Experts have predicted that global revenues could top $565 billion by 2022, with easier access to gambling platforms and advancements in technology amongst the main factors sparking the growth.
The relaxation of the laws relating to sports betting in the US is also expected to have a major financial impact, meaning the forecast figure could actually be on the conservative side. Read on as we look at the future of gambling in the US in 2020.
Sports betting driving revenue rise
The Supreme Court’s decision back in 2018 to lift the federal ban on sports betting has helped to drive a big increase in gambling revenue in the US.
Industry analysts say that around 75 percent of states will have embraced the legislative changes by 2021, with the rest currently not in a hurry to jump on board.
Many states that are working towards allowing sports betting will undoubtedly be casting envious glances towards New Jersey.
The introduction of sites like 888 sportsbook NJ helped to generate online revenues of more than $85.5 million during October, an increase of around $15m on the previous month.
Punters latching onto eSports phenomenon
eSports has shrugged off its niche tag to force its way into the mainstream, with the genre predicted to generate revenues of over $1 billion in 2019.
Many betting sites now offer odds on eSports, allowing punters to wager on their favourite players and teams throughout the year.
With numerous major broadcasters increasing their coverage of eSports, it is highly likely that betting revenues will continue to rise in 2020.
The increases could lead to gambling firms sponsoring eSports tournaments, potentially leading to massive hikes in the prize pools offered.
Cryptocurrencies changing the payments landscape
The payments landscape has changed massively in the gambling industry, with new technologies allowing operators to offer consumers a plethora of different options.
Card and e-Wallet payments remain the most used payment methods, but cryptocurrencies have undoubtedly increased in popularity in recent times.
Bitcoin is the most common payment option facilitated by gambling operators and that is no surprise given that there are already around six million users of the cryptocurrency.
The additional level of security offered by Bitcoin makes it a sensible choice to fund gambling activities and its popularity seems sure to continue to rise in 2020.
Augmented and Virtual Reality the next big thing
Many online casino operators have already dabbled with augmented and virtual reality (AR/VR) technology and the trend is likely to continue over the coming year.
According to Statista, the AR/VR market will be worth $18.8 billion in 2020, highlighting its growing popularity amongst consumers.
AR/VR technology is still in its infancy in the gambling industry, but it certainly has the potential to be the next big thing within the sector.
NetEnt are amongst the developers working on VR games and their proven track record of success suggests it will only be a matter of time before they become a regular feature of online casinos.