The online gambling industry is one of the few to have thrived during the course of 2020.
While the coronavirus crisis has decimated some sectors, online gambling has grown as a result of many brick and mortar casinos have had to close because of COVID-19.
Even with the majority of offline casinos having reopened in the last few months, a second and possibly third wave of the virus could mean they have a bleak short-term future.
Online casinos, meanwhile, have brought in more users and their flexibility, as well as improved bonuses and promotions, make them more appealing for a lot of people.
Here is the ultimate investor guide to online gambling market segmentation.
The online gambling market is forecast to grow by $114.21 billion between 2020 and 2024, with much of this rise as a result of online casinos.
However, due to the fact that casinos can face large tax rates – in some countries they are as high as 90 per cent – it is clear this has been a barrier for a lot of investors.
One way to get around this is for online casinos to base themselves in a country where there is a comparatively low taxation figure for their businesses.
Many online casinos now do this and as long as they are still able to secure the necessary licenses to operate in their chosen markets, this appears to be a very low-risk solution.
The online space is crowded, with hundreds of operators. Though, they have a larger market to attack and therefore much brighter prospects compared to their land-based counterparts.
One area that is likely to see a lot of growth in the future is virtual reality (VR). While the technology is yet to hit the mainstream in a big way, virtual reality is growing fast in popularity.
Online casinos and gambling operators are among those embracing the rise in virtual reality. It is easy to see how VR technology can take online casinos on the next level. Imagine being able to take a seat at an online poker tournament and being able to see the other players. It would be easier to read their intentions and decide whether or not to call their bluff.
VR could be used in many other table games at online casinos to increase how real it feels. While it may take some years for VR to be widely adopted in the industry, it is one to watch.
Though other forms of online gambling might be a lot more trendy, lotteries are still popular.
While some types of online gambling are not legal in many states, it is sometimes the case that lotteries are still permitted.
This can be good news for investors as the regulation of lotteries tends to be less strict.
Investors have been keeping a close eye on sports betting as states across America consider changes to their laws in this area.
Even though sports betting is only permitted in a handful of states right now, the picture is likely to change by a significant amount in the coming years.
While sports betting may never be legal in every single state, it seems inevitable that the tide is turning. The coronavirus crisis decimating state budgets across America could also act as a reason for a rethink on legalizing sports betting in the near future.
Many companies have already got their ducks in a row for the legalization of sports betting in America, but it is not too late to start preparing to make moves in this department.
Considered by many to be the future of the betting industry, mobile gambling is a powerhouse already and is set to get even more important for companies.
Many gambling companies are now taking a mobile-first approach, as this is how a lot of people now prefer to do their betting. After all, this makes it easy to place sports bets or enjoy a hand of blackjack while out and about and away from home.
The rise in demand for mobile gambling means games such as online slots need to be designed so they work perfectly on a smaller screen. If a slot has not been adapted for a device such as a smartphone or a tablet, it is likely a lot of consumers will look to go elsewhere instead. Almost everyone has a smartphone these days, meaning mobile gambling is set to explode.
This article Investor Guide to Online Gambling Market Segmentation appeared first on Entrepreneurship In A Box by Dragan Sutevski
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