In the year ending March 2019, the UK gambling sector recorded its first-ever decline in profit from £5.6bn to £5.3bn.
Many blamed changes to legislation as well as increased taxation. 2020 began with the introduction of new legislation banning gamblers from placing credit card deposits. This will come into force in April.
A review of current gambling laws is underway and the UKGC have said: they are considering capping the maximum stake on online casino games to £2”. The past year has brought such significant changes leaving us wondering if 2020 is going to be a brighter year for online casino operators.
Growth in the online gaming industry has spread across the world and at the end of 2019, the global market was valued at $45bn. Following increased popularity in gambling and advances in technology, analysts have predicted this figure will increase to $95bn by 2024.
Currently, Europe remains the biggest market, but as the industry becomes more popular, more countries are legalising gambling. Further regions within North America and Asia are expected to make gambling legal. The future of online gambling doesn’t rest in the hands of the UK but in expansion across the globe.
Use of cryptocurrencies
Cryptocurrencies are a brand-new currency which has taken the digital world by storm since being introduced in 2009. Even if you are not entirely sure what it is, chances are you have heard of Bitcoin which was the very first currency created. Virtual currencies are extremely appealing because unlike flat currencies are completely uncontrolled by governments or financial institutions.
Using cryptography technology, Cryptocurrency has changed the way online payments are made offering complete anonymity and security. As more casino operators accept cryptocurrencies the doors of online crypto casinos are opening to people who wouldn’t have otherwise been exposed, valid recommendations can be seen on CryptoGamble.Tips.
Also, forecasters are predicting exponential growth with the addition of this payment method, especially in the upcoming years as regulations are starting to be even more tight for some operators.
Increased women gamblers
Women have taken to gambling in increasing numbers and contributing to market shares in record numbers. Online UK gaming sector has paved the way for millions of women to enjoy the thrill of the casino from the comfort of their homes.
A recent survey conducted by the UK Gambling Commission confirmed that 40% of women account for gambling activity. Bingo has been a favourite amongst women, but it looks as if this trend is changing and more games are being played. Female gamblers are playing more slots year on year. 2020 is looking exciting in terms of diversity with the number of women gamblers expected to grow.
Changes to marketing strategies
Whether it was reaching out with casino bonuses or contacting you about a promotion email marketing has been the most common strategy for many casino operators. Gamblers have found this means of contact intrusive and resulted in players being turned off.
A Gambling Commission survey found that: 23% of men and 19% of women have played slots directly through Facebook and similar sites using their smartphones. The survey highlighted that online casino operators were somewhat out of touch with the needs and wants of players. Marketing teams will switch their strategies to engage with players using social media and advertisements.
Improved Social Gambling
It is clear from the increasingly popular games on social media that players enjoy the social elements of the games. Casino operators are keen to adopt this feature and have begun optimising games for players to interact with other players. More slots are being developed with leader boards and social slots. Continued advancement of technology will make way for further player interaction.
Fuelled by an increase in female players, advanced technology and the rise in social media and mobile use. Online gaming continues to grow and is showing no signs of slowing down. Inevitable changes are expected in the UK this year, but even that doesn’t look like it will rain on the parade of online casino operators. 2020 is set to be a brighter year.