The Gaming Market and the Post Covid-19 World

COVID-19 has made this year one to remember, and no matter what you think of it, it's here to stay. At the very least, until there is a vaccine, this will mean rethinking how business, work, entertainment, and socializing are conducted.

Whether you enjoy sports betting or a trip to the casino, you know how badly this crisis is affecting the gambling industry. The main gambling establishments in this crisis are casinos and bookmakers. Let's see how this crisis is impacting them.

Sportsbooks

There are many sportsbooks, both on and offline. It’s as easy for you to make a bet from the comfort of home, as it is for you to make a bet in person at a match or event these days. Perhaps online betting is even easier for the tech-savvy generation.

Many sports events ranging from big to small have been canceled, which means that sportsbooks both on and offline have been hit hard by the COVID-19 pandemic. 

Sportsbook - Pros & Cons

In many ways, the online platforms available are just the tools needed by the gambling industry to survive the economic effects of the COVID-19 crisis. The problem with sports betting during these times isn’t its availability or ability to function via an online platform with the Latest Super Bowl odds. 

Instead, there needs to be a real-life event available for you to make a bet on. Events with real competitors like horse racing, football, and baseball need to be played for people to place bets on them.

Popular events such as the English Premier League and The Olympics, which were initially planned to go ahead, have since been canceled and postponed. They aren’t the only ones.

How Are Offline Sportsbooks Handling During The COVID-19 Crisis?

Brick-and-mortar establishments have shut their doors and are unlikely to reopen for the duration of lock-downs, which could last for at least a few months. There is uncertainty since the lock-down end dates are a guideline, not a set date.

With no big events for customers to bet on, and so much uncertainty surrounding the future, organizers are unable to make any solid event plans for the future either. It appears that all types of offline betting will be off the cards for the foreseeable future.

The offline bookmaker industry has ground to a halt until further notice, much like many countries have ground to a halt until further notice. It’s only the online gambling industry that can operate as usual, sans the important real-life events, of course. 

How Are Online Sportsbooks Handling During The COVID-19 Crisis?

Online sportsbooks saw a slight increase in usage shortly after lock-downs were imposed in many countries, but after many cancellations and postponements, these revenue streams have dried up too. COVID-19 is leaving its mark on sportsbook businesses of all sizes.

However, there is still the option for you to bet on virtual sports and eSports tournaments online. The tournaments are televised online, while players and teams play from home instead of at a stadium or venue.

eSports are keeping the online gambling industry and online sportsbook businesses alive at present. It could be a FIFA tournament, or a Fortnite Battle Royale, as long as there’s an element of competition people will place wagers.

With nowhere else to go, more and more bettors may be getting into online esports and virtual sports betting instead of their classic footy, greyhound, or horse racing wagers.

Online Gambling Industry Statistics for Sportsbooks

However, there is still a prevalent air of uncertainty and caution governing everyone's spending habits. You might feel a lot more hesitant to spend what little you have if you’re not sure where the money is coming from over the next few months.

And you’re not alone, here are some of the statistics for sportsbooks revenue over the last few months:

• Pennsylvanian sportsbooks lost out on $220 Million worth of bets in March 2020 alone

• New Jersey’s betting revenue dropped a whopping 63% between February and March 2020

• William Hills shares have dropped by more than 50% since February 2020

What little revenue that was coming in via sportsbooks bets on events still going ahead has mostly resulted in refunds over these events being canceled or postponed. Luckily for the sportsbooks, most future bets are still on the cards for events that have been postponed.

An Experts Opinion

“It’s unlikely that the sportsbook establishments will be able to recoup the betting revenue they have lost at the beginning of this year,” says Klara Czerwińska, a casino marketing expert at Kasynos Online, “Even if they reopen, events resume, and market themselves to the best of their abilities, it is highly unlikely they will reach even 50% of their expected revenue for 2020.”

Casinos

Casinos are a great place for people to congregate, gamble, enjoy a few table games, and perhaps hit the jackpot at the slots. Casinos sure have the upper hand in the gambling industry when compared to sportsbooks.

A vast array of casino games are available both on and offline. You can find almost everything online that you can find offline, and most online games aren’t dependent on any real-life events or even a physical dealer being present - other than live dealer games, of course.

In this way, the casino business is very well equipped to handle the COVID-19. Much better than sportsbooks are. Here’s how online and offline casinos are handling during the COVID-19 crisis.

How Are Offline Casinos Handling During The COVID-19 Crisis?

A bricks-and-mortar casino is another place that poses a hygiene and safety risk. Not only do many people crowd into one venue, but chips, cards, and other tokens are also physically exchanged between players.

As such, all local and most global offline casinos have shut their doors. Luckily, offline and online casinos share a lot in common. Many video slots available at your local casino on a slot machine are also available online. And all your standard casino games are too.

Even live dealer games are available online. Sure, going to an online casino doesn’t have free drinks, and the distracting lights and noises of a traditional casino, but at least all the goods are on offer online. 

How Are Online Casinos Handling During The COVID-19 Crisis?

The online gambling industry is also one of the best places for pro gamblers to keep betting. It’s easy to find and make the best of special promos to make your bankroll go further in these difficult times.

Conclusion

Despite the fact that COVID-19 is changing how gambling is done, it does not mean that it is destroying the industry. 

Banking, shopping, and socializing are all being influenced by this crisis, and the same is true for gambling services such as slots, betting, and casino games.