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How Covid-19 is still affecting the gambling industry in 2022

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The online gambling industry continues to feel the effects of the Covid-19 virus in 2022, here’s what to expect.

Over the last two years, the online gambling industry has seen some interesting changes and rapid growth. The majority of these changes have been the impact of the Covid-19 virus and its lockdown restrictions across the globe.

With lockdown restrictions easing and the world slowly returning to normal, many are wondering what the impact will be on the iGaming industry in 2022.

Covid still lingers

While the world is slowly removing strenuous restrictions, the novel coronavirus continues to linger. With new strains being announced and experts working daily to fight the virus, how does this impact the iGaming industry?

Despite the stubborn streak of the virus, it has had a beneficial impact on the iGaming industry. With the strict lockdown restrictions, there has been rapid growth in the industry, especially in the online casino gambling and mobile gaming markets that have seen a massive increase in users over the past few months. The main reason is that people need something to fight the boredom of being stuck at home.

Another reason is that people need new ways to connect with others while in isolation.

As it is becoming easier to reconnect with loved ones (and even strangers) many are wondering if this will lead to a slowdown in the growth of the industry. And whether or not the number will decline now that land-based casinos are back in action.

More focus on regulations

One thing that the Covid-19 virus has had a direct impact on is the awareness of a need for better regulation of iGaming in markets across the globe. Since the announcement of the virus, more regions have become aware of outdated or lacking regulations.

With raised awareness, the focus is now to create regulated markets and curb black-market gaming as much as possible. In the past few years, we’ve seen new compliance rules being introduced, cancelled only to be reintroduced. This includes betting limits, spending limits and other restrictions with a focus on increasing player protection in regulated regions. In countries and areas where gaming was previously unregulated, gaming authorities are being established to launch a regulated market where a level of control can be maintained, and players can enjoy a certain level of government protection.

New regulations expected throughout 2022

Many regions are now mainly focusing on implementing laws to regulate eSports, sports betting and those who aren’t regulating online casino gaming yet are adding new laws for this vertical too.

Sports betting is a clear focus in most US states as it continues to grow in popularity.

Another primary focus is security measures which include responsible gaming features and tools to assist players with staying in control. The gaming authorities are no longer playing around when it comes to the requirements for responsible gaming features, resources and helplines. All regulated online operators are required to have the standard tools and features in place.

More so, there is a call to action to assist in the innovation of new features and tools to keep the entertainment industry growing without increasing the number of problem gamblers. This will remain a top priority in 2022 and the reigns will tighten with operators who refuse to co-operate shown the door.

Another expected focus is maximum caps on spending limits. Throughout the Covid-19 lockdown and its impact on gambling, we’ve seen many regions implementing betting limits to keep users from overspending.

These were later removed only to be reinstated at a later stage. With the increasing number of problem gamblers, authorities believe capping spending can assist in keeping players on the right path and remove the dangers of spending more than they can afford to. In various areas, the ability to fund your account via credit card has already been removed.

Responsible gaming features and tools are no longer just a “nice to have” at online casinos, it is becoming a priority that operators must have in place before they can legally operate within regulated areas.

No slowing down for the iGaming industry

Some believe that the iGaming industry will slow down now that there is a return to normalcy.

With the tremendous improvements in technology, the growth of the industry to date and the spectacular availability today, there is plenty of doubt in that regard.

The industry is in high demand providing a different level of entertainment than what is provided in land-based casinos. On top of that, the world is no longer the way it was before Covid-19.

People are spending more time at home than before and are more comfortable spending money online. With this in mind, they will continue to explore the sources of entertainment available online including the verticals the iGaming industry has available.

With cryptocurrency and esports rapidly gaining popularity, there is more to get excited about. Not to mention the avenues VR gaming is opening for the industry.

While the growth rate might be a tad slower, it continues which encourages governments to regulate the local markets and operators to improve what they have to offer.

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