The coronavirus that originated in China has disturbed the world order. Hundreds and thousands of lives were lost, nations imposed lockdowns, and all kinds of operations in every country stopped. People were asked to stay in their homes and practice social distancing. The global pandemic scared everyone as people lost their friends and family. Industries faced huge losses, people lost their jobs, and many unexpected things happened.
Today, the financial imbalance that we are facing is only because of the coronavirus. It has affected the economy of almost every country and has put a stop to daily business operations. However, there is no news about the virus going away. The healthcare industry is under a lot of pressure, and at the same time, small, medium, and big businesses are constantly suffering. However, the vaccine tests are ongoing, and it is said that it will be available for everyone by the end of this year.
COVID-19 has created mass destruction; even the online casino industry became its target. Some parts of the online casino industry, including online gambling sites, made good business; however, other sportsbooks lost their demand.
Here is what you need to know about how COVID-19 has affected the online gambling industry.
Sports Betting Nearly Died
The virus hit the sports betting industry badly. All sports events were canceled in order to limit the spread of the coronavirus all over the world. Events like the NBA, NHL, and MLB are put on hold. Companies that spend huge sums of money on marketing and stuff are barely surviving.
This time is indeed very hard for physical sportsbook because they own and manage massive retail outlets which are closed due to the pandemic. Online sports sites now depend on fantasy sports in order to maintain their business. Moreover, sports leagues are now moving towards esports and game simulations that offer greater betting opportunities.
Stability Of Online Gambling
The good news is that the online gambling industry remained unaffected by the wrath of coronavirus. Players continued to enjoy games like Poker, Blackjack, Roulette, etc. on online casinos like. In fact, there has been an increase in the number of players at online casinos ever since the lockdown happened.
A recent report by Optimove, a research firm, an increase of about 43 percent in daily poker players has been recorded. This is a notable rise, and it is sufficient to consider poker as a savior of several online casinos. Most companies that offer poker products that were a part of Optimove’s research noticed an increase in their player count, and some of them even got their number of players doubled.
Poker is loved by many players because the game has too many strings attached to it. The game itself is a brain training activity, as well as a fun way to pass the time. Recently, the number of first-time players of poker increased up to 255 percent. That’s huge!
The reason is obvious. The lockdown has forced people to find fun activities to pass their time and wait for everything to get back to normal. After all, no one saw this coming. All of this resulted in massive popularity for platforms like where people started to spend more of their time during the lockdown.
Disbursement Goals And Barriers
Online casinos globally are already making payments digitally, and they depend on third parties for processing their payment. It has been like this for as long as we can remember, maybe for decades. Debit and credit card transfers have been preferred by online casino players and casino owners for transferring payment to winners. Moreover, online betting services are now focusing on funds deposits. It means that funds can be transferred into your digital wallet directly. Who thought mobile technology could do us such favors?
In the United States, casinos are struggling to duplicate similar quick access and increase customer satisfaction. Players who immediately get their funds are the ones who come back for more games and betting. But if they have to wait for debit or credit card disbursements, it means they will have to wait for some time to access their funds. People who are betting through online casinos during this pandemic get irritated when they do not get their money immediately. Players do not prefer to play when payment processing is slow, and they have to wait for a while. Therefore, it is necessary for gambling sites to adopt a payment process that is safer and quicker in order to achieve customer satisfaction.
Online casino platforms that do not allow players to access their winnings instantly are less likely to grow and get more players.
Are There Any Long Term Effects Of The Coronavirus On The Online Casino Industry?
One thing that worries business owners is the global recession. It is only going to become worse in the coming years. Thankfully, online casino industries can be resilient in times of crisis, according to several industries. This gives casino operators a good chance to grow their business even when physical events are disturbed.
The future of sports betting appears to be bright. Esports has been the fastest growing sport, and the coronavirus pandemic gave it a good push. Such sports are ideal for socially distanced games. Indeed, they are likely to introduce a completely new demographic to the online sports betting world.
Land-based casinos are getting greatly affected due to the COVID-19 as people are practicing social distancing, and it appears that they will continue to do so in the coming years. Therefore, players are more likely to avoid going to land-based casinos. Physical casinos have already been challenged by online casinos and now the pandemic played its part.
Stock markets all over the world are affected by the pandemic. However, when it comes to the internet gaming industry, it has experienced a boost in business operations since the pandemic started. People who are involved in the online casino industry are expecting more players to engage in online betting and gaming, even after the situation gets better. Moreover, an increase in the number of smartphone users is yet another reason for the growth of the online casino industry.