The online gambling industry is still flourishing despite weakened economy
Due to the COVID-19 pandemic, many have faced unexpected economic problems that have restricted the spending power throughout the past year. This is due to having incomes which were decreased or even declined, a decrease in shopping opportunities as well as businesses suffering losses. However, not all businesses were affected by the pandemic, with some generating even more revenue and traffic than before.
Since many were ordered to stay in quarantine, people turned to the internet to entertain themselves and try to make this difficult time pass by even faster. By using online resources, citizens found a way to stay connected with other people, continue their work, as well as find a platform that provides entertainment. As figures show, the number of online visitors has increased by around 50% to 70% in the past months. Moreover, the income of companies that provide these online resources has increase by 5 times. Such increased demand evolved into a trend that encouraged online platforms to take advantage of such increase. The platforms that gained the most popularity include:
Learning Platforms, Online games, Gambling, Entertainment Platforms and Trading Platforms
As more and more people were ordered to stay indoors, online traffic saw an instant increase. Gambling websites started to gain thousands of daily new players. This instant increase can be justified by the situation of how most land-based casinos had to switch their entire operations to online platforms. Therefore, more players had no choice but to switch to online games and tournaments. Some countries also decided to take advantage of this, with some deciding to legalize the online casino operations to be able to gain some funds for the economy. Reports indicate how gambling sites increased by 10% to 15% and how traffic for casino sites surpassed records for the past three years. Such online platforms have helped finance for the serious challenges that were faced by land-based casinos. Nonetheless, this depends on the country of operation and the specific regulations and legislations there. The countries that offer the most favourable conditions to grow online gambling include Italy, Spain, USA, Belarus and India. On the other hand, countries like Latvia completely blocked such platforms, which resulted in many people losing their job.
Interest in online casinos increased because of COVID-19. Many people found themselves at home, with ample of free time on their hands, trying to distract themselves by playing their money to try and increase their income through casino games. Many casinos try to gain popularity and convince players to join their community by offering impressive welcome bonuses and incentives. The UK Gambling Commission stated how online real event betting increased by 115% and online slots increase by 1%. An increase in loss per player figures in slots games was noticed when compared to other gambling activity.
The COVID-19 has changed a number of aspects around society, many bringing along a number of consequences especially for those in the middle and lower class. Moreover, some businesses have also suffered from losses. On the other hand, some online platforms benefited from this pandemic as their popularity increased. These companies have enabled a little distraction from everything that is going on around us presently. COVID-19 has increased the competitiveness amongst casino sites all around the globe, and it started a battle of who can offer the most thoughtful and attractive bonus program around.