Top Gambling Industry Problems Caused by the Crisis

26-11-2020

The gambling industry has been one of the most affected by the COVID-19 global pandemic. Ever since the lockdowns, distancing, and even banned public events started happening, the whole world turned upside down. The pandemic changed everything, and we started seeing situations such as canceled sports events, temporary closed retail casinos, sportsbooks, and more.

The reinvention of how the economy worked started, and there was no going back. But luckily for most casino and sportsbook fans out there, online and mobile options were (and still are) available. Now with all the changes that happened tons of new gambling problems have arisen. But don’t worry, where there is a problem there must be a solution.

Sportsbooks took a damaging hit

The whole COVID-19 crisis managed to give the sports betting industry a serious hit. After some great changes concerning sportsbook laws on the global scale, and especially in the US, it seemed that this is the future of gambling. However, when the virus appeared almost every sports event was canceled. Leagues such as NBA, MLB, and NHL postponed their seasons, while sportsbooks were suffering and struggling to survive.

To keep their business still going, many sportsbooks turned to esports betting as well as fantasy sports betting. With the major sports leagues heading towards games simulation, there still might be hope for all the affected betting operators out there. In case they decided to focus on the innovative betting markets, they might be able to avoid going bankrupt.

Illegal sportsbooks emerging

With the previously-mentioned crash of sportsbook during the COVID-19 pandemic, another issue emerged. Many illegal sportsbooks appeared offering wagering on sports events held under uncommon circumstances. Since laws concerning the pandemic crisis weren’t equal across the globe, some decided to take the matter into their own hands.

The rise of so many illegal sports betting markets is just one of the gambling problems caused by COVID-19. But it might be one of the most serious issues. Bettors should remember that even if this might sound great, it has its bad sides. Players should find legit sportsbooks and casinos to avoid scams. Mainly, the illegal and unlicensed betting websites could end up being fraudulent.

Switching to online and mobile casinos

Sportsbook operators aren’t the only ones who suffered the consequences during the pandemic. Retail casino venues suffered equally, especially those brands that didn’t have a backup option like an online casino platform or an app. But it is all about the point of view. The online casino operators were the lucky ones during these unfortunate times, as the online gaming industry saw a rise in the number of new players. For example, players from New Jersey could use this online sports betting site and instantly find the best online casino or sportsbook during the pandemic. And the same goes for mobile casino apps.

The rise of e-sports wagering

Regardless of the pandemic crisis, e-sports betting and the e-sports industry, in general, are booming. It is one of the fastest-growing sports on the global level, and the COVID-19 situation was just a plus. Any kind of online entertainment is perfect for socially distancing, thus the boom, of this industry was bound to happen. Moreover, this also means that a whole new demographic will be a part of the gambling industry or better-said e-sport betting industry.

This also means more opportunity for professional games who love to compete at local and international esports tournaments. Which automatically means bigger revenue for the game developing industry. As long as the big developer companies continue making engaging, entertaining, and intriguing games, success will come naturally.

Smaller gambling venues on a verge of disaster

Unfortunately, smaller casino and sportsbook retail were the ones to take a double hit. During the lockdown, these and similar gambling venues were closed. Besides, once all of it started getting back to “normal”, social distancing regulations were merciless towards the small casino business owners.

Being at least 6 ft apart from another human is limiting, especially if the venue is small. Additionally, many casinos had strict rules about letting in only a limited number of people. This kind of restrictions made gambling in a local retail casino repulsive to many players.

No face-to-face contact, wearing masks and other protective equipment also doesn’t seem to fit into the whole casino entertainment picture. The table games fans couldn’t enjoy laying roulette, blackjack, or craps like they used to. Moreover, many professions such as casino dealers suffered, as well. This is why everything was covered online. Even F1 fans, who were not able to watch the race on track, managed to stay at home, watch the race and bet safely online.

Wrapping up

The current COVID-19 situation affected the whole world’s economy. While it had a destroying effect for some, the online igaming industry flourished. We are yet to witness the consequences and effects of this 2020 pandemic, and who knows where all of it will get the humankind. The global gambling industry suffered many issues in less than a year period, and some of these might leave a permanent mark.