The casino industry has been evolving ever since it first arrived. In today’s world, online gaming is the most popular form of gambling, but millions of people still flock to Las Vegas year after year to spin up their cash and hope to win big. This means that the majority of changes are based around advancements in technology.
In 2020, there are a few key things that are going to influence the casino and gaming market. These will also likely play a part further into the decade too.
Here are 5 things you should know about casino market growth in 2020.
A few years ago, the value of cryptocurrency, in particular, Bitcoin, went through the roof, taking the world by storm. If you had invested in Bitcoin early on, you potentially stood to make millions of dollars, with the value of just one exceeding $12,000 at its peak.
In 2020 and beyond, cryptocurrency is going to dominate the gambling world. Many online platforms now accept Bitcoin and other crypto as a valid deposit and withdrawal method. This enables players to fund their accounts and play their favorite games using one of the safest methods around.
This is because crypto transactions are anonymous and the blockchain ensure that each transaction is secure before it can be completed.
While most gambling sites will still offer traditional payment methods, slowly but surely, cryptocurrency payments will start replacing them. Security is just one of the benefits but there are plenty more. Considering that gambling is a sensitive issue for some people, it gives them the necessary assurances to play at ease and reduce the threat of hacking.
This is an important factor to know about casino market growth in 2020 and it follows on from the first point.
As mentioned previously, cryptocurrency transactions give players anonymity. As such, they do not have to enter any personal or financial information to use online casinos. So, going into 2020 and beyond, many players across the world will be able to access online casinos and play their favorite games, even though their original location may restrict them from depositing.
To name one example right now, Taiwan has very strict regulations in relation to gambling. You will not find any physical casinos here. However, there has been a rapid growth in the number of online casinos in the country, each accepting cryptocurrency as a payment method.
As demand for online casinos increases, the push for expansion in laws and regulations in areas like Taiwan will grow. Considering how much money will be generated by these online casinos, it will become a primary concern to regulators and governments as they will want their share of the pie.
Lucian Marinescu, a partner at Online Casino Gems, is an expert in this area:
“Many people now have smartphones and/or tablets, meaning that mobile and social gaming will have a huge impact on the growth of the casino industry. More and more people prefer to play on their phones, resulting in an increase in free-to-play (F2P) games on the market. While these games may not direct profits, they create revenue in other ways, such as by upgrading their games to unlock special features, or pay to improve or speed up their progress and enhance their gaming experience.”
One thing to take away from this is that online gamers will be willing to spend their money on games that are free to play. This is very useful information for the casino industry as F2P players are a large group that they may not have thought about targeting for revenue. Tapping into this consumer base could potentially unlock massive profits.
The above point mentioned that the preferred way to play casino games in 2020 will be on mobile devices. Interestingly, the other most popular way to play is online. In fact, online gaming revenue increased by 66% in Atlantic City in 2019 alone.
As such, the number of land-based casinos will decrease.
One of the reasons why is accessibility. It’s so easy to open a computer or smartphone and load up the online casino. It literally takes a matter of seconds. On the other hand, going to a land-based casino means getting into the car, driving, finding a parking spot, etc. This costs time and money.
Players can sometimes spend a lot of money just getting to a land-based casino before they even enter and start playing.
Therefore, it makes a lot of sense to save this time and money on transport and other incidental costs and just play online instead. It’s all about convenience.
Other reasons why land-based casinos are on the decline is because they do not offer as much privacy as their online counterparts, there are far more games on offer than what you can find in a standard casino gaming space, and the overall experience is a lot more vibrant.
On top of that, when a game gets old or needs updating, they go through routine upgrades to ensure players will always enjoy their experience. This is something that land-based casinos will not be able to offer players due to their limited games.
The final thing you should know about casino market growth in 2020 is the introduction of new table games. The classics like poker and blackjack require a high level of skill to play correctly and give you the best chance of winning.
But not everyone has that skill. These players will then be on the hunt for games that offer a challenge but are easier to learn compared to the usual offerings.
As such, casinos continue to develop new table games to find out which ones are a hit and which ones are a bust. Also, introducing new popular online table games to the casino floor will bring in new sets of players, perhaps saving them becoming a victim of the growth of the online gaming phenomenon.