Online gaming and esports have been witnessing strong growth over the last few years but the COVID-19 pandemic has led to a massive popularity boost for these segments. Online entertainment, video streaming, iGaming and social media apps registered impressive growth during the pandemic lockdowns.
COVID-19 pandemic has brought many changes to our lives. People are now comfortable with the work-from-home option in many industries. During the epidemic, online communication and video conferencing have seen a significant increase. As the world returns to normal, we are witnessing a “new normal” in which internet services are rapidly expanding and individuals feel comfortable utilising their mobile devices to place wagers on online casino and sports betting platforms.
Younger generations have shown a considerable interest in online stock and cryptocurrency investing. The younger generation is more inclined to take risks and as they are tech-savvy, they have flocked to online platforms and mobile apps. WallStreetBets, a popular group of young investors on social media network Reddit has been able to take a direct flight with some Wall Street hedge funds in pushing price of many stocks. This has led to higher interest in online investing and increased media coverage.
Sport-betting has picked up pace as sports events start after pandemic lockdowns
Majority of sports events were cancelled or postponed during the COVID-19 lockdowns but in recent months, the situation is returning back to normal. With higher vaccination rates, the number of cases has been reducing. While there are new waves of COVID-19 sweeping Europe and some regions in North America, the condition is still under control.
As per American Gaming Association’s Commercial Gaming Revenue Tracker, the total revenue from iGaming, casino games and sports betting was recorded at $13.89 billion in the third quarter of 2021, marking nearly 54 percent higher revenue compared to Q32020. The total revenue was $13.6 billion during the second quarter of 2021. As per the data, 10 of 25 commercial casino states reported new quarterly revenue records.
Online Casinos grow their user base
In many regions across the United States, the land-based casino capacity has been restricted to 50 percent due to COVID-19 pandemic. This has led to an increased interest in the online casino segment. Many big names in the industry are considering major investments in online casino platforms. Online gaming studios like Evolution Gaming and Playtech are working hard to launch interactive casino games and live casino games for the popular casino games, such as slot zeus. Online gaming has become so popular that there are many poker players that have turned into celebrities with their amazing skills at the game.
As per AGA estimates, the year 2021 could be the year with the highest revenue for the overall gaming industry. This rise has been led by an increased interest in online casinos and legislation changes in many US states. The technology industry has had rapid growth in recent quarters, and this trend is expected to continue for many years.