to have that ability in their pocket, and have it available at all times.
Globally, 61% of online casino revenues come from online bets (in New Jersey alone that figure is in advance of 80%) and an amazing 72% of those worldwide wagers are currently placed on a mobile device. That’s a pretty big piece of the pie and it’s only going to grow.
With strong proof that online casinos are an unequivocal success (where legal), it’s time to start expanding and have more states across the U.S. look at legalizing online sports betting. Many states have taken up the practice, and looking into our crystal balls, expect to see more taking it up over the next few years. Moreover, those states with land-only bricks-and-mortar sports betting will surely follow the online trend.
Increase of Sports Betting and eSports Betting
The gambling industry has made business out of making partnerships in the world of sports for decades. Considering the huge appeal and impact of professional sports, online gambling providers are expected to increase their sports betting offering and in partnership with actual professional sports franchises. Much in the same way as the Denver Broncos joined up with FanDuel and BetMGM in Colorado and the NHL’s New Jersey Devils led the way also with FanDuel to include cross-promotion.
It’s only a matter of time until state market leader New Jersey passes its eSports betting legalization bill and we begin to see cross-promotions between eSports and betting platforms as already happening in the United Kingdom between Betway and the big eSports leagues.
Not only does eSports wagering appeal to a younger adult and a more tech savvy crowd. Wagering on eSports also offers a gateway to other forms of sports betting such as live sports. The trend is developing the that online sportsbooks are searching to explore new live betting avenues for a younger crowd that appear set to change sports betting forever.
It’s an exciting and brave new gaming world and we can’t wait to see how it continues to unfold.
However, the question needs to be asked if perhaps all states have fully considered the potential positive economic benefits of a fully legalized, licensed and regulated online casino industry. Without a doubt, there are many state budgets that could benefit from the state revenue cash injection.
In the wake of the economic down turn related to the global pandemic, let’s take a closer look at the economic and other benefits.
According to a 2017 Oxford University study, the fiscal impacts of a legalized online casino gaming industry consisting of state, local, and federal tax influence could be expected to exceed $8.4 billion should a majority of states legalize online casino gaming.
Gaming and Technology Benefits
In the U.K, where online casinos are is commonplace, the online casino betting industry doubled its size over the past five years and is responsible for up to 70% of UK’s casino gaming market.
Online casino betting applications available across all devices create a convenient gambling experience for customers and create jobs for developers, administrators, customer support staff and mangers alike.
It is anticipated that the online casino betting market in the US will most likely become the world’s largest once it becomes legal across most states.
Increased State Tax Revenues
The increase in funds to the state budget bottom line will be the primary motivator for some states to finally legalize online casinos in their respective jurisdictions. Instead of losing tax money to neighboring states that allow online casinos, legalization will let each state to enjoy more profits over time. As the number of states that permit online casino betting increase, those remaining closed to the idea will eventually jump onboard to avoid losing tax profits and potential state tax revenues.
Technology Assists In Providing Assistance For Those Requiring Help
In reality, there will always be those players that can’t practice responsible gaming and unfortunately go overboard. Online casino gambling sites are complete with A.I. powered problem gambler detection software providing a level of assistance for those that require it. Once it is legalized, online casinos will roll out help solutions that will be beneficial for many people.
With more responsible gaming potentially taking place, state budgets will be able to budget less on housing, welfare and food stamps, and have more money to spend on education, health, fire and police protection, infrastructure and parks and gardens.
Smart Job Creation
Online casino legalization will create jobs in smarter sectors in the economy. Game developers, coders and tech savvy customer support staff roles will be created and move people out of harm’s way of further pandemics and diseases and into flexible and smarter roles that should be possible to undertake from home in the most part. As a result, the impact of the child care and public transport sector could also potentially gain relief.
Safer Betting Platforms for all
Legalization will promote better spaces for online casino betting. Instead of placing bets via illegal wagers, people will go to a legal, licensed and regulated online casino that players are allowed to go to. Arguably, more people will become interested in online casino gambling as a safer, cleaner and more enjoyable space to place their wagers under the full discretion of their state behind them.