Economies across the world have sustained a series of near-fatal blows thanks to the economic downturn induced by the COVID-19 pandemic. Nevertheless, there have been a few key industries that have managed to stave off negative growth.
One of these is the online casino industry, which has posted significant up-turns in both overall usage and new user signups.
The self-isolation, government-mandated lockdowns, and the demands of implementing social distancing requirements have indeed wrought havoc on the land-based casino industry. However, this has not been the case for online casinos, many of whom have continued to post positive earnings reports despite the harsh economic conditions created by the pandemic.
As has been the case across many sectors, those businesses that have been able to switch to an online business model have found themselves better able to continue doing business despite reduced pedestrian footfall. The casino industry is no different, and while thousands of casinos across the world have temporarily closed their doors, online casinos have seen record numbers of new users signing up to their platforms.
Added to this is the simple fact that given the restrictions, many of us have found ourselves at home with more free time than ever. In this context, online services such as video games, media streaming and online casinos have posted record usage statistics as more and more of us seek out ways to pass the time in lockdown.
Additionally, with many of the major sporting events having either been cancelled entirely or running at reduced capacity, individuals for whom gambling is a pastime have found themselves with nothing to bet on. As such, many punters who would frequent sportsbooks are increasingly finding themselves turning to online casinos to make up for the shortfall in sporting events on which to bet.
Despite the easing of many restrictions as countries across the world ‘flatten the curve’ of rising COVID-19 cases, for many businesses and sectors the future looks very uncertain. With the threat of a second wave rising across Europe and North America, there is a risk that many of the restrictions will be re-imposed if the cases rise. In light of this, many businesses find themselves once again having to prepare for a switch to doing business online, and the casino industry is no different.
Whether this means that COVID-19 will deal the final blow to the physical casino remains to be seen. What it does seem to signal, however, is that online casinos still have a lot of room to grow. As such, while the COVID-19 pandemic won’t necessarily kill the land-based casino, it certainly looks as though it is increasing the lead that online casinos have established.