Online casinos first made their appearance in the mid-1990s when the internet was in its infancy. However, much has changed in 25 years, and today these operations are starting to dominate the gambling industry. Unprecedented growth in this market has attracted many investors looking to hop on the bandwagon and make substantial financial gains.
Why should you follow this trend?
Legal online casino gambling was first introduced in New Jersey in 2013. Subsequently, Pennsylvania, West Virginia, and Delaware enacted legislation to allow online casinos to launch operations. Most recently, Michigan has joined this group of states, with Gun Lake Casino Online emerging as one of the Great Lakes State’s most popular operators.
Bills to legalize online casinos have been introduced to state legislatures in Louisiana, New York, Massachusetts, Illinois, and New Hampshire. Several states are expected to follow suit. With the market currently covering only a small number of states, earnings expectations as more follow suit are high. Getting involved by investing in online casinos now means you can ride the wave as their operations expand.
During COVID-19 lockdowns, online operations saved several casino companies from closing their doors as they could still generate revenue despite their brick-and-mortar facilities being shut or running partially. Even so, gambling numbers decreased as the economic slowdown reduced many people’s disposable income.
However, with US unemployment decreasing, interest in online casinos is expected to make a quick recovery as people return to pre-pandemic spending habits. While they will have more money to spend on gambling, most players indicate that they intend to continue playing online as it is more accessible than visiting conventional casinos. This implies sustained growth in the online gambling industry.
Recovering stock market
Many stocks saw steady decreases in share prices during the economic slowdown brought on by COVID-19. The market became flatter, and speculators were hesitant to invest in such volatile circumstances.
However, experts are predicting a significant US stocks rally, heralding increasing stock prices. Those investors looking to maximize their online casino stocks purchases should buy now while prices are lower before they spike at the rally’s peak.
Experts predict that the year-on-year growth in online casinos will make this market worth approximately $92 billion by 2023. This will happen due to more states legalizing online casinos, an even greater shift toward online entertainment, and technological advances. The latter includes continuously evolving software solutions that create a real-life gambling experience comparable to visiting a traditional casino.
With this data at your fingertips, only one question remains. Will you hesitate and lose out before the online casino market booms or get your feet wet now and reap substantial rewards later?