Published on by Ben
Founded in 2018, Bragg Gaming Group has seen quick adoption and growth. It acquired Onyx Gaming that same year. Just three ...
Published on by Ben
In terms of business and market stability, 2020 was something of a rocky year. Online businesses boomed amid the increased time much of society spent indoors and the online casino industry is no exception. Online gambling became even more prevalent in 2020 as the audience increased well into the year, with little sign of it slowing down. But exactly how much is the market growing?
Between 2019 and 2020, the online gambling market has grown at a rate of 13.2% and the market is expected to reach $92.9 billion in 2023. That increase comes from a few different circumstances, not all of which are due to the higher number of people spending time indoors. New technology such as IoT, BR, and Blockchain is revolutionising how users can gamble. VR headsets offer a chance to enter a “virtual casino” and users are exposed to a more authentic casino gambling experience. The widespread implementation of blockchain technology is another driver of growth as increased transparency behind online casinos’ scenes increases player trust in the industry.
NetEnt – impressive revenue increase
NetEnt entertainment is no stranger to firm profits; 2020 was no exception. The successful gaming supplier contributed €17.8 million to Evolution’s 2020 fourth-quarter revenue. According to their quarter year-on-year, this is an increase of 5% – and Evolution fully expects that growth to continue post closure on their acquisition of the company on the 1st of December 2020. Evolution’s CEO, Martin Carlesund, believes that NetEnt’s potential is “great”, stating that:
“We acquired NetEnt because we believe that we together can create something great. To maximise the potential of this acquisition it was essential that we discarded existing structures and rapidly rebuild ourselves in a joint version. We were well prepared before the take-over and started the execution on day one.”
Mr Carlesund further explained his faith in the online gambling market in general, explaining that the “overarching trends” of the industry were clear. He foresees continued growth at a high rate in the years to come as market regulation and access to high-speed internet improves. He outlined his vision for the future of NetEnt and Evolution by saying: “We have our growth runway laid out to meet this growing demand, and we will continue to invest in studio capacity and keep our relentless focus on product innovation and a flawless delivery by our team and striving to do better every day.”