Casino industry continues to grow amidst changed entertainment habits
We all like to stay entertained in our spare time and find fun things to do when free. Of course, there are still plenty of classic pastimes that people enjoy. Listening to music is certainly one, as is reading or catching up with friends. Playing games has also been something people have loved to do since ancient times and this is particularly true for casino games. Many of the games we play today have a long history and have been enjoyed by people for many, many years.
It is clear, though, that changes in technology and society affect how we engage with leisure activities. Staying with casino games as an example, we certainly do not play them in the same way now as in the days of the Wild West! Modern players now sign up with internet casinos when looking to have fun in this way. Bet 365 casino is a popular choice around the world and a great illustration of what contemporary iGaming sites offer to players.
Innovations like this have enabled the casino sector to grow massively over the last few years – but can it continue this expansion and what lies behind it?
Casino sector continues to grow year by year
There seems little doubt that the casino industry is continuing to grow at an impressive rate overall. While some revenue is still brought in by people playing at physical casinos, it is the rapid expansion of online casino gaming that has been the main driver.
A quick glance at recent statistics around online gaming show this to be true. In 2019, for example, it was estimated that this segment of the casino industry generated around $58.96bn in revenue globally. This leapt up to $66.67bn in 2020 and is expected to rise to around $82bn over the next three years. This could see it go well past the previous $100bn revenue figure that experts have predicted for online casino play come 2026.
As a result of this massive growth, the whole casino sector has also expanded and managed to re-invent itself for the 21st century. This has allowed it to attract new players and others who might not have previously fancied heading to a physical casino. Just as the future of customer service seems to rely on finding new ways to engage people, the casino sector has also focused on this in recent times.
Changing entertainment habits key
It may seem a little odd to think that the casino industry has actually grown lately, despite what has been a tumultuous last few years for most sectors. It gets even more intriguing when you consider the disastrous impact Covid-19 has had on land-based casinos – many of which did not survive this period. How did the casino industry not only get through the last couple of years but also record increased revenues in segments such as iGaming?
The key to it all, really, is the way in which our entertainment habits have changed recently. In the same way as Covid-19 had a huge impact on many industries, it also left an indelible mark on how we stay busy in our spare time. It is no understatement to say that restrictions around socializing not only helped online casinos grow but also made us interact with other forms of entertainment in a much different way.
How have our habits around casino games changed specifically?
When people could not get out to play at physical casinos, they did not simply give up on enjoying classics such as poker or roulette. Instead, they found a different way to try them from home – namely, online casinos. Even after people could begin to visit land-based casinos again, many had got used to the convenience that playing online from home offered. Many people also simply felt safer playing from home and did not fancy going back into a land-based casino environment.
This change in habit played right into the hands of online casino sites and explains why they have continued to grow. It also explains why they are set to expand even more in the near future. People’s habits have been altered for good in terms of casino gaming and they show no desire to go back to how they used to play.
Habits were changing in general across entertainment
Although the recent growth of the casino industry has been spurred on by the ongoing pandemic, this is not the only reason. The shift in people choosing to play at online casinos compared to land-based venues had already begun. This reflected a general shift in entertainment habits on a wider scale. Video gamers, for example, will now connect remotely online to play together, rather than physically travel to sit in the same room. People now value video calling and social media sites, which allow them to catch up with friends but without leaving the house.
Even movies have seen a similar change in habit, as people eschew heading out to the cinema in favor of streaming the latest blockbusters. It appears that people now prefer to be entertained at home and enjoy their favorite leisure activity without needing to leave the house. This change is also a big reason why people have begun to play casino games online in increasing numbers. As a result, it is also why the casino industry in general has grown in recent years.
Casino sector faces bright future as top entertainment niche
As well as changing habits, the casino sector has also benefited from changing attitudes. Being able to access safe, fun and fair games online from home has shown people globally that there is nothing to fear from them. This has removed a lot of the stigma and mystique that had been previously been attached to games such as blackjack or slots. You only have to look at the changing attitudes towards playing casino games online within the USA for proof of this. As our entertainment habits become increasingly digital, you can easily imagine an even brighter future for the casino sector.