2020 has been unpredictable, unprecedented, and uncertain for many. But one of those that managed to weather the storm was the online casino company. It’s also been promising for those seeking an online casino license. The iGaming sector has gone from strength to strength and it appears that this is unlikely to change.
What the future holds for an online casino company
With a surge in the number of first-time players and exciting advancements in technology, Fast Offshore brings you the latest figures, statistics, forecasts, projections and predictions for the online gambling industry!
The online gambling industry is projected to reach an impressive $160 billion by 2026. Over the next five years, the number of people playing online casino games will increase exponentially. This will be driven by increased smartphone usage and widespread internet accessibility. Consequentially, more entrepreneurs will be looking to open an online casino company and get an online casino license. Overall, the market is expected to diversify significantly with a wide range of different kinds of games available to players.
Europe has by far the most online gamblers with Nordic and Scandinavian countries leading the way, followed by Malta. The UK is also booming with almost 30% of the population gambling online at some point, according to Statista.
Cryptocurrency and blockchain
Over the last couple of years, cryptocurrency has shifted more and more towards the mainstream, enjoying widespread adoption. You can now be paid in crypto, online shop with crypto, and of course, gamble with crypto. Many inquiries to Fast Offshore during the last year included questions on whether an online casino license covers cryptocurrency gambling. Furthermore, we have helped many entrepreneurs open a cryptocurrency online casino company and go on to notable success. We expect this trend to continue throughout and beyond 2021.
Due to the COVID-19 pandemic, a shift away from cash and fiat has occurred. More consumers are looking at cryptocurrency as a way to store value and as a secure way of transacting online. Payments in crypto are preferred on gambling sites as they offer a secure, immutable, and private way to make deposits.
Blockchain is being used by both financial services institutions and companies, as well as payment providers due to its decentralised, secure benefits.
The amount of time people spent on their phones in 2020, increased globally by around 70%. The average US adult increased their mobile time by 23 minutes a day, totalling 2 trillion collective hours all year. This was accompanied by more people owning smartphones and prefer to use them instead of a PC or laptop. Today’s leading brands of smartphones are more powerful than the average laptop. As a result, everything from word processing, communication, and of course, online gambling can be done on mobile.
What this means for the future of any online casino company or entity considering an online gambling license, is that mobile optimization is key. Sites must be designed for mobile usage, and an application for iOS and Android is a necessity. Companies should invest in mobile services that utilise other technology trends to meet client needs and expectations.
AI and VR
Artificial intelligence and virtual reality were forms of technology that once seemed unrealistic. But, in 2020 we saw increased adoption of both kinds of technology in the online gambling sector.
Virtual reality has been used by many online casino company owners who’ve utilised it to enhance player experiences. Particularly useful in live games such as poker, baccarat, and roulette, VR provides unique rooms and gambling experiences for users. Fully immersive 3D experiences can transport the player from their location to a ‘reality’ that is unlimited in scope. This has huge advantages for players lamenting the closure of bricks and mortar casinos. From creating interactive avatars to exploring virtual casinos, VR is big news for online gambling.
AI is being used to help improve customer service and to personalise user experiences. It can be integrated for onboarding, to process KYC documents, to answer FAQs and to manage complaints and queries. It can also learn from user behaviour and preferences to present them with a fully customized and unique gambling experience.
In terms of the popular game types, we don’t expect to see a big shift, asides from the inclusion of eSports and fantasy sports betting.
Any games that work well on mobile devices are sure to surge in popularity. For example video slots, video poker, and other video-based betting games. Scratchers and different forms of lotto such as mini-lotto and mobile lottery will continue to show positive growth. Current forecasts also show that there is increased interest in draw-based games.
Table games will plateau but versions that include live dealers, VR, or AI will become more popular, especially with those in the age 20-35 age bracket. To retain an interest in poker, blackjack, and baccarat, particularly with younger players, technology has to play a role.
For those considering starting an online casino company in 2021, your games of focus are video casino games, eSports and fantasy sports betting, live table games, and anything including VR or AI.
eSports and fantasy sports
As stadiums fell silent during 2020, sports betting operators began to panic as popular events were cancelled or postponed. This provided a great opportunity for eSports and fantasy sports to enter the mainstream. Having hovered on the fringes for many years, it took a global pandemic for players and big-name platforms to sit up and take notice. Both industries grew quickly during the year. But now things are returning to a semblance of normality, it seems like the public new-found love for both forms of entertainment has stayed.
eSports will continue to rake in huge viewing figures and even bigger prizes. As the prizes get bigger, so will the wagers on who will come out on top. Going forward, online sports betting providers will continue to offer wagers on eSports tournaments and we expect to see more online casino license holders setting up dedicated eSports platforms.
The same can be said for fantasy sports. Now hooked by the thrill of creating, and pitting virtual teams against each other, bettors will continue to place wagers and platform operators will continue to see demand.
An online casino company in the offshore world
As our world becomes more digitized and we conduct more of our lives online, the previous borders of business will continue to become blurred. This is evidenced by an increase in the number of inquiries regarding offshore online casino license and offshore online casino company. Over the last 12 months, Fast Offshore has dealt with an increased number of such requests and has gone on to process applications and incorporate companies in a range of jurisdictions. This is a trend we expect to continue and we are preparing ourselves to deal with even more such requests in 2021.
Offshore casino operators offer a wealth of benefits to entrepreneurs, including tax optimization, quick and low-cost setup processes, and flexibility. With a jurisdiction to suit every business size and budget, we are ready to help clients take their next step in the online gambling market.
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