How 2020 Impacted the Future of the Gaming Industry

The world has experienced financial uncertainties due to the layoffs being seen as a result of the COVID-19 pandemic. The retail has been a better option to many all over the world to cope up with the financial uncertainties caused by the pandemic.

Playing games online and online gambling has been instrumental to most people, who have found these ways convenient to deal with the pandemic. There has been low financial damage in the online gaming industry compared to other industries. US, for example, is expected to record a major growth value of about $102.9 billion when we go into 2025. This is according to a study carried out. Most of online gaming companies are making a breakthrough in this situation compared to the traditional gambling. With online gaming, there is need also for shift to online payments so that the winnings made by players is not done through checks.

There is still substantial growth in the gaming industry and there existing trends which show great signs. 2020 has so far impacted the future of the gaming industry in many ways. There has been boosted overall market revenues in the industry with $87.75 billion expected by 2024 from $46 billion that was realized in 2017. This is a double growth that has is expected in the future of gaming industry. This is however a reflection expected mostly in the online gambling revenues in the US and Asia-Pacific. Sports betting is in control of this in the whole world and since US legalized sports betting. There has been a great impact that has been seen. Online casino gambling has taken the second position in the market share so far and is expected to make a big impact in the coming future in gaming industry, even as pundits try to find out whether it is risky to bet on Esports.

Changes in Online Gaming

With COVID-19 pandemic on the rise, there have been changes in online gaming industry in 2020 and this has a great impact in the future of the gaming industry. And this is one of the reasons why many argue that the gambling industry faces an uncertain future.

 It is a truly critical year in gaming industry and this has an impact in the future. In 2018, the Supreme Court in the US legalized sports betting and there was provision of laws to govern the industry in the subsequent year in ten different states. This included how such sites should operate and taxation on sports betting would be carried out. 2020 was expected to be a year of great influence of the future in gaming industry.

The prediction of the future right now is in the nature of the COVID-19. Even though with low betting chances, the gaming industry is seen by many not to be a long-term issue. The pandemic has however made a big impact on the brick-and-mortar as most of them have been forced to be closed. This is because of the call to try and reduce the spread of the Corona virus and consequently the future is not good. With the fall in revenues in brick-and-mortar, there has been tremendous rise in the online casino revenues in most countries globally. Such cases have been reported in states like Pennsylvania and New Jersey in the USA. Because most players are accustomed to online gambling for a reasonable duration, there are no possibilities of them switching to brick-and-mortar not unless they get dissatisfied with the online gaming.

Seamless payments and Disbursement Barriers

Since online gaming is a digital service, there has been seamless payment. This has been so important as a result of the positivity in online gaming in 2020 so that casino providers make payments to winners at the right time through cash or checks.

In the entire world, online casinos use digital disbursements through third parties. These third parties have been used by casinos for many years with credit and debit cards commonly used. Most winners have received their winning rewards through these mode of payments. With such experienced in 2020, there are greater goals expected by online gaming services in Europe. Winnings players make are expected to be made directly into the digital wallet apps on player’s mobile devices like smartphones and tablets.

With players receiving funds immediately and directly will have the urge of betting more and more. A normal gambling require immediate disbursement of winnings so that they can continue gambling. Credit and debit cards as some of modes of payment usually demand players to wait a little bit longer before they can have their funds ready for the next action.

With the current situation experienced in 2020, gaming providers require options that disburse payments instantly so that the pace is set for the future growth. Platforms like 888.com made a step higher by automating their payment solutions and has gone another step forward by implementing ACH bank transfers. This has eventually facilitated an improved disbursement of funds in a quicker and safer manner. There are other factors that are also related to cash payment which have been used in previous years and in 2020. Most casino sites are opting for a switch to a more focused and efficient service to overcome things like insecurity with cash, checks process fee and many more.

Online gaming sites that have obtained licenses to offer services in particular states can find a bit difficult with certain upgrades in the future. With such upgrades like new payment options, such casino gaming sites will find it hard to make them happen in the future. They have to work on modalities of making it work for them in future.

Europe remains to be the leading when it comes to sports betting with the UK a major player in the industry. This has been seen in the previous years, in 2020 and has a great impact in the future. There is a regulated and organized market for Europe and the UK that has existed and is seen to spread for the coming years.

The online casino is an industry that is still growing rapidly but not as dominant as sports betting. The growth of eSports continues to have its effect on the betting industry. In terms of global revenue, online casino is second.