Due to the recent outrageous situation with Covid-19, numerous business venues had to shut down to prevent the spread of the virus. The unprecedented case made an enormous impact on the total market revenue – billions have been lost without the possibility of a quick recovery. The gambling business has been similarly influenced by the situation with the coronavirus, having most of its land-based establishments closed for an extended period.
At the same time, it is a surprisingly favourable period for the online branch of the sphere. Due to the inability to enjoy their cherished gaming activities, more and more people transfer the gaming process on the internet, multiplying the traffic of the online facilities. Therefore, it might be a perfect time to upgrade or create your internet establishment with Casino Market.
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Why is Online Gambling Gaining so Much Popularity for the Time Being?
The coronavirus has become one of the most overwhelming events in a few last decades. Due to the incredibly contagious nature, it has spread to all continents apart from Antarctica. It made the governments of all countries implement quarantine measures inside the cities, and in some cases, on the international level.
The consequences for the speed of spread were positive – the general infection rate slowed down, making it possible to decrease the mortality. At the same time, such limitations were disastrous for some business spheres, namely the gambling industry.
The majority of casinos, bookmakers’, lotteries, and other gaming establishments were closed.
However, this caused an insane plunge of the online part of the industry due to two simple reasons:
- Quarantine measures made it impossible to enjoy land-based gambling activities.
- Total self-isolation created unbearable boredom that was filled with online internet activities.
The functional outcome is surprising – the profit of internet gambling establishments has increased several times, and the popularity is unlikely to decrease a lot after the quarantine is over.
What is the Current Situation with Gambling in Most Popular Destinations?
Mass events are restricted in the period of quarantine against Covid-19. Therefore, the majority of the land-based gambling establishments are closed. Consequently, not only do the owners suffer an ultimate loss of income, but millions of employees are deprived of the ability to support their families.
China
The only legal gambling entertainment in the Celestial Empire is a lottery. The local government implemented strict quarantine on the entire territory of the country, meaning all leisure facilities of this type had to be closed. Starting from the end of January and followed by 49-day closure, the lottery venues have begun to reopen as of March 16.
According to the major news source, Calvinayre, the original suspension had to last only 10 days, being started on January 22. The total restriction caused an immediate fall of 43,3% in sales the very same day, ending up with a complete decrease down to 0.
Ireland
Calvinayre also reports about massive operation suspension of the majority of Irish betting stores throughout the country, including the closest neighbour, Northern Ireland. The preventative measures were agreed by the Irish Bookmakers Association that instructed to keep the land-based establishments closed by at least March 29. The national policy of social distancing demands at least a 2-meter gap between the clients of the establishment that is impossible to achieve in such facilities, making it the primary reason for the suspension.
If such tycoons of the local industry as Paddy Power and Boylesports can handle the damage, even though it will be a massive blowout for their economy, the extended quarantine measures can obliterate the infrastructure of smaller businesses. For today, the IBA is discussing the possible tax-softening policies for such establishments, considering the postponing of Euro 2020 onto the next summer.
USA
92% of all casinos are closed in the USA, according to Yogonet. It caused the loss of more than $74 billion of annual earnings just for the employees who worked to support their families. The federal government is asked to provide some hospitality assistance to maintain small businesses that are unable to withstand the absence of clients for so long.
On top of that, not only the casino owners and their workers are about to lose some considerable money. The US government is about to miss $43 billion of economic activity due to the total quarantine measures in the country.
Mexico
The same situation is with the Mexican gambling industry, reports Yogonet. The mutual agreement to close all facilities statewide allowed decreasing the contagion rate but influenced both the owners’ earnings and the local economy situation badly.
At the same time, the Mexican governor claimed that they totally understand the impact of Covid-19 on the general situation with the economic state of affairs in the country, namely gambling. The message was passed about the importance of keeping practising social distancing since the health of the residents is much more significant than any revenue.
How Long Will It Take for the Industry to Recover, and What is the Alternative?
The situation is currently going to its logical conclusion – the steady decrease in the number of infected offers positive prospects. However, to ensure the ailment is gone completely, the predicted restrictions will expand, at least for some summer months. There is no point to resume mass events if there is a risk of getting the virus. Therefore, the land-based gambling establishment will definitely be closed for at least some time in the future.
With this in mind, you are always welcome to promote your internet gaming portal online. If you haven’t got the gambling platform yet, Casino Market offers you an excellent opportunity to use our convenient turnkey business solution. We will take care of all the organizational processes for you with the doubled speed due to the increased demand for internet gambling activities with the current situation. Make sure people don’t get bored with total self-isolation – offer them engaging activities at your online casino.
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