Online gambling market forecasts paint a picture of a vast industry over the next decade. In 2021, the industry was worth $357.54 billion, according to research data published online. The growth of the online gaming market in 2021 has been attributed to the COVID pandemic when most people stayed at home. Millions of people who couldn’t show up for work due to COVID restrictions resorted to eGaming as it became impossible to visit land-based casinos. Since 2021, land-based casinos have taken a hit and are no longer as popular as before the pandemic.
This article explores fun facts about the online gambling market that every bettor should know. If you are reading this in South Africa, this overview of new online casinos in South Africa is an ideal place to start. After all, every South African gamer deserves a gaming site with the best deals, despite the exciting games.
So far, here are the top five interesting facts about online casinos today.
COVID has had an immense positive impact on the growth of online casinos
While the world is still grappling with post-pandemic life, the online gambling market has grown tremendously, thanks to the creation of new online casinos in 2022. Notably, online gambling entities have remained at flow even at the height of the pandemic as they were vital sources of entertainment when lockdown measures became the order of the day around the world. As a result, millions of gamers have joined various gaming sites.
Several news sources, including the BBC, have reported that online searches for gambling sites have reached an all-time high during the pandemic. It has also seen the creation of new online casinos. The proliferation of new casino sites in 2021 has also resulted in increased tax revenue for governments that have struggled to stay afloat.
Cryptocurrencies have become the go-to banking methods in online casinos
The safety of online players and the security of banking methods on online gaming platforms remain a key concern for major players in the industry. While online casinos only accept foolproof banking methods, hackers are still finding ways to breach the security layers of gambling sites. Hacking payment gateways is especially common in fiat banking gateways such as direct bank transfers and credit/debit card transfers. The catch is that a gambler can easily fall prey to phishing scams when signing up on casino websites.
However, the use of cryptocurrencies appears to have reduced the risks associated with internet banking, especially among gamers. Most popular casino websites have fully embraced cryptocurrencies as a safer alternative to banking, as transactions remain anonymous. With cryptocurrency wallets or exchanges linked to casino websites, players’ personal data remains anonymous, which is not the case with fiat cooking methods. And despite the current crypto market crush, bitcoin usages, including casino sites, remain optimistic about a strong rebound in the coming months.
The majority of online gamers are between 30 and 40 years old
The growth of the gambling market is mainly attributed to young populations who are opening new accounts every day. First, online gaming platforms promote responsible gaming through age restrictions. The minimum age to play starts at 18 in most countries. Second, people aged 30 to 40 are mostly tech-savvy, which makes it easy for them to join new casinos and play slots or any other game without complications.
When you think slot machines are the undisputed kings of online casinos, it turns out there’s a stronger competitor. Blackjack is ranked as the game with the largest market share in online casinos. As a result, blackjack is more popular than slots, poker, roulette, craps and any other game in old and new casinos. The popularity of blackjack is based on the fact that it is a game of skill rather than chance. Additionally, decision-making skills play an important role in blackjack games, not to mention that various variations of blackjack are easy to learn and play. Also, check out these fun Playstation facts before playing the next game.
AI improves efficiency and security in the online gambling market
The fast-growing online gambling industry raises a security concern. With more and more people transferring money to/from online gambling sites, the use of artificial intelligence to identify potential fraud and secure banking systems has become more urgent. AI is a 21st century technology that, combined with machine learning, ensures that systems are fully automated to eliminate instances of human error. In addition, artificial intelligence in online gambling promotes efficiency, speed and safety for players.
The online gambling industry is here to stay, even into the unpredictable future. This is mainly because the world is well on its way to a fully digitized global village. New inventions such as augmented reality that now make it fun to play online games mean that even new online casinos in South Africa have no choice but to embrace the change. This is the only way for a new online casino to survive the wave that is sweeping through traditional gaming systems. In a nutshell, there are more interesting facts to know about the online gambling market beyond those explored in this article.