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3 online industries that are thriving in the 2020s

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Posted 12/6/22

Many industries were glad to see the back of 2020 with the threat of Covid-19 taking its toll on global economies. Businesses both big and small were forced to temporarily close or cease operations …

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3 online industries that are thriving in the 2020s


Posted

Many industries were glad to see the back of 2020 with the threat of Covid-19 taking its toll on global economies. Businesses both big and small were forced to temporarily close or cease operations entirely as everyone was forced to stay indoors to protect each other.

However, for some industries, the pandemic had no major impact. In fact, certain businesses were able to thrive due to the convenience of being online. Several businesses adapted their services to become more accessible and tapped into the supply and demand of the outside world.

Online gambling

In fairness, even prior to the pandemic hitting, online gambling had experienced a rise in popularity that stretched across the previous decade. Bettors began to recognize the convenience of online betting from the comfort of their own home or through mobile apps.

The US gambling market is very much the province of sports bettors, with football being the clear leader by far. It’s reported that 77% of all sports bets are football-driven with 24% of them being placed on the NFL specifically. US sports betting revenue alone amounted to over $900m in 2019. 

Legalization of sports betting

For the US, the overturning of federal law in 2018 has most certainly contributed to the buoyancy of sports betting online during the 2020s to date. Led by the state of New Jersey, approximately 30 states have legalized sports betting so far, with 21 of those allowing online betting.

It doesn’t end there though, as more states are scrambling to pass laws and take advantage of the tax revenue associated with regulated sports betting. Online bettors are expected to pay federal income tax on all winnings and could owe state taxes too. Should the payout exceed $5,000, bookmakers are expected to withhold 24% of the net winnings.

Prior to the 2018 bill, it was said that only 3% of sports bets were made through legal channels with bettors choosing to use offshore online operators. However, with the legalization of this popular pastime, the American Gaming Association (AGA) estimated the potential to boost the US economy could reach an extra $55bn per year.

Online bookmakers

With the boom of sports betting comes a rise in online operators all looking to cash in on the next big thing. There are several reputable online bookmakers which are fully licensed and offer a diverse range of sports to suit every bettor. The best online sites will offer attractive welcome bonuses and player promotions, in addition to competitive odds and the ability to bet via your mobile device for convenience.

Some sports betting sites have recognized the potential of a captive audience and also provide the option of wagering on casino games. During the pandemic, more gamblers turned to online sites with the closure of many land-based casinos, and due to the convenience, they haven’t looked back.

Social media and home entertainment platforms

It must be said that with the continuous evolution in technology, we are seeing people become much more comfortable with mobile apps, smart TVs and live streaming. There’s no longer the pull for conventional practices. For example, fewer people are inclined to visit the cinema these days when they can have what they want at the touch of a button from the comfort of their own home.

Popular entertainment platforms such as Netflix, Prime and Spotify have entered most of our homes, giving us the convenience of armchair viewing. Binge-watching 100 of the best TV shows or the latest episodes of Law and Order has become the norm. During the pandemic, blockbuster movies were released through live entertainment platforms due to the closure of cinemas.

Social media platforms such as Facebook and Instagram have flourished and continue to rise in popularity due to the ability they provide to keep in touch and updated with what is happening around the world. Similarly with video conferencing platforms such as Zoom, with more people working remotely and continuing to do so even following the pandemic, shares in these companies have increased.

Online retail services

From your big boys like Amazon to your small local retailer, they’re all getting in on the action. There has been a huge shift to online retailing from clothes and food to cleaning and household essentials. With the necessity of lockdown and social distance measures, the demand for online retailing reached record highs and as creatures of habit, many of us haven’t looked back.

Many food retailers realized the potential for online delivery services, and this has continued to be a thriving business for many. Our attitudes towards shopping have changed. We’re becoming a world of convenience shopping where almost, if not everything, can be bought online and delivered to our doorstep without the need for long shopping trips and time spent away from doing other things.