How Has COVID-19 Impacted Casino Industry?
December 23, 2020
The coronavirus pandemic outbreak has infected many people across the world. As there’s no vaccine that can prevent the spread of this disease, people have already taken social distancing & other hygiene measures that can avoid them getting exposed to this virus. The coronavirus outbreak has affected almost all sectors.
And the gambling industry is a highly affected one, but there’re positive and negative effects of the same. There was a steady growth among a number of people playing internet casinos for real money and saw better business at these tough times.
But, in brick and mortar outlets, they were forced to close down and when allowed to open, there were several restrictions put in place that prevented many people to enter. This seriously harmed their business & these establishments struggled a lot.
The rise in Internet Gambling
When it comes to internet gambling, it saw growth during this pandemic outbreak. Though casino games had a bit of fluctuation but are now running full strength.
The table games & slot games saw a huge rise in usage. The Internet casino is in huge demand because of its convenience & minimum distraction.
Players don’t need to worry about running out of the games when playing internet casino for real money. They are provided with traditional and new games to enjoy.
Sports betting had to shut down
The COVID-19 crisis had a blow in the betting industry. To stop the spread of this virus, many important sports events all over the globe were canceled. Several other events such as NHL, MLB, and NBA were put on hold. The sport betting companies who spent huge amounts on marketing and various other things are cutting down expenses to survive in this tough market.
It is the most difficult time for the physical sportsbooks since they operate huge retail outlets, which are closed down due to the COVID-19 outbreak. Sports betting sites online are relying on fantasy sports and keeping their businesses afloat. The sports leagues & associations are now turning towards game simulations & esports are offering various betting opportunities to stay alive.
Thus, many casino players & sports bettors have shifted their base to internet casino gaming & fantasy betting to satisfy their gambling requirements. This particular crossover has seen an immediate boost in the user base of popular gambling websites across the world. The top casinos online have seen a boost of over 25% in the people trying slots online and have increased by more than 38% in playing poker. Fantasy betting experienced a 30% increase during its first few months of the crisis.
Future is Uncertain
The casinos online appear to be weathering the storm of COVID 19. Though some of them are really benefiting from it. But, the question is, till how long it will last? This industry might experience a drop in revenue because of unemployment & lack of funds. Many people who have lost their jobs in the travel & tourism industries may likely have an unforeseen effect, and reliance on government help is frightening. When people aren’t earning, they won’t be willing to spend in other sectors.
A Shift Towards Online World
With the ongoing nature of the COVID-19 pandemic, we have seen everything getting online right from the jobs to the social contacts. Besides it, people have started shopping online and getting ready for the modern and digital age. The internet gaming industry right now is at a historical peak and providers predict to gain even more, with an inclusion of the sports betting lovers.
Thus, the situation across the world has become chaotic. The Internet world has taken almost all spheres of our life and we have no choice but to adapt to these changes & accept them. But, online casinos have gained good results and the same may continue for some more months.
Like mentioned, there is a huge increase in the business. Thus, casinos online that operate the land-based outlets have earned their revenue to cover short-term losses. With this impact of new technologies like VR casino games & other advanced use of Blockchain titles, we can see internet gaming to become the most dominant financial force all over the world.