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THE IMPACT OF COVID-10 ON THE GAMBLING INDUSTRY IN 2020

The Impact of Covid-19 on the Gambling Industry in 2020

The global pandemic created by the outbreak of Covid-19 was unanticipated, and never in one’s wildest dreams could one think about experiencing such a challenging situation. So, in the last year, when experts sat down with a list of predictions for the gambling industry with an imaginary crystal ball in one hand, little did they know how rapidly would the market’s outlook change in just 3 months from then. 

Now that supplies of essential goods are back to stock in the retail outlets and our DIY hairstyles are growing out, it’s finally time to recollect the impact of the pandemic on the gambling market. Let’s check what stays unchanged and what has undergone a rampant transformation. But before proceeding, we would like to thank online gaming hubs like the casino VulkanBet for keeping all punters preoccupied throughout the lockdown phase with exciting games and demo plays.

Regulations of the Gambling Commission

Were you of the notion that regulations will loosen a bit during the pandemic to keep the profit margin of online operators steady? Well, if such were your thoughts, then let us disclose the fact that all this while you were going in the wrong track. In reality and thankfully, this is one aspect that stayed immune to the waves created by the pandemic. In fact, regulators have been more cautious than before all through the lockdown phase.

Just recently, specifically in May, new guidance rolled out from the Gambling Commission, ordering the online operators to maintain player safety by hook or crook. Albeit such issuance, the authority was also observed stating that problem gambling hasn’t quite increased since the outbreak of the pandemic. However, the regulatory body insisted on frequent monitoring of punters to ensure player protection in not just the UK but other markets as well.

All this and much more only disclose the Gambling Commission’s extreme emphasis on short-term goals, and there’s practically no evidence to prove that such an act would catalyse the Gambling Act review, which is long pending.

Online Casino

The trend here has stayed more or less stable. Though the number of daily online spinners increased negligibly, the same hasn’t been true in case of poker players. Instead, the industry has witnessed a massive rise of 43% in the total number of poker enthusiasts during the pandemic. This has acted in favour of many operators featuring trending poker games in sites like casino VulkanBet, to whom this sudden rush has been nothing less than a propitious event. The period has further witnessed a 255% rise in first-time poker punters.

Emerging Markets

Latin America is one of those new emerging markets, which is still under the regulatory phase. In the past, it had witnessed continued investment from operators as well as suppliers of games. However, it will be interesting to check out the market condition when the pandemic subsides.

On the other hand, it’s going to be a terrible year for operators and suppliers in Sweden as the country had invested in re-regulation in the previous year and was hoping the tension to subside this year. Unfortunately, the outbreak of Covid-19 and the introduction of stringent policies in gambling activity by the Swedish Gambling Authority failed to restore confidence, proving the prediction wrong.

US Sports Betting

The year 2019 has been quite favourable in terms of sports betting. However, experts were awaiting 2020 to test out the rise in demand for this relatively new genre and its potential to generate revenues. Everything went in vain as lockdowns were announced and close down of land-based sportsbooks were declared.

The worst sufferers were Colorado-based sports betting operators, as they were expecting a hype with sports betting getting legalised in Centennial State on 1st May 2020. However, with lockdown issued, all that excitement went poof. Even Nevada faced a blowout when it’s a long-awaited dream of a sportsbook drive-thru came to a halt with Las Vegas shutting down for the very first time in a long time.

Final Thoughts

It seems many things have changed unexpectedly since the inopportune outbreak of the global pandemic, spelling unpromising for some and propitious for others. It has been a mixed bag of reactions from different operators, featuring their gaming products in diverse countries to which the emerging markets like Latin America and Sweden belong. While some of the players have shifted to virtual sports, a classic combination of casino and sports betting, others have resorted to poker from mobile devices. But one thing is for sure that the pandemic has catalysed the migration process to mobile casinos. 

In the post-COVID-19 world, innovation will strike the gambling industry and encourage operators to integrate new technologies for pandemic-proof products. But let’s not start forecasting from now on because we never know what awaits later. However, we must keep a positive attitude and wait for the pandemic to subside. Let’s look forward to a brighter and better world of gambling opportunities.

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