The global gambling industry is rapidly expanding, and it is unquestionably a lucrative industry for anyone looking to start an online gambling company. Although most companies might be concerned about the gambling industry’s post-COVID-19 impact, here are some details that will convince those to start an online gambling company in 2021. The United States has been the market leader in online gambling due to its weak laws and regulations. Still, countries such as Africa, China, India, and Canada are slowly embracing the sophisticated definition of online gambling. Since the United States legalized sports betting in 23 states in 2018, the industry is expected to grow much faster.
It takes a lot of work to set up an online gambling operation. The concept is risky in and of itself, as the COVID-19 has had a significant influence on many vital industries. So, is it safe to assume that investing in online casino development would help companies reap the rewards? This article contains statistics, facts, and observations that will assist operators in identifying at least one justification for launching an online gambling company in 2021.
Impact on Covid-19 on Gambling Industry
COVID-19 has harmed the entire gambling industry. With the rise of the exact number, many scheduled matches and sporting activities have been canceled. However, the online gambling industry experienced a rapid boom in growth; several events were held online, and people were excited about the ‘new standard’ of online casino development. Online casinos have replaced brick-and-mortar casinos, keeping the gambling craze alive.
The gambling industry has teamed up with the World Health Organization (WHO) to spread anti-COVID-19 messages. Leading game developers such as Activision Blizzard, Amazon Appstore, and Riot Games have all shared the message “Wherever you are, whatever game you play, you can make a difference,” ensuring secure and remote gaming. As a result, online gambling can provide gamers and gamblers with a plethora of opportunities.
Prospective growth in the USA Market
The global online gambling industry is expected to be worth more than 92.9 billion dollars in 2023, according to Statista. The gambling industry has never struggled to meet the public’s needs.
The gambling market is fragmented, and fragmentation is expected to increase over the forecast period. The market is currently worth 59 billion dollars and, as previously reported, is projected to double in size by 2023.
The rapid change in technologies
In today’s fast-paced world, technology has played a critical role in developing the sports betting solution and gambling industry. Gone are the days when people had to wait in lines or frantically negotiate with bookmakers. Bets can now be placed online with the click of a mouse or a tap of a finger.
In 2018, the United Kingdom had 36.6 million online gambling users, of which 33.6 million were active. As a result of this figure, more gamblers are expected to go online.
It’s not just the number that matters in 2021 when starting an online gambling company. With blockchain technology and cryptocurrency taking over the online casino development environment, people would be able to make purchases and conduct many transactions in a matter of seconds.
Growing investments
Since the online gambling industry is profitable, it attracts a large number of investors. Operators will undoubtedly want to invest in this ever-growing industry if companies look at the stocks.
For the five years leading up to 2019, sports betting solution has risen at a 10% annualized pace, with 12 percent of that spent solely on gambling.
Between June and September 2020, gambling income tripled, and stocks are expected to rise mid-April 2021. As a result, we’re looking for more investors to put their money into it
Thrive in regulated markets
Since the United States has already legalized sports betting solution in 23 states in 2018 and is planned to legalize 43 states by 2021, this has adjusted the way European governments view betting.
It clearly states that there are many prospects for driving market openings and attracting the attention of administrations from all over the world with some agreeable guidelines and countries lifting bans on infrastructure for gambling activities.
Now, if you want to start your own company, a white label solution would be ideal. It’s the simplest and most comfortable way to get your gambling company off the ground. You need to sign a contract with your solution provider. MOA Gaming has assisted online casino development for companies with white label and turnkey sports betting solution options, allowing them to launch their gambling website within weeks. MOA gaming takes care of your technical requirements to concentrate on your marketing and other aspects of your company. So, if you have any doubts or would like to develop a great online casino development business plan, MOA gaming is here to assist you.