Gambling Market Development in 2021

One of the markets that have remained strong for a long period of time is definitely the gambling market. Much like a lot of the other business the pandemic that occurred in 2020 had a strong impact on gambling. The massive drop rate in tourism and limited working hours took their toll on land-based casinos. That being said the gambling market as a whole was not as severely impacted as some of the other markets. 

In fact, during the lockdown one of the industries that thrived was online gambling. Unfortunately, the threat still persists, and it will take some time before things are back to normal. With that in mind let’s go over the market development predictions for 2021.

Expected Growth

The compound annual growth rate is estimated at around 10.8%, more specifically from $465.76 to $516.03 billion. The growth is a result of companies adjusting their operations and also recovering from the situation caused by the pandemic. Hotels and resorts are yet to recover their older numbers, but there are definitely higher user engagement expectations for this year. Many of the sports events that were cancelled during 2020 are going to resume in 2021. In other words, sports betting numbers will go up, once these popular competitions start. 

Another important factor in this equation is the Asia Pacific region. China has seemingly made the most progress when it comes to recovering and restoring the economy back to normal. This is important because 38% of the global gambling market is in the Asia Pacific region and mostly in China. 

Growing User Base

When it comes to sports betting and gambling one thing that has to be noted is that they are really easy to pick up. The whole process is seamless and user-friendly so it’s quite easy to start playing as you don’t need a long time to figure out how things work. This is especially true for slots games. This is why slots are the most dominant element on both land-based and online casinos and the most profitable investment from the business owner perspective. You can read more about the best online casino platforms and you will find out that the majority of the available games are different variations of slots. These variations are another reason behind the rapid growth of the user base.  

 

Branded slot games are a more expensive investment, as you need rights to display a certain pop culture icon and use it as a theme for a slot machine. Today we have slots with Batman, Sonic, Game of Thrones, Jurassic Park and other titles from the entertainment industry. This imagery inspires a sense of familiarity and therefore users are more likely to give them a try. One look at some of the games at the iDeal casino online, and you will see an ongoing trend. The slots themes and games look so different than the ones in the older land-based institutions. The aesthetics resemble video games more and are more enjoyable for youth who is just turning 18. 

The Aftermath of The Pandemic in The US

The revenue of the casinos in the US during 2020 has dropped by 30%, which was an all-time high ever since 2003. Moreover, this is the first time revenue has fallen in 6 years, and it is mainly because they lost around 27% of their working days. The state that was hit the hardest was New Mexico where casinos suffered a 79% drop in revenue. 

However, in December a meaningful spike occurred when bettors from New Jersey wagered $996.3 million within a single month. Still, the drop was pretty drastic, which is why the growth will be far more noticeable, as the line is basically lower than ever.

Conclusion

With things looking up, and as sports are slowly getting back on track, the gambling institutions will gradually restore their capacity. Hopefully, many of the employees will get their jobs back, and once tourism starts to recover the land-based institution will start to see the old numbers. As mentioned, the reason for a drastic growth is a result of a drastic drop, which means that the growth rate itself will normalize and fluctuate again when it reaches 2019 numbers. 

7 Facts You Should Know While Playing Wacky Races and Other Casino Games
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