Even before the pandemic started, the global economy was experiencing turbulence with trade flows disrupted and growth attenuated. The economic situation has now deteriorated further, and the future looks uncertain. While almost no sector is left untouched by the harsh economic effects of the pandemic, the impact on tourism, entertainment, and the gaming industry has been unparalleled. With new safety measures put forward by the governments across the world and social distancing becoming the new normal, we are all set to see massive disruptions in the aforementioned sectors.
Social-distancing policies across the globe are likely to curtail gatherings including but not limited to in casinos, tourist places, and theaters and that will pave a path for innovation. Even before the pandemic began, we were witnessing a gradual shift in the popularity of online casinos and the pandemic is certain to act as a catalyst for this change. With Clubs, pubs, & casinos all closed in response to the pandemic and not expected to open anytime soon, gamblers are moving towards online casino at a rapid rate.
The online gambling industry was expected to grow at a CAGR of 8.77%, but due to COVID-19, the rate of growth could be a lot more than the earlier estimated rate. With most people confined to their homes, the digital expansion of casinos is imminent, and playing online is indeed the safest option. While there is no doubt that once the situation eases, people would love to go back to the blackjack tables, try their luck playing roulette, and sit playing slots for hours, the advantages that an online casino has over a brick-and-mortar casino cannot be ignored. Online Casinos would also be looking to garner maximum attention and we might see a flurry of bonuses offered by major casinos in the coming months to acquire market share.
We are already seeing increased traffic and volumes on popular gambling websites across the globe and the trend is likely to stay. It won’t be surprising if we see a couple of major acquisitions happen once the liquidity issues are resolved with major offline players acquiring online casinos to increase their digital footprint and consequently stay afloat after the crisis.
While for occasional gamblers, the closure of casinos might not be a big deal, it could be game-changing for the high-risk & frequent gamblers and that is where online casinos come in. As per the reports, gambling acts as a stress reliever and because of that, many frequent gamblers will resort to playing online to kill boredom and alleviate stress caused by the lack of gaming activity.
Considering the situation, playing online is perhaps the only option for gamblers and is likely to stay so at least for a few more weeks. Looking at the larger picture, a few government bodies are concerned about people gambling more than they can lose and are imploring several options to regulate the market and protect the consumers including the ones playing online lottery. The Swedish government is pondering upon various measures to regulate the industry, including shutting down online casinos. The politicians in the United Kingdom are advocating to impose deposit limits and restrict bet sizes for online accounts.
The virus is expected to bring about disruptions in most of the business and quickly adapting to the demand would be the key. The gambling industry has so far suffered the most and that might make way for large disruptions – technological as well as regulatory. Online casinos are rapidly gaining ground and look well set to grow faster than they ever have. Brick-and-mortar casinos, on the other hand, will have a tough time to reach the other end of this crisis, but as was seen after the 2008 crisis, the ones that see the other end will be stronger and better prepared. For gamblers though, the only way now is to gamble online wherein the options are immense as most online casinos are loaded with bonuses and offers to attract new customers.
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