How the online gaming industry is changing in 2020
Online entertainment is seeing a surge of interest lately with gaming in particular enjoying a lot of growth. It seems that with technology, times are changing for the entertainment industry. Many people around the world are now looking for more interactive forms of home entertainment rather than simply watching TV.
Gaming, in particular, has begun to attract a much wider demographic than in previous years. No longer is online gaming the reserve of teenage boys – it is beginning to attract all genders and age groups as the variety and accessibility of games is expanding.
Online gambling is an area that has enjoyed a huge increase in activity as more players move away from physical casinos. The ease and convenience of playing from home have begun to attract gamblers from all walks of life.
A new report from ResearchAndMarkets.com delves into the data and statistics from recent changes in the industry. The report, entitled “Online Gambling Global Market Report 2020-30” notes that the online gambling market is expected to grow to $66.7 billion this year. That represents a huge growth rate of 13.2%.
Online gambling covers many sectors, including sports betting, lotteries, online bingo games, and standard online casinos. Recently the industry has seen a surge in technological developments which have made it far safer and easier to use for non-tech savvy users. Additional developments in the fields of online banking and digital currencies have helped to drive this interest.
Safer gambling online
One of the key factors that have previously hindered the growth of the online gambling industry is security. In the early days of the Internet, financial transactions were notoriously risky and many people didn’t trust websites with their banking details. Recently, with the rise of online shopping and massive retailers like Amazon, people have come to trust the Internet more for financial transactions. With this, online casino operators have gone to extra lengths to assure customers that their sites are secure.
Blockchain is an emerging technology that has helped to facilitate online transactions and provide a fair and transparent log of casino activities. Many online operators have begun implementing blockchain to help customers transfer funds and provide proven fairness. It would seem the effort as paid off and now the majority of online casinos are very well regulated, with strict encryption and security measures in place.
In the United Kingdom, online casinos are very well regulated by the UK Gambling Commission (UKGC), which keeps a watchful eye over all operators. The country has recently seen a large spike in searches relating to online casinos but the Gambling Commission noted “no evidence yet of a rise in problem gambling.” Recently, the UKGC enacted a new law to stop online casinos from restricting the ways in which players can withdraw winnings.
For most people, gambling online can be a fun past time that they don’t spend a lot of money on. However, it’s important to ensure it doesn’t get the better of you. Gambling industry professionals advise players to always do a decent amount of research before using any online platform. Players should always ensure that they know exactly what they playing and have read the terms and conditions before depositing any real money.