Here's how online casinos have survived and thrived during COVID-19

The shift to online has shocked many an industry, but online casinos have been registering significant growth

During the pandemic, people have been spending more time online than ever before. What was once land-based was moved online, including hobbies, employment, entertainment, school, shopping and communications with friends and family. This has caused some industries to struggle and these are likely to suffer financially into the future, but online casinos have been registering significant growth as punters move from brick-and-mortar sites to a variety of online options.

Whether you are a beginner or an experienced player looking for an online casino, you want detailed casino reviews and comparison options that let you select the best iGaming operators, games, and bonuses. The Casino Reviews website, which went live earlier this year, has reached new heights, providing an excellent service with all you need to make your choices. It also provides news and insights into what is happening in the industry. 

Online casino growth

While many industries have struggled during the COVID-19 pandemic and will suffer economically for some time, the online casino industry has been thriving as gamblers move from brick-and-mortar venues to a wide variety of online options. Between May and June 2020, the online casino industry recorded growth of around 115 per cent. Growth has continued throughout the year with analysts suggesting an annual growth rate of 11.5 per cent annually up to 2027.

Those who usually bet on sports decided instead to play a couple of hands of blackjack or another casino game occasionally when sporting events and other entertainment had been postponed or cancelled. Now that sports have returned, bettors are not leaving online casinos behind but instead spending money there at casinos and on sportsbooks.

Bonuses and promotions

Nearly every online casino site offers bonuses as an incentive to players to open an account to play slots or table games like poker and blackjack among others. During the pandemic, online casinos have increased the value of these welcome bonuses, plus other promotions to their customers to keep retention figures high. With some bonuses matching the amount being deposited, it is not surprising that average deposits have also increased by around 10 per cent since the pandemic caused countries to enforce a lockdown.

Advanced technology

Online casinos have been at the forefront of incorporating new technologies into the business. Their early investments into Virtual Reality, 3D animation and live dealers have ensured the industry has been able to make the most of the challenges that social distancing has caused to the majority of people, by making online play feel similar to that of playing in a brick-and-mortar casino. Gaming is also freely available on mobile devices offering punters even more freedom without losing any quality in gaming.  Online casinos are at the forefront of keeping the digital services industry looking forward and thriving. Technological research into online casinos has not halted during the pandemic, with huge advances in smartwatch betting, with this sector estimated to be worth USD33 billion by 2021.

Post-2020

The global gambling market is estimated to be worth a record USD66.7 billion by the end of 2020 and projected growth in the industry will make gambling stocks a good buy for investors next year and onwards. Whilst brick-and-mortar casinos have suffered during the pandemic, the boom in online casinos is not expected to cause land-based long-term damage, since the two can work in tandem, with the same players. As 2020 draws to an end, the cooler weather for those living in North America and Europe will also benefit online gaming, even without the bonuses the pandemic has brought to the industry.

More in Sponsored