Ever since the novel, COVID-19 started to infect more and more people across the world, the global economy has suffered. Thus, a plethora of businesses have experienced difficulties during these times and the casino sector is no different. So we've decided to take a closer look at the financial impact of the Coronavirus on casino games.
Due to the rather drastic measures taken by various governments across the globe, certain aspects related to gambling have taken a big hit. And judging by some reports and predictions, this crisis can go on for quite some time.
So without further ado, here are 3 major ways through which COVID-19 has led to financial consequences in casino games and gambling in general!
1. The Closing of Land-Based Casinos
This factor has a direct impact on the financial health of each casino that can no longer operate due to social distancing and concerns about spreading the virus.
According to the American Gaming Association, a supposed 8-week (roughly 2 months) period during which casinos have to remain closed will lead to $21.3 billion losses (1). Unsurprisingly, the vast majority (~94%) of commercial casinos on US territory had to close doors in mid-March.
This leads not only to massive losses related to direct consumer spending during this period, but there's also a negative impact on the employees in these casinos as well.
In fact, the same report courtesy of AGA claims that 530,000 people working in this industry are now without a job, which happens to be 96% of all those working in the casino sector in America.
2. The Cancellation of Gaming Events And Conferences
We've already seen huge global events like the football World Cup and the Olympic Games postponed and the gaming industry makes no exception.
Once such instance is The Game Developer Conference that's been postponed for sometime during the summer of 2020, although that can be changed as well. And this is only one example since there are many other localized and not as popular events out there that are getting postponed or even worse canceled.
This in and of itself will have a negative impact on the future growth of the iGaming industry, as many analysts believe. Add to this the uncertainty about any future dates of such events and the financial losses, in this case, look pretty grim.
3. The (Re)Surgance of Online Casinos
While land-based i.e. commercial casinos are experiencing unprecedented losses, their virtual counterparts are actually enjoying quite a bit of popularity during this viral outbreak.
Online casinos have always been very convenient since you can access them from the comfort of your desktop or mobile device, without even leaving home. And this is exactly why these places for online gambling have become even more popular than they already are.
Moreover, with the seemingly uncertain future of anything land-based, once can speculate that online casino games can continue their exceptional gain in the coming months or even years.
There's no doubt that the rapid spread of the highly-contagious COVID-19 has had a negative financial impact on just about any industry on Earth.
Of course, the casino industry makes no exception although online games are actually on the rise due to all the social distancing and widespread quarantine measures.
And now that commercial casinos are closed, the only way to quench your thirst for casino games and slots is through their online interpretations.
So - don't waste any more time and try the most fascinating, captivating and fun online casino games that you'll find in our Spigo games catalog!