Exponential growth awaits the online casino industry

For most industries, 2020 was a very difficult year, but for the world of online gaming, including online casinos, it was a very different story.

With millions of people stuck at home because of the pandemic, many have used online gaming and online casinos as a substitute for the kind of fun and excitement they would normally have achieved with nights out.

While traditional casinos have suffered along with other industries, online casinos have grown in popularity, and exponential growth is expected in 2021.

Governments have also become in need of extra revenue, making the legalization and taxation of online gaming an appealing idea. Six US states voted in favor of online gaming legislation in the November 2020 election ballot.

Furthermore, President Joe Biden has stated that unnecessary restrictions on the gambling industry will not be implemented by his administration.

Legal online gambling in the US
Online gaming is covered by state regulations in the US, and there are three different categories – online poker, online sportsbooks and online casinos.

Some forms of online gambling are available in many states, but so far only New Jersey and Pennsylvania allow all three.

New Jersey and online gambling
Online gambling, including online casinos, has been legal in New Jersey since 2013.

Since the launch of the very first online casino, the state has made as much as $1.4bn in revenue, and there are bonus codes for New Jersey casinos to encourage customers.

That revenue continues to increase every year, and far from slowing down, recent events have made it clear that the growth in the market is going to expand further in 2021.

Pennsylvania and online gambling
All forms of online gambling including online casinos were legalized by the state of Pennsylvania four years ago back in 2017, with the state’s first casino site being launched two years later in 2019.

There are many options for players in 2021 via online casinos and sportsbooks, and the expansion of many online casinos is also expected this year.

The new bill was passed in order to increase tax revenue and while Pennsylvania was late to the online gambling scene in comparison to New Jersey, it has continuously demonstrated market growth and numbers that are just as strong, if not better.

Because legislation on online gaming is state by state in the US, it is difficult to determine the future for the industry elsewhere in the country.

Europe and online gaming
The online gaming industry in Europe has also undergone exponential growth with a number of countries including the likes of Germany, Italy, Switzerland and the United Kingdom emerging as important markets, and the trend is continuing to point upwards for this year.

Innovations in technology have also made it easier for the population of Europe to get access to gaming sites including online casinos at any time and from anywhere, the European Betting & Gaming Association says.

The industry has a 10% annual growth rate in Europe, with the market value of the entire online industry in the continent expected to reach as high as EUR29.3bn by next year.

Why the online gaming market in the EU has rapidly expanded
One reason for the exponential growth in the European gambling and casino industry is due to the strict licensing bodies in the sector that exist in the continent, a trend that has drastically expanded over the course of the last few years.

Consumers are able to access the same quality of game via gaming apps as on a casino website, which has also resulted in live betting and has encouraged providers to enhance game plans and offer improved UX.

The UK and online gaming
The United Kingdom’s online gaming market is offered by private providers in a very competitive environment, with strict gambling regulations and rules in place to make sure online gamblers know they are safe when using online gambling sites and casinos.

ER Casinos
ER (Enhanced Reality) Casinos is a fairly new player in the world of online gambling, an innovation that sees the physical world of the gaming screen expanded via superimposed digital elements to offer a more realistic and immersive experience.

The technology took off in a big way in 2020 and is likely to increase in popularity this year, further aiding the exponential growth of the online casino industry as a whole.