The year 2020 was a terrible year under many parameters. The COVID 19 pandemic has caused chaos all around the world. However, if there’s one industry that managed to thrive in 2020, it would have to be the online gambling industry. And it’s easy to see why this is the case. The vast majority of countries around the world have imposed strict limits on how and when people could move freely around outside – and even stricter curfews. People are still forced to sit at home where they are safest. And one of how people can pass the time is by playing online gambling games.
Moreover, the land-based gambling industry has been hit like never before. Countless land-based casinos even the most popular ones that were captured by the film industry all around the world have closed out due to the COVID-19 restrictions. This leaves online casinos with a lot less competition from their land-based counterparts. And these are the main reasons why the online gambling industry has had one of the best years to date in 2020.
The market size of the entire online gambling industry for 2020 is estimated at 227 billion USD. The number of workers that were employed in the online gambling industry in 2020 is over 1 million. The number of online gambling establishments all around the world is more than 4,000. This means that there has been a steady increase in all the abovementioned parameters of the online gambling industry.
The online gambling market has experienced a steady rate of growth for the past several years. It’s expected that the market will grow at a rate of 8.77% in the next 4 years, which means that the online gambling industry is experiencing a very fast growth rate.
COVID 19 has had its fairly big influence on the growth of the online gambling industry in the past year – but it’s not the only thing that has influenced the growth of the industry. We have to give it to the developers and online gambling operators. Developers such as RealTime Gaming have powered through the crisis and continued to create slots and table games for the public. More and more players are interested in trying out the gambling games and trying their luck playing them.
Likewise, online gambling operators have stepped their game and started offering never-before-seen bonuses of potentially tens of thousands of dollars for the first-time comers. Also, the liberalization of online gambling laws has made it even more available to the public worldwide. The authorities that issue online gaming licenses for the iGaming industry operators have imposed stricter standards for online casinos – and this shows in the increased levels of trust that people tend to have in the safety and security of online gambling.
The Growth of Slot Games’ Popularity
There’s growth within the iGaming industry’s constituent parts – specifically the games – as well. Online slots have always been popular ever since they first came to be. There’s something about their inherent simplicity and the thousands of versions that they come in that continues to captivate people’s attention. Moreover, new features are introduced with increasing frequency – as you can see by playing the available new RTG slots at Red Dog Casino.
The popularity of online slots has outright blown up during 2020. Statistics show that millions of new players were introduced to the online slots magic – in significant part, probably due to the aforementioned movement restrictions. And the developers and online casino operators have capitalized on this by offering newer and more polished slot games.
Despite the fact that the popularity of online slots is at an all-time high and they hold the biggest market share in the gambling industry, there is still a lot of room for improvement and increase in popularity. This makes it a lot likelier that online slots will become even more popular than they are now. Visit any online casino such as Red Dog, and you will see that the slots are prominently displayed and made available to the players. More and more developers come out on the iGaming market. They offer some fantastic new headlines – but if you’re a true fan of online slots, we suggest that you stick to the most reputable operators and their offerings – such as RealTime Gaming.
Future Trends and Projections
Gambling fans will flood the reopened land-based casinos to the detriment of online gambling casinos. But, in time, things will even out, and the iGaming industry will continue to grow at a steady rate during the following years – where many new gambling games will be developed and created, many new online gambling operators will open new online casinos – and many new people will start to gamble online as a new hobby of theirs.
Whether you look at the statistics from the point of view of an investor, or a player, or a third party with no interest in online gambling whatsoever – it’s obvious that the iGaming industry is experiencing an unprecedented level of growth in 2020. A lot of it is due to the COVID 19 pandemic – but a big part of it comes as a natural extension to the global market’s growth.
And future projections of the online gambling market do look good as well, with a steady growth rate of 8.77% during the next few years. You can expect to see many new online casinos and many new games created by the top developers – including fun versions of slots, blackjack, baccarat, roulette, poker, and other games. Also, with the advent of Virtual Reality technology, the live gaming section of the iGaming market is slated to experience a boom that’s never before seen. It’s a great time to be alive if you’re a fan of online gambling – and things will only get better in both the near and distant future alike.