The COVID-19 pandemic brought the world to a standstill. It negatively impacted every country’s economy and the business community. But amidst the chaos, the online gaming industry, with the help of Blockchain, was able to rise to the occasion.
Physical casinos and brick-and-mortar sportsbooks faced the wrath of the pandemic head-on and lost. But Bitcoin casinos and crypto-powered gaming sites successfully utilized the benefits of Blockchain and other technology advancements to attract and retain customers. Several studies from global gaming organizations and market research firms have proven that the online gaming industry is booming despite the ongoing pandemic and recession.
A report from Nasdaq.com, a market research website dedicated to the world’s second-largest stock exchange by market capitalization, confirmed that New Jersey’s internet gambling revenues from online casinos increased by 66%.
“Internet gambling revenues (excluding sports betting) in New Jersey rose 66%, to $65 million in March…Online gambling includes slots as well as table games like blackjack,” Nasdaq reported.
On a similar note, an analysis from GamesIndustry.biz reported that online gambling and gaming sales from 50 key global markets rose by 63% in 2020. The increasing rates are prevalent in countries that imposed lockdowns.
Other firms also found out that the majority of new online gaming players today are using advanced technologies that don’t require physical contacts or interventions from financial institutions. Technologies like Blockchain, cryptocurrencies, and the Internet of Things (IoT) were mostly responsible for the rise in online gaming revenues from various countries.
Global Market Insights Inc., a global market research and management consulting company, recently released a study suggesting that the online gambling industry will continue to grow and probably exceed $160 billion by 2026 with the help of several advanced technologies.
“The proliferation of advanced technologies, such as Blockchain, IoT and VR, is fueling the market size expansion. VR casinos are gaining high popularity among gamblers as they offer a more immersive and realistic experience compared to standard online casinos,” the report said.
Many players have been transacting with Blockchain and cryptocurrencies even before the pandemic. Cryptocurrencies like Bitcoin offer enhanced security and freedom. And during these difficult times, Blockchain and cryptocurrencies have proven that fast and digital transactions can also provide a safety barrier against the COVID-19 pandemic. This isn’t something traditional gambling companies can offer anytime soon.