While many industries faced downhill trends as a result of the economic disruptions caused by COVID-19, the iGaming industry recorded improved growth during the same period. COVID-19 dealt a blow to land-based gaming centers while accelerating the growth of iGaming.
COVID-19 lockdowns proved a period of high growth in the iGaming industry. More players engaged with online games than before the lockdown. Virtually everywhere, iGaming sectors made huge profits. The pandemic is also fast-tracking the adoption of more technologies such as cryptocurrencies, mobile games, and virtual reality.
The practice of social distancing which affected most businesses all over the world boosted the gaming industry. More people at home meant the climbing rise of entertainment stocks. People turned to iGaming to keep themselves busy and engaged. Online casinos also boomed. You can visit the online casino at casinokokemus for cool bonuses and engaging casino games.
Not All Wins
Not all areas of the iGaming industry witnessed growth. While online casinos such as casinokokemus boomed, sportsbooks suffered losses. These losses are a result of the stopping of major sporting events to curb the spread of the Corona Virus. It’s no surprise that when major sporting events resumed, the stock of sportsbooks increased.
Impact of COVID-19 on the iGaming Industry
Compared to other industries, the gaming industry did not suffer a major setback as a result of the pandemic. It recorded some growth, both in popularity and revenue. The structure of the iGaming industry made it easy for it to take advantage of the opportunities presented by COVID-19.
Since all games are online, interested players could play as many games as they want without worrying about social distancing and lockdown regulations. iGaming companies have flexible working schedules that allow their staff and game developers to work remotely.
Growing Number of Gamers
One of the most notable impacts of COVID-19 on the iGaming industry is that it increased both the number of gamers and gaming time. With more people at home and unable to work, iGaming is becoming an attractive pastime.
A large portion of internet users plays internet games. Busy work schedules and school work reduce significantly the time these players spend playing internet games. With the shutting down of both sectors, people can now spend more time playing their favorite internet games.
Most gaming companies recorded a large increase in players and revenue during the COVID-19 lockdown.
Growth of Virtual Reality Games
Before COVID-19, virtual reality games gained some ground in the iGaming industry. Innovative technologies such as face recognition and improved gestures from AI is changing the face video games and online gambling. More people are now willing to play these more realistic internet games.
Virtual Reality games are growing in demand. The cost of these games and the equipment are dropping, meaning more people can afford it. VR makes players feel real-life experience while playing the game.
Many gaming companies are accelerating the pave of using Virtual Reality technology for games. Virtual Reality Games are more exciting than other games, more real and intriguing. The development of VR games is far from complete. NetEnt for example promises to roll out new VR Live Casino updates this year.
Blockchain and 5G Technology
COVID-19 accelerated the adoption of blockchain and 5G technology in the iGaming industries. Blockchain is a revolutionary technology that is useful for both players and iGaming operators. The technology functions for the security of asset exchanges, secure payments, and for games monetization.
5G technology is reaching more centers globally, making internet games faster to access. The 5G technology is better and faster than its 4G predecessor. Internet games that require large data to load now play seamlessly with 5G technology.
With blockchain and 5G technology, online gaming promises to be better, faster, and more attractive.
Cloud Gaming is the future of the iGaming industry. It is far from a complete project. There is so much talk about cloud gaming in the industry. Big companies like Google and other gaming companies are working towards building an advanced cloud gaming system. Cloud gaming will make games cheaper for gamers.
Mobile Intensive Games
Mobile phones are now so cheap that many people can afford a phone with an active internet connection. The number of mobile users far outweigh the number of desktop owners. Mobile gaming accounts for an astonishing 51% of online gaming time.
Gamers want to play their favorite games on their mobile phones. iGaming developers are creating more and more interesting games for mobile phones such as 호빠. The mobility of the phone makes it attractive. The attention is shifting away from developing PC games to mobile games.
One of the biggest benefits of COVID-19 to the iGaming industry this year is that it reemphasized its role in the future of gaming. New technologies, already adopted on a smaller scale such as virtual reality, cloud gaming, and blockchain came to the forefront of the decisions.
From every indication so far, COVID-19 will help push for more growth in the iGaming industry, especially as it relates to technology.