The online gambling industry continues to evolve in leaps and bounds. Technological advances, consumer demand, and the rising popularity of cryptocurrency are just a few things that operators must adjust to if they are to succeed. Metap conducted some research on this field to find out what developments we can expect in 2021 and beyond.
Cryptocurrency
Using cryptocurrencies like Bitcoin, Dogecoin, and Ethereum for online gambling has surged in the past couple of years. While many of the biggest operators have yet to embrace crypto, we’ve recently seen a few big names in online gambling take the plunge. Some of them even allow customers to purchase and trade Bitcoin right on the site. Year 2021 should see more online betting sites introduce cryptocurrencies to their available payment options.
Higher Player Participation Rates and Revenues
The internet has created a global gambling community that has steadily grown over the past several years. Higher internet penetration rates in Africa along with the changes in legalization of online gambling in the United States have certainly factored into this growth. It is also aided by the operators who are a little less selective about their clientele. While the actual projections vary, the online gambling industry’s revenues are expected to increase dramatically through 2021 and into the foreseeable future.
Virtual Reality
Virtual reality is a relatively novel. It has got a long way to go before it reaches its full potential, but VR provides an immersive experience and it has already made its mark on the online gambling world. As VR headsets and accessories become more affordable and widely available, the demand for VR online gambling will rise. Software developers are currently hard at work creating more VR casino games.
Bigger Bonuses and More Promotions
Countless online gambling sites are operating right now. Despite the market being so crowded, new betting sites seem to pop up nearly every day. These fledgling sites face a diverse range of challenges. One of the biggest challenges is attracting new players and giving them a reason to sign up with them instead of one of the top ones.
Several things can motivate a person to gamble, but online casinos know that offering a better bonus than the competitors do is an effective tactic. However, operators must also find ways to retain those players. The solution? Offering more regular promotions and player perks to keep existing players coming back. You can already find bonuses worth thousands of dollars, but expect them to get even more valuable through 2021 and beyond.
More Live Dealer Games
Live dealer games have been offered at online casinos for many years. They may have taken a bit of time to catch on, but their popularity has risen exponentially over the past couple of years. Of course, increased demand means that software developers are focused on this niche. Not long ago, Evolution Gaming had a stranglehold on live dealer gaming. While Evolution remains the most prominent name in live dealer games, companies like Playtech, Microgaming, Ezugi, and NetEnt are now major players as they add more and more live titles into the mix.
More People Will Gamble Using Mobile Devices
There’s no doubt that mobile betting has revolutionized the online gambling industry. Playing casino games, betting on sports, and getting in a few hands of poker has never been so easy or convenient as it is today. You don’t even need an app because most sites are mobile-compatible and only require you to have a mobile browser and a wireless signal.
In 2020, experts estimated that about 40% of online gamblers used their smartphones to bet. Many expect that number to reach 50% in 2021 and even higher in the next couple of years.
2021 Will be Another Banner Year for eSports
eSports were already trending when the pandemic hit. The temporary cancellation of several sports around the globe added fuel to an already raging fire. To put it into perspective, there were about 3,000 eSports events to wager on in July 2019. In just a single year, that number had jumped to a whopping 50,000 events. eSports betting was worth an estimated $1 billion in 2019. Experts predict that it will be worth as much as $13 billion by 2025.
Conclusion
Online gambling enthusiasts of all stripes have a lot to look forward to in 2021. With so many great innovations being integrated, it’s hard to imagine how much the landscape will have changed a decade from now. By itself, virtual reality has the potential to completely alter the online gambling experience just as mobile gaming did over the previous few years. Of course, the forecast also looks very good for operators as player participation rates and those mouthwatering revenues continue to climb.