The economical impact of Covid-19 on the casino industry and are crypto casinos on the rise?
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Covid and the economy
Since December 2019 we can safely say that we have been living a different lifestyle from that we expected. The Coronavirus outbreak had an immense effect on almost every business in the world, whether it’s small personal businesses or global commerce giants, there’s nobody in the world who can deny the fact that the pandemic left a deep blow in the world’s economy. Let’s look at some general examples; food supplies are shortening as supermarkets are finding it harder and harder to stock up in some situations, while in others, many other businesses like catering and tourism are having to shut their doors due to social distancing regulations and lockdowns affecting their client flow.
Covid in the entertainment sector
In the entertainment sector, we’re seeing endless delays in release dates for anything, such as movies, TV shows, even video games and music, while when it comes to production, products are becoming limited a lot faster than usual, for instance, have you talked to anyone who wants to buy Sony’s new PS5? You would realise how even the world’s biggest companies like Sony are feeling the negative outcome from the outbreak of this dreaded virus.
Covid and tourism - gambling
The gambling industry however is in quite a confusing state. The land based casino industry is one of the fundamental businesses that fund tourism and it’s practically at a stand-still in most countries, since tourism is most definitely not busy enough to fuel them alone like it once was, they’re finding it hard to cope with the expenses of running all the time like they once were, they’re resorting to depending on constant client bases, where the people who visit them are locals who like the casino game and do it as a hobby, not just as tourists passing by to add memories to their holidays, which used to be more than 60% of all land based casino visitors in the world. The biggest downside to this is, locals don’t visit casinos as much as tourists, so many casinos are finding it difficult to keep up with the expense of keeping a casino open, and are having to either temporarily or indefinitely close down their doors to the public, which explains why we are seeing a big increase in online casinos.
Online casinos & bitcoin casinos on the rise?
More people are staying at home and using the internet than ever before so casino businesses are taking it as an opportunity to spread their business online, and it’s really working out for them. Since land based casinos are at an all time low, and generally expensive to visit, people are loving the convenience of the online casino. We’ve also noticed an immense increase in the use of cryptocurrency, and casino businesses have taken this into consideration, with a noticeable increase in the creation and use of bitcoin casinos. These give the player a chance to bet 100% anonymously, using crypto, which is most of the time earned through trading and investing, and those who use it have deeper wallets, so it’s even better for the business.
Conclusion
Overall, casinos still have the chance to not completely break down, even though it is tough to run a land-based casino, the online casino scene is acting as a nice little backup for the industry to stay on its legs, even in these times, which can be crippling for this kind of industry.
