Does Covid-19 Opened a Chance for Growth to Online Casinos or is it another Problem to be Overcome?
With all the situation and things, almost every industry is affected by the outbreak of Covid-19 virus. The same is true with land-based casinos and even slot online sites. It is just that, the online gambling industry is a step ahead over its counterpart. It is perfect for social distancing and quarantining orders of the government. People can pick among the different trusted and established casinos online to play games like slots, video poker, Blackjack and several others right from the safety and comfort of their home.
Is it an Area of Opportunity?
Online casino industry is already strong and robust, no doubt about that. Still, amidst the situation it is being expected to see increase in traffic due to the virus. Millions of people worldwide are confined in their homes and perhaps out of stress, boredom or the possibility to make additional income, many turns to online gambling.
In this unprecedented time, online casinos will likely cast a shadow in sports betting. With all of the sports competitions put on hold until further notice, sports bettors are in no rush of spending big sum of money at any online bookmakers and bookmaker sites. Gamblers who have a solid and strong financial foundation are likely to resort to online casinos.
A study performed at how Covid-19 has by far impacted the industry highlighted the virus’ negative impact on gambling operators including:
- William Hill’s shares have been halved since February 21.
- Flutter Entertainment who’s the parent company of Paddy Power Betfair has suffered from a 15 percent drop in its shares
- Playtech, one of the top software providers for online casinos are experiencing sharp drop too in share by more than 15 percent
Everyone else is Taking Action
Businesses and customers alike are making drastic and bold moves in handling Covid-19 situation. While people have more time to spare to gamble online, they’re more hesitant as well to spend money in these trying times. Because of this, online casinos are looking to offer generous bonuses in an effort to attract new clients and keep the business running. In fact, some even offer a no deposit bonus, all in efforts of getting people to play.
As for bookmakers online, they are limited with what they could offer. Bookmakers have even turned to virtual sports in order to fill in the void that’s left by mainstream sports. They’re heavily advertising and marketing lesser-known events.