2020 and the Gambling Industry

2019 was a difficult year for the gambling industry on a whole. One of the biggest markets for gambling, the UK, was met with some big new rule changes from the UK Gambling Commission (UKGC). This included a cap on the maximum stakes at Fixed Odds Betting Terminals (FOBTs) and stricter proposals to force operators to address problem gambling issues. Millions of pounds worth of fines were handed out to companies who didn’t follow responsible gambling guidelines, including Ladbrokes/Coral, who were made to pay £5.9 million for repeated offenses.

Betting

2019 also saw a lot of closures, both of betting shops and bought-out companies. After the FOBTs changes came into effect, over 1,000 high street bookmakers were forced to close because of a loss of income. Many of these were small, independent affairs, although larger companies like William Hill also reported substantial closures.

Online

Online gambling grew in popularity across the world in 2019.

For larger firms, it was the online side of the business which offset any losses from physical premises. The online gambling sector had a very good year financially, which is why the gross gambling yield for the year was only down by 0.3%, despite all the other issues. But the UKGC had some changes up its sleeve for websites too, including proposals to ban credit card deposits and impose a similar maximum stake cap on online slots.

Predictions for the Future

After years of steady growth, many marketers thought 2019 was a small blip in the gambling industry. But some predictions for 2020 were that it might only be the first of many downfalls.

Betting companies waited nervously to see what else the gambling industry might have in store for them in 2020 and beyond.

2020 in Review

Did the gambling industry hit the jackpot in 2020?

While some of those predictions came to pass – April saw credit cards banned from online casinos to promote responsible gambling – the industry had a reasonably successful year.

In particular, online gambling sites went through an unprecedented boom in demand, with competition among sites pushing quality up and prices down. To attract a record number of new customers searching for gambling from home, online casinos were offering some of the best introductory bonuses ever and making sure that they had plenty of popular games available on their sites.

Online Slots

Slots were in especially high demand. Slots are often the first port of call for new players, because they are easy to get started with; no tricky rules to learn or strategies to finesse, you just click and play.

Slots are also particularly well suited to online play because you don’t need to connect with other people and wait your turn. With high-quality graphics, fun sounds and the ability to scale between mobile devices and PC browsers, it’s not hard to see why online slots are so appealing. Most online casinos offer the same games, give or take, as they get them from one of the top creators, the difference might be the bonuses they offer, the Jackpots or adjusted gamification. If you are interested in playing unique games which you will not find anywhere else with personalized bonuses and Daily Jackpots, why don’t you try out these fantastic online slots which we are quite sure will make you happy.

Betting on eSports

eSports gained a huge following for betting in 2020.

2020 brought eSports into the mainstream and gave people a new set of sports to have a flutter on. eSports have been going strong for many years now, but they’ve always belonged to niche groups, rather than being seen as something of interest to everyone.

With the usual sports leagues on hiatus, many people turned to virtual versions, with celebrities and sports stars getting in on the act. BBC Sport ran a virtual football tournament on FIFA 2020 with many of today’s stars taking control of their favorite teams. A similar series was run by Formula 1, with their Virtual Grand Prix bringing in record viewers and pitting F1 drivers against fans and eSports professionals.

Mobile Technology

The growth in players accessing online casinos from mobile devices refused to slow down, and developments in this area continued to improve the experience for everybody. With most online casinos now having either a downloadable app or mobile-friendly versions of their websites, it is now easier than ever for players to log on from their smartphones and tablets. Increasing the ways in which people can access online casinos has translated to increased revenues for the companies that operate them too.

Cryptocurrencies

2020 has also seen a renewed interest in cryptocurrencies. With many economies suffering a knockback, people were looking for other ways to invest their money, and cryptocurrencies offered a reasonable alternative. This led to a growth in the number of online casinos and betting sites which accepted deposits in the form of cryptocurrencies, adding yet another revenue stream to the industry.

In Summary

2020 turned out to not be the harsh year that many in the industry were fearing. Yes, there were major reviews by the UKGC and some of the biggest changes to gambling law in the UK since the gambling act of 2005. But their effects on the industry’s finances were offset by a surge in demand for online services.

Caps on online slot stakes didn’t materialize, which might have been one of the biggest saving graces. There are still many who feel that the restrictions being imposed are too strict and might lead to casino operators leaving the UK market, but whether that happens or not is for 2021 to decide.