There’s no doubt about the fact that the Coronavirus has had a rippling impact on the gambling industry. All sorts of professional games have been postponed, casinos have been closed and social distancing has shut down home games. During such a time, what should a gambler do? What is in store for the gambling institutions? COVID-19 has already started having a heavy impact on the betting companies.
Though raging bull casino games are still there, but there’s no doubt how long they will be thriving. As the casino resorts in Las Vegas are seeing noteworthy declines in the numbers of visitors, they’re set to even decline further with the spread of the virus. Let’s check out the few ways in which the pandemic has had its impact on the gambling industry.
- Changes in Betting Habits
It has already become a ‘new normal’ to stay indoors and maintain safe distance from people. This is why the online gambling providers are offering a safer environment that is much better than a football stadium or a crowded casino. Though there are multiple reputed online casinos, yet there is a considerable change in the betting landscape. Players may go online for playing their favorite slot machines and card games.
- New challenges for the sports betting platforms
The postponement and cancellation of the sporting events is probably the biggest challenge for the sports betting industry. As there are no live sports or events to place bets, fans are now looking for alternative options. eSports is one such viable alternative that is played online. These games are money events and the best players are stars in their personal rights. eSports turned out to be a massive hit in the lockdown period.
- Uncertainty of the future of gambling industry
Currently, the online casinos are bearing the brunt of the COVID-19 pandemic and while some are benefiting from it, some others are going through a huge loss. In general, the gambling industry will experience a havoc drop of revenue due to lack of funds and unemployment. There are too many people who will lose their jobs in the tourism and travel industries and this will have a knock-on impact.
There is a lot to learn from the Great Depression
Did you know that the Federal Reserve President, St. Louis predicted the rate of unemployment to reach 30% and the GDP to drop by 50%? The impact is almost as severe as the Great Depression. But then there was a silver lining. It was during the Great Depression that full scale casino legalisation was done in states like Nevada. The economic transformation was also huge in the history of America.
So, as the impact of COVID-19 keeps causing interruptions and delays, the effects of this pandemic on online casinos keep evolving with time. The CDC or Centers for Disease Control has issued extended lockdowns yet again as the country is set to enter the second wave of the spread of this Coronavirus.