As is the case with every industry, the iGaming and online gambling news world is witnessing unusual times right now. The ongoing coronavirus pandemic has literally brought all global economies to a temporary halt.
Here’s a quick iGaming and online gambling news round-up from across the world to help you stay up to date.
Online Gambling industry set to grow by $ 114.21 billion from 2020 to 2024
As per a report created by Technavio the online gaming industry is expected to witness a growth of $114.21 billion between 2020 and 2024.
More and more consumers in this space are using freemiums provided by online gambling portals. This allows them to try their offerings free or with limited features for a certain time-frame before making a decision. Using such a model, lenders are able to provide consumers with free coins at the time of signing up. Once these coins get exhausted, users can exit, try out other games or buy more coins to continue playing. Such flexibility allows online gambling businesses to attract more users. All of these factors will fuel the growth of the online gambling market in the forecasted period.
Atlantic City casinos hoping for online gambling to make up for lost revenues
In February, Atlantic City casinos reported almost $500 million bet on the Super Bowl. However, not even a month passed and the record books don’t hold relevance anymore, owing to the Covid-19 outbreak.
New Jersey has ordered the closure of all casinos until further notice, posing a big risk to the balance books. Atlantic City casinos are hoping to make up some of the lost revenue as they can still operate online. But as is clear with all major sports leagues suspending their seasons, it’s the online casino and poker games which will need to carry the majority of the load.
UK online gambling firms asked to temporarily impose a £50 betting cap
MPs in the UK have urged online gambling firms to temporarily impose a £50 per day betting cap during the ongoing coronavirus crisis. Some clients were taking big risks on secondary sports events that they had no knowledge of.
Popular sports events and leagues like the Grand National, English Premier League, NBA, NFL etc. are all suspended. Betting companies were instead, advertising obscure leagues to drum up bets. Bets on online casino game battles and virtual sports competitions were being pushed, as were sports like Japanese baseball and table tennis .
A cross-party MPs group recently sent a letter in this regard to the Betting & Gaming Council. It urged gambling establishments to do everything possible to protect peoples’ finances during the present troubled times.