For many gamblers, the COVID-19 has been both a blessing and a curse. With the onslaught of casino closures, several states have relaxed restrictions on online gambling to compensate for lost revenue from brick-and-mortar casinos. Sports bettors who were unable to access their favourite sportsbook are now turning to an ever-increasing number of websites that offer wagering opportunities they never imagined existed before the pandemic hit our country.
Because it allows players to play from anywhere, the internet has become a revolutionary platform for casinos and gambling. Bonuses and free plays have also migrated online, making them more prevalent than ever.
The casino industry was relieved and pleased to see that customers were satisfied with the digital versions of their favourite games. “Workers in the casino industry, like everyone else, are concerned about the uncertainty and duration of lockdowns,” Erik King, CEO of Zamedia, said. “However, as we expected, most people couldn’t pass up the opportunity to play video games while they waited for things to return to normal.”
Online casino offerings are increasing in response to increasingly stringent gambling regulations, but not everyone is pleased. Residents of New Zealand and Australia were happier with online casinos than anyone else in the world, according to a study conducted. Though these areas were not as affected by tightened regulations as those further away (such as North America), they did fall in line with global trends towards more internet gaming options.
US Sports Betting Giants Are Counting On iGaming Expansion
DraftKings has announced that they believe the total addressable US gambling market will grow from $39 billion to $62 billion, a significant increase. This announcement resulted in a surge in DraftKing stock prices, but it also suggested that online gaming could easily trump sports betting in terms of revenue. Potential revenues for iGaming are staggering, with an estimated staggering amount-$22 billion-of this being attributed to just online sportsbetting, with other projections including over half of all bets coming through igiinrevenue generation.
The term “iGaming” generally refers to any type of digital wagering. Virtual slot machines, casino games, poker rooms, and sports betting are all examples of this. The DraftKings valuation breakdown separates sports betting from other iGaming options to highlight the fact that the real prise lies outside of sports betting itself; slots account for more than half of all earnings, with blackjack accounting for the remaining 12 percent.
Sports betting is fast and exciting, but it is not as profitable. Instead of the dull world of sports gambling, gamblers looking for excitement can always turn to slots or blackjack. Not only are slot machines more exciting than sporting events, but a bettor has a lot of options in between rounds, so they won’t get bored while waiting for their luck to change. One hundred dollars at the table will vanish before your eyes!
Official partnerships with sportsbook operators and league data providers are improving in-game betting for North American sporting events. With the race already on their side, it’s no surprise that these same official partners have formed relationships with casino technology developers in order to improve on their winning formula.