The recent proliferation of the Covid-19 virus has brought the entire world to a screeching halt. With close to half of the world in lockdown, people are looking for alternative ways for entertainment.
While the lockdown did pose an existential threat to many industries, one particular avenue of entertainment is experiencing a recent surge: online gambling.
A recent report from a Morgan Stanley analyst revealed that if the current Covid-19 lockdown will continue, it will cause many traditional casinos to close. This opens up a lot of opportunity for online casinos to fill the gap. Which is why the analyst added that the current pandemic might force states to legalize online casino and sports betting.
Exciting Times for Online Gambling Platforms
In a report posted by Nasdaq, online gambling revenues in New Jersey alone have rose by 66%. This represents a growth of $65 million in March alone. It is also important to note that this growth did not include revenues from sports betting. Online gambling revenue include slots, and table games like blackjack and baccarat.
In a client note, Morgan Stanley gaming analyst Thomas Allen wrote, “We believe the impact of Covid-19 could spur more states to legalize online casino and sports betting.”
As of this writing, there are only a handful of states that allow for online casino gambling and betting. These states include Nevada, New Jersey, and Pennsylvania. Moreover, there are at least 15 states that allow online sports gambling, and a significant number of states also allow sports betting at physical casinos.
Allen added that in the state of New Jersey alone, online gambling revenues could each up to $700 million just this year alone. That is a significant leap compared to revenues posted last year which was $483 million. He added said that the surge of online gambling platforms during this pandemic will help the industry reach that target figure.
Gambling on the Mobile Platform
Smartphone are ubiquitous these days. Which is why it is one of the most used platform by many online sports betting services. Online casino operators have also noticed this trend and they have started to migrate their services away from desktop and traditional computers, to a more streamlined mobile version.
While the online gambling sector is seeing a meteoric rise, traditional sports betting outlets are facing collapse. Due to the pandemic, all major sports have decided to cut their season short, something that has a significant effect to the operation of sports betting platforms.
Despite this hurdle, investors are still optimistic about the future. Key to this optimism is the reported merger of sports betting giant DraftKings and special purpose acquisition company Diamond Eagle Acquisition. On Friday, Diamond Eagle shares improved by 49 cents, and rose to $16.58.
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