The global gaming industry recorded annual revenue of $159 billion according to market research firm NewZoo. Surprisingly, this does not include the $66.7 billion accrued by the Gaming industry. It’s significantly higher than the revenue generated by the film industry which stood at $101 billion. We have already discussed the important reasons behind the success of the mobile gaming industry and here we will talk about the factors which led to massive growth for the Gaming sector in 2020 and summarizing the highs and lows of the Mobile Gaming Industry in general.
Growth
Despite all its ills, 2020 was the best year for Gaming according to market and consumer data firm Statista. The industry recorded $66.7 billion in revenue and that is $9 billion more than it generated in 2019. The projection for 2021 is even higher and industry experts suggest that it can even cross $80 billion.
In the usual style, slots were the primary moneymakers for hundreds of online casinos. At some websites, up to 80% of revenue comes from slots. The remaining 20% is gathered from bingo and table games like poker, roulette, and blackjack. Interestingly, mobile gaming was a big contributor of growth for Gaming in 2020. Lots of operators redesigned their websites to work on android and iOS devices. And in doing so, they helped millions of people play their favorite games conveniently.
Highlights
1. A Significant Rise in Number of Players
2020 will be remembered as one of the worst years in modern history due to the COVID-19 pandemic. But in the midst of its destruction, the virus provided room for growth for the gaming industry. Many sports leagues canceled games. Then mandatory lockdowns ensued, forcing people to look for new ways to get entertained. Playing games and trading stocks online was became one of the most popular hobbies for people in lockdown.
2. Lots of New Casinos
As more people joined online casinos to seek entertainment amid COVID-19 in 2020, new casinos cropped up. Some operators were geo-specific, like new sites opening in New Jersey, Pennsylvania and the UK. Others welcomed players from a broad range of countries, from Canada and Costa Rica to Germany and Sweden.
Are new casinos better than their established counterparts? According to casino gurus, there’s criteria for determining the best real money online casinos. It involves checking safety measures, bonuses, games, payment methods, mobile compatibility and more factors.
3. Increased Regulation in the US
Although COVID-19 ignited delays for gaming-related regulations, several states still managed to pass laws allowing people to bet on sports and play casino games. Illinois legalized gambling early in the year but stated online casinos wouldn’t happen until later on.
4. No Registration and Pay by Phone
The iGaming sector is headed for a major shakeup, at least if no registration and pay by phone casinos succeed. The former works through Trustly—the e-wallet’s customers can play games without registering accounts.
The latter works with the help of Pay by Phone e-wallets like Boku and Zimpler. You register an account and receive credit from Boku or Zimpler to play your favorite games. Then you can settle your debt at a later date.
Trends
2020 brought about many trends in the Gaming industry. However, some of the biggest trends in the gaming trend started well before 2020. Here are some of them.
Mobile Gaming
Mobile gaming was perhaps the biggest gaming trend in 2020. Nearly every casino designed its website to work on smartphones. And no, you no longer have to download apps on your iPhone or Android device to play a few rounds of roulette or poker. With the new generation of iGaming companies, mobile gaming means playing your favorite games through a mobile website.
You can use Google Chrome, Safari, Firefox, or your favorite mobile browsers. This eliminates the need to download files to play slots or card games. Another reason why mobile gaming was trending in 2020 is that mobile devices have become the primary device of choice for millions of people. Whether it’s the latest iPhone or a simple android device, more and more people have grown fond of mobile devices.
Cryptocurrency Payments
Bitcoin had a great year in 2020, soaring from $5000 in January to $23,000 by the end of the year. Its bullish price wasn’t the only reason it was trending in the casino space, though. Digital currency is now a mainstay in popular culture.
It also features more use cases, from paying for college fees to shopping online. The fact that large American banks and Silicon Valley startups are investing in the blockchain also gave Bitcoin a lot of attention. That being said, you can also use alternative currencies like Ethereum, DASH, and Monero to deposit and withdraw money from many Gaming sites.
Conclusion
2020 might have been a terrible world for millions of people and businesses. But it was generally a great year for the gaming sector. Not only did the industry welcome hundreds of new companies and thousands of customers, but most operators thrived with little to no hiccups.
What are your thoughts looking back at the year that 2020 for the mobile gaming industry? Did you like our summarizing of the 2020 Mobile Gaming Industry. Let us know your preference in the comments!
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