Home quarantines and lockdowns contributed a lot to the rise in registrations and log-ins in online gambling and casino platforms. Restrictions in almost all nations of the world produced a new breed of gamers, gamblers that could untiringly play the whole day since they have no better things to do while staying at home.
The restrictions resulted in a positive trend for the online gambling market in the last few weeks.
Covid-19 and the Online Gambling Industry
A few weeks since the implementation of lockdowns in Europe, Asia, the United States, and other parts of the world, the online casino reached an all-time high. Everyone tries to occupy their minds with things that could lessen their worries during the pandemic. People were attracted to all the things that the internet brings.
In some places like India, the US, and the UK, gambling has a convenient and reliable method of payment. Some countries allow credit cards as a payment method for online gambling transactions.
In Australia, the online gaming sector gained around 67 percent in the past week. The country is one of the top nations in terms of gambling-related activities. The US and the UK also reported a rise in online gambling subscriptions in the last few weeks, which is contributed by the shutdowns and cancellations of sports betting activities.
The Australian Credit Bureau and AlphaBeta, an analytics firm, reported the online gambling figure in the country based on the sample transactions from 250,000 Australian gamblers.The Golden Nugget in New Jersey reported a 20% increase in new registrations last month. The report predicted that the industry would gain more than what was recorded in the previous year.
Land-based casinos in Sin City and other places like New Jersey and Maryland were instructed to temporarily shut down because of the threat of the Covid-19 pandemic. There was no certainty on when they will reopen. Recently, casino executives in Las Vegas revealed their plan to impose new coronavirus safety measures if they will resume their operations.
Some operators plan to build a facility near their gambling venues to test employees and clients for Covid-19 infection.
Online Gambling Market Trend
According to the report of the Grand View Research, the online gambling market is estimated to have a market value of $53.7 billion last year with a compound annual growth rate (CAGR) of 11.5% between 2020 and 2027. The rise in market value is contributed by the increasing internet speed and the development of high-end mobile phones.
The accessibility of online games, legalization, and cultural approval, as well as corporate sponsorships and celebrity endorsements, contributed to the success of the industry. The report also said that there is an increase of 28% in the consumption of online gambling products in the global virtual market within the last ten years.
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