Almost all industries will be affected by the coronavirus with most losing vast amounts of revenue and even having to close down. At present, due to the lockdown, the biggest losers are the transportation and retail sector but this is going to have a knock-on effect on most sectors. The gambling industry is one of the few winners due to the pandemic due to its popularity grew due to the lockdown. In this article, I will talk further about this and what to expect in the coming years.
Winners And Losers In The Gambling Industry
Not all sectors of the gambling industry have capitalized on the growing demand during the pandemic. The sports betting sector has seen a dramatic decline in revenues due to most sporting events around the globe being canceled. The winners have been online casinos as gamblers are looking for entertainment while the lockdown is taking place. Slots and table games have been the most popular with some platforms reporting up to a 50% increase in daily traffic.
Addiction Problems Will Rise
Due to the fact that more people are playing casino games during the coronavirus outbreak, it means that gambling addiction problems will arise. Government back services like Gamstop along with tighter regulations will need to be implemented during the coming years to deal with this influx of problem gamblers. Many addicts have looked to get around systems in place to stop them gambling during the pandemic such as searching for casinos not on Gamstop UK so more needs to be done to protect the most vulnerable during the lockdown.
Land-Based Gambling Establishment Closing At Record Numbers
The online casino world may be thriving during the coronavirus but the same can not be said about the land-based casinos and high street bookies. With the lockdown in place, these establishments have had to close and with the high costs associated with retail premises, it will not take long to cause many to file for bankruptcy. It is unlikely that the Government will step in to help rescue this controversial industry and in 2021, do not expect to find many land-based gambling establishments still open.
The coronavirus is going to have a devastating effect on the gambling industry and those that are able to survive will become the new leaders. Sports betting and land-based models are going to have to quickly diversify their models if they are going to have any chance of surviving. The number of people that the coronavirus will have a major impact on their financial wellbeing will be huge so fewer people will have the money to risk gambling. The financial crisis that will follow the pandemic will be larger than the effects of the virus so no one knows what the future holds. With blockchain technology progressive quickly in the gambling industry not only are the big players in the sector under threat by the virus, but they could also be replaced by crypto-powered platforms. In the coming years, we may see a switch from centralized ownership to decentralized community ownership and this process could be speeded up due to the problems created by the pandemic.