As most are aware, the country’s land-based casino industry has been struggling this year with significant revenue drops recorded in most states. New reports seem to indicate that online gaming revenue is actually increasing. Some studies even show that the world’s online gambling revenue has increased by 67% this year.
It’s a somewhat surprising piece of news. Many casino companies are likely to begin shifting their focus to the online gambling industry. Today, we’ll take a look at what has led to this sharp rise in internet gaming earnings.
Let’s get into it!
We’ve been reporting on casino revenue for months. Over in the US, casinos were shut down for months. Some tribal casinos began opening around the country, albeit without specific state-government approval. It wasn’t until June that Governor Sisolak gave the green light for Nevada’s commercial casinos to reopen.
This helped many other states open their own casino industries. Over the next two months, some of the biggest casino destinations in the country including New Jersey and Mississippi began allowing their casinos to open, as well. Today, every state is now allowing its casinos to function in one way or another.
Unfortunately, revenue has been slow to recover. Some parts of the country are doing better than others. That’s particularly true with the states that have legal, regulated online gambling options. New Jersey has managed to set multiple sports betting handle records recently.
Las Vegas is open, yet the city is still finding it very difficult to bring in tourists. Casinos have seen their revenue increase over the past few months. It will likely be years before they see pre-pandemic levels of revenue, though.
Macau closed and opened its casinos back in February. Travel restrictions to and from Mainland China made it very difficult for the casinos here to bring in revenue, though. That travel ban has recently been lifted, yet tourism numbers remain significantly lower here than they were in 2019.
It’s now becoming clear that many more people are choosing to gamble online this year.
For years, the world’s online gambling industry has been growing bigger. 2020, it seems, has helped online gambling industries grow exponentially. There seem to be several reasons why this is.
In 2019, the world’s online gaming industry was valued at an astounding $44.317 billion. That’s a sharp increase from just a few years ago. Analysts at the American Gaming Association claim that this valuation will grow to $66.994 billion by 2025.
2020 seems to be helping this industry grow. More people around the world are avoiding busy casinos and instead prefer to make bets from home. That’s great news for the many states with regulated online sports betting and casino platforms.
Several studies now indicate that this industry has grown by 67% already this year. A joint study by the Australian Credit Bureau Illion and analytics firm AlphaBeta found this increase from more than 250,000 consumers. It seems that this industry is one of the best situated for the events unfolding around the world.
Online gambling activity has also reached an all-time high in the United Kingdom. Many US states are now looking to expand their online gambling laws. Doing so would likely help these states bring in millions of additional revenue every year.
Even those located in states without regulated online gambling platforms have access to a wide range of fantastic gaming sites.
As we just mentioned, there are now several states that regulate online casino gambling. The residents here have access to a wide range of amazing casino and sports betting websites. That doesn’t mean those located in other parts of the country are out of luck, though.
Nowadays, there are some amazing US gambling sites operating throughout the entire country. Some even believe that these sites are better than the ones currently state-regulated.
Our team loves Bovada. It first launched back in 2011 and has grown to become one of the biggest and best internet gambling websites in the world. It’s safe, modern, and offers great casino and sports betting options to its members.
Those looking to bet specifically on sports may be interested in MyBookie. It’s one of the most complete online sportsbooks currently operating. In less than seven years, this site has developed a massive, loyal fan base.
There is no shortage of fantastic gambling websites operating in almost every state. Feel free to check out our reviews page today to learn more about some of them! We dive into the site’s payment options, games, and more.
The world’s online gambling revenue has already increased by 67% this year. Do you think this upward trend will continue? Let us know in the comments section below!
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