The surge of the new coronavirus pandemic continues to cause devastation to many industries across the world. A big percentage is closing down their operations for the. Among those affected badly, include the hospitality industry, which faces imminent closure of its operations as pubs, restaurants, and bars have been forced to shut down because of the social distancing measures enforced by governments across the world. Also, the events and sports industry have not been spared as most games and tournaments across the world have been postponed, to avoid the spread of the disease.
While most industries face significant challenges as a result of the coronavirus pandemic, one industry has been backing the trend and enjoys a significant rise. With most people practicing social distancing and opt to stay home, online entertainment providers have been recording high traffic as people are seeking alternative ways to amuse themselves.
Impact of the Corona Virus on the gambling market
With the rapid increase in the video streaming sector, the expansion of online casino gambling is expected to rise. With several social restrictions put in place across the globe, the land-based casinos would have little option but to shut down their doors, making players switching to the online platforms to continue their gambling activities. Additionally, major sporting events were canceling hence gamblers are now turning to alternative betting options such as slots and table-based games. Considering these factors, the future for online gambling is bright and the potential for this industry is expected to be huge.
With very few sports available to bet on, many gamblers are forced to turn to online casinos, taking advantage of a huge variety of games to choose from. Over the years, online casinos have seen advanced technology incorporated into their systems such as the 3D gaming experience and increased connectivity with other players hence making them very sociable. This social interaction provided by online casinos is likely to spur online casino businesses as those facing social isolation would be encouraged to enjoy their online games while simultaneously keeping in touch with other players.
Online casinos like for example PlayOjo, offer their players more than just gaming. Gamblers are now taking advantage of playing for real money in online casinos and the experience is remarkable. It is very convenient to play from the comfort of your house and there are no limitations to space or size as seen in land-based casinos, hence bettors are able to engage in thousands of different games. These games include some interactive and themed slots, poker, blackjack, bingo, and hundreds of other table-based games. Recent advancement in technology has made it possible for live games with real dealers, therefore boosting the in-person casino experience to your home.
There are also great bonuses and promotions which entice the gamblers even more about which you can read more about on PlayOjo Reviews. With fierce competition among the different online game providers, players are able to enjoy offers such as free spins and bets as well as bonus chips.
Many online casinos have also marked an increase in traffic and therefore a subsequent rise in profits. For instance, four legal online poker websites in the US that are New Jersey, Nevada. Delaware and Pennsylvania reported record revenue in the month of March 2020. In New Jersey alone, there was a record 90.9% increment in revenue compared to the previous year, as reported by the New Jersey Division of gaming enforcement.
Another benefit that came as a result of the pandemic to the online casino business is that veteran players are making more cash than ever before. This is because of two main reasons. There has been an influx of new players who are new and inexperienced to games such as poker hence making it easy for the professionals to make a quick win. Secondly, when the number of gamblers increases, then so does the pot.
Experienced gamblers have also been making more income since they are playing against a large population of weak, inexperienced competitors. As unfortunate as the situation is around the world, one fact remains, online casinos have continued to flourish in the midst of this pandemic.
Post the onset of the pandemic and its subsequent lock down, the boom in online gaming has been evident. Coupled with scientific development and technology advancements, these games are not only virtual but they have acquired a lifelike a feel due to the quality graphics and designs. This is set to explode online gambling revenues, especially during this pandemic. It is more likely that more states will start to legalize online casino business in a bid to not only raise more revenues but also as a step to decongest casinos when the lock down period is over.
This boom as articulated earlier is a result of postponement of major sporting events such as The Tokyo Olympics which was pushed back, The European Championship and major football leagues were also canceled. The same cut across golfing, boxing, tennis, and other global competitions. The absence of these sports definitely created a void which online gambling filled.
However, this popularity has not come without its controversies. There is a great concern for online gambling addiction as those who already gamble are doing it more often now that they are locked indoors with little chores to do. Various anti-gambling agencies around the world have been pushing for legislation that will protect people from betting their limited hard-earned money while on lock down. In fact, a call on a total ban on gambling advertisements on TVs has been implemented by some countries including the UK.
The concern on illegal gaming using unregulated and dangerous sites has also been on the rise. This was brought about by the many restrictions that states have imposed on online poker sites. Many optimists have hoped for individuals or communities as a whole not to fall into any more online gambling risks, especially at the precipice of a serious recession. The state is particularly concerned with gamblers who are stuck in the lock down do not injure themselves economically by gambling too much or placing too high bets. If so, it could be catastrophic for society as a whole and also would be damaging to the long-term growth in the online gambling industry.
The growth at which this pandemic is progressing is alarming what lies ahead in the coming months is extremely difficult to predict. However, the fact that more people are still at quarantine at home and facing extended hours just sitting, the fun social and interactive online world comes handy and many people seek this comfort online. While it is true many industries are facing a rough time during this pandemic, the online entertainment and casino businesses are surely reaping big and not about to stop anytime soon.
The global economy is also under temporary lock down. The financial strain heightened the gambling practice and things have become worse in regard to gambling. While most bookies might be closed, mobile phones provide immediate access to games such as roulette wheels, poker tables, and many other e games. The fact remains that, people will always find something to gamble on.
Sports may be on hold, but the online sites are filled with alternatives. The land-based casinos might have closed their doors, but crowds are still flocking online casinos for a bid to quench their gambling thirst.