By March 2019, the UK gambling sector recorded its first-ever decline in profit from £5.6bn to £5.3bn.
Many blamed changes to legislation as well as increased taxation. 2020 began with the introduction of new legislation banning gamblers from placing credit card deposits. This will come into force in April.
A review of current gambling laws is underway and the UKGC have said: they are considering capping the maximum stake on online casino games to £2”. The past year has brought such significant changes leaving us wondering if 2020 is going to be a brighter year for online casino operators.
Growth in the online gaming industry has spread across the world and at the end of 2019, the global market was valued at $45bn. Following increased popularity in gambling and advances in technology, analysts have predicted this figure will increase to $95bn by 2024.
Currently, Europe remains the biggest market, but as the industry becomes more popular, more countries are legalising gambling. Further regions within North America and Asia are expected to make gambling legal. The future of online gambling doesn’t rest in the hands of the UK but in expansion across the globe.
Use of cryptocurrencies
Cryptocurrencies are a brand-new currency which has taken the digital world by storm since being introduced in 2009. Even if you are not entirely sure what it is, chances are you have heard of Bitcoin which was the very first currency created. Virtual currencies are extremely appealing because unlike flat currencies are completely uncontrolled by governments or financial institutions.
Using cryptography technology, Cryptocurrency has changed the way online payments are made offering complete anonymity and security. As more casino operators accept cryptocurrencies the doors of online crypto casinos are opening to people who wouldn’t have otherwise been exposed.
Also, forecasters are predicting exponential growth with the addition of this payment method, especially in the upcoming years as regulations are starting to be even more tight for some operators.