2020 was not the best year for many because of the COVID-19 pandemic. We were compelled to close down and stay at home, robbing us of our freedom, and the business sector suffered significant losses. That is why millions of business owners have been dissatisfied with how governments have handled the crisis, yet there was no other option.
While some firms were hurting and losing a lot of money, others were thriving. One of these industries is the online casino industry, which has seen significant revenue growth in recent years. With that in mind, we wanted to look at how this industry was able to achieve success in a period when very few people could. We contacted Exycasinos in order to get answers to these queries, and this is what the experts have to say.
Success of online casinos is shown by numbers
Online casinos have grown in popularity as a result of its accessibility. In the United States, the state of New Jersey saw a total of $996.3 million in wagers in December alone, a new high. In addition, overall sales was around $6 billion, up 33 percent from the previous year.
The overall income generated by the internet betting sector in the United States was roughly $21.5 billion, up 60% from the previous year. In terms of iGaming, it generated $1.6 billion, a 200 percent increase over the previous year.
In terms of the worldwide online gambling sector, revenue in 2020 was significantly higher than revenue in 2019. That means that, although land-based casinos saw a significant drop in revenue – $261 billion in 2019 and $226 billion in 2020 – online casinos saw a significant increase in revenue. Their entire revenue in 2019 was over $59 billion. It increased significantly in 2020, reaching roughly $63 billion.
What’s more interesting is that, as a result of the pandemic, players have been more aware of the benefits of online casinos, which is why they are predicted to increase. They are expected to reach annual revenue of roughly $92 billion in 2023 and will surpass the $100 billion mark in 2025. These numbers clearly show the success that online casinos have been able to receive throughout the pandemic period.
Reasons behind the success of online casinos
Let’s start with a fascinating statistic. According to studies, over 51% of the world’s population engages in some form of gambling each year. This leads us to conclude that casinos are extremely successful since millions of people enjoy them. Online casinos, on the other hand, have had a big influence in recent years as their popularity has skyrocketed.
When the epidemic struck, most land-based casinos were forced to close, and patrons were compelled to stay at home. Their desire to play casino games, however, remained unchanged, which is why they searched out an alternative. Online casinos, as the name implies, operate over the Internet, and may be accessed at any time and from any location. All you have to do is register on a licensed and authorized website. Then you can continue to play your favorite games on the casino.
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