There’s no question that the ongoing pandemic has affected the world in unprecedented ways. This sentiment rings even truer for the online gambling and casino industries, which have experienced a rapid increase in digital traffic, especially throughout 2020. As the digital gambling industry continues to gain popularity, one thing’s for sure: it shows no signs of slowing down any time soon.
COVID-19 entered our world like a meteor and flipped the global community on its head. At the same time, many thought that the impending pandemic and subsequent job losses would result in fewer people spending their time doing leisure activities, like online gambling and betting. Instead, the industry continued to gain speed, resulting in online platforms and next-gen manufacturers scrambling to keep up with the demand. In a recent interview Playstation’s CEO, Jim Ryan, said the company had more PlayStation 5’s available ahead of the holiday season than they did with the PS4 during a calm, pandemic-free year in 2013.
Although most of us can never predict what the gambling industry will look like in future years, we can provide some insight and opinion based on what we’ve experienced over the past year. As traditional in-person casinos continue to be off-limits, online betting platforms had contributed to a record 20 percent of all gambling revenue in 2020. Researchers also estimate that the online gambling industry could see revenue profits close to $1 trillion in 2021.
Current gambling laws in Canada
While current laws in Canada surrounding gambling are still a grey area, legal online casinos for Canadian residents continue to exist because of very few laws related to regulating online play. This has led to higher demand for Canadians looking for quality online casino gambling platforms. Luckily, there are licensed sites available by the Kahnawake Gambling Commission. Located outside Montreal, the Commission was created in 1996 to provide Canadians with online gambling options that were licensed and provided a safe and secure option for players.
Many players have found comfort in the convenience that mobile gambling offers as they continue to play online casino games right from their phones without ever having to leave their homes. While there’s still a large population that prefers the desktop view, more and more users are switching to their cell phones, which most of us always have within arm’s reach. The increased interest in mobile gambling will result in continued growth for virtual sports, online slots, casino gambling, and online table games for years to come.
And what about the emergence of Bitcoin?
The emergence of bitcoin into mainstream society over the past decade has also led to a rise in cryptocurrency casinos as a reliable currency and investment option. Bitcoin casinos offer a lower transaction fee, with many bitcoin sites offering no fees at all. They also provide a safe, secure, and efficient option as their services offer autonomy through blockchain technology. There’s no question: bitcoin casinos will continue to rise in 2021 as more online platforms begin to offer them as payment options.
Virtual reality is changing online gambling!
Welcome the new face of online gambling, you! Virtual reality (VR) headsets are just beginning to change the way we interact with online gambling, but they’re also changing things dramatically. While this software was already in place at some in-person casinos before the pandemic, there will soon be a considerable shift towards the use of VR goggles in the digital gambling realm, as users continue flocking to online platforms in droves. As VR continues to make its mark on the world, further technology advancements will need to be made to make this a possibility sooner rather than later.
Live sporting events continue to be off-limits for in-person spectators. In Canada, this has led to a rise in more people spending their free time meeting and competing online in the virtual e-sports sector. While live events and casinos were being shut down temporarily, players were forced to find new ways to cast their sporting bets. E-sports provides players with a platform to place wagers on their favourite e-gambling sportsmen. The increased popularity of e-gambling has provided an opportunity for sportsbooks to offer digital wagering services and create a new form of consumer: the e-sports betting type.
Can online gambling keep up with demand?
As we push forward, full steam ahead into 2021, these three major trends are expected to dominate the industry this year and beyond. To keep up with the surge in demand, the online gambling industry will need to develop new and creative ideas to attract newbies to their sites and keep the already interested players plugged in. New and improved technologies like virtual reality, cryptocurrencies, and the increased popularity of e-sports will all play a vital role in helping the Canadian online casino industry provide more realistic experiences for players in our country and worldwide.