How the Global Pandemic Changed the Financial Landscape of the US Gaming Industry

Share on facebook
Share
Share on twitter
Tweet
Share on email
Email

We have entered a virtual world with COVID-19, where everything counts yet is unreal. The number of online gamers and gamblers has increased dramatically throughout the world. With the cancellation of events and scheduled matches, the iGaming sector has undoubtedly suffered greatly. Yet, it is still fighting hard to avoid succumbing to the coronavirus’s effects. 

Big athletic events, such as the NBA, MLB, and the US PGA Tour, were canceled, causing a snub to iGaming gamers. The cancellation of large and small events, sponsorships, and other factors contributed to the iGaming industry’s demise. 

Online gambling thrives and it’s here to stay 

As we’ve seen a massive change from physical to digital athletic activities, online sports have served as a backbone for the iGaming business. Needless to say, the epidemic had some effects on this market, the gaming industry has set a record in its profits, COVID-19 has greatly hastened its expansion and this is why this case of rapid growth is so important for us to discuss. They may win large sums of money and prizes from the comfort of their own homes. People are developing with the market, therefore these online tendencies will continue to increase post-pandemic. 

Respondents in a global poll stated that the time they’ve spent fighting games during the pandemic increased by around 30%. While Latin American gamers reported a 52% increase in time spent playing video games, 62% of adult UK gamers stated they played video games during the shutdown. Games bring people together, therefore it’s no surprise that 49% of Europeans indicated that online gaming helped them remain in touch with their friends throughout the epidemic. As online gaming remains a point of interaction between gamers, the majority of gamers felt happier and less alienated. 

Post-pandemic industry recovery 

According to a survey released by Statista on June 3rd, global expenditure on online gaming climbed considerably in 2020, particularly during the months of February to April. When it comes to online gaming, Gen Zs can’t be left behind, as their time spent on mobile gaming has grown as well, albeit the patterns vary by country. 

According to Statista, in 2020, expenditure on game content and paid downloads will have climbed by 12% and 21%, respectively. Although video game sales have decreased, gaming aficionados are more interested in partaking in online gaming content and in-game services. 

Avid gamblers return to American casinos 

In 2021, the gambling industry rapidly grew, as pandemic-weary travelers flocked to the Strip and casinos around the country, rich with funds. 

State regulators reported that Nevada’s casinos had their greatest year in history with $12.3 billion in total income. According to the American Gaming Association, states with lesser gambling culture, such as Michigan and Colorado, witnessed substantial growth in brick-and-mortar facilities. By October, income from the iGaming industry increased by more than 300%, thanks to an unprecedented boom in online betting. 

Overall, gaming income for the year 2021 has topped $44 billion, which is a new high. 

Summing Up 

In 2021, the whole iGaming market has grown a lot, providing tremendous potential for established operators and innovators to make a profit. We have seen the trends in the iGaming business such as a rise in the world-class sports betting software suppliers, and we believe the market has a bright future. We’re also interested in hearing from engaged companies and entrepreneurs that want to build their own betting platforms and iGaming software solutions. 

Related To This Story

Latest NEWS