The impact of the COVID-19 pandemic has crippled industries and world economies, and the impact on the gambling industry is undeniable.
Top casinos in Macau, world-famous for being the Las Vegas of Asia, revealed its combined loss at USD1B for the second quarter of 2020. After China closed off its territories, Macau lost almost 90% of its casino clientele. Macau had only 2,000 visitors per day in July compared to the 108,000 daily average in 2019. Even with the travel bubble implemented by the state that eased travel restrictions to the special administrative region, projected revenues failed to recover losses incurred.
The situation in Macau impacted the revenues of MGM which reported a 90% dive on table games since the pandemic. This is compounded with the 8-month closure of Las Vegas strip casinos in observance of health protocols implemented in the area.
Casino resorts in the area reported USD1.1B in third quarter revenues, a 66% decrease compared to the previous year.
The dismal situation caused by the ongoing health crisis has broadened opportunities for online gambling and has served as silverlining for players amidst the pandemic.
1. Win-Win Situation: Profitable and Better Odds at Winning
You might think, how do online casinos make profit when a lot of players are winning? The answer lies in the question– the fact that players have better odds at winning in online casinos, rakes in profit for these virtual hubs. Important keywords include better odds and players in plural form, combined.
According to data available on casino.org, around 1.6B across the world gamble. This population is responsible for the USD 53.7B value of the online gambling industry according to grand view research. The same institution projected the compound annual growth rate of the industry at 11.5% from 2020 to 2027.
The market share of online gambling in Europe as of 2019 was at USD22 billion. This was owed to the legalization of gambling in several countries such as France, Germany, Spain, etc. Reforms in state regulations such as the Gambling Act of 2005, which allowed companies to advertise their gambling sites, also contributed to the growth of the industry.
Free casino games, welcome bonuses, and the like attract new players while incentives reward loyal gamers. Various sites offer free games that entice players and lead them to real money games. Gambling companies observe that free casinos games are effective in reeling in real money players like roulette game https://mrcasinova.com/th/รูเล็ตออนไลน์/
Players are incentivized through gaming credits, special bonuses and other amazing rewards that really encourage players to keep on betting. Snowballing is an important factor in consumer behavior that is invaluable to the industry. Players share their experiences with acquaintances, friends, family that serves as a multiplier effect. Combined with effective marketing strategies, these curious players are hooked when they discover the rabbit hole that is online gaming.
Another selling point is that online casinos, betting and gambling sites now offer no deposit bonuses. This is another click-bait for curious players who just want to have a taste of online gaming but wouldn’t want to jump right into it; however, more often than not, they are drawn to stay and play because of the seemingly unending rewards and incentives.
2. Innovation-Driven and Availability of Cheaper Technology
Fast-paced innovations in technology benefits online gambling. The availability of cheaper mobile phones and accessibility of online games through lighting speed wireless service is instrumental to the thriving industry. The availability of online gambling through mobile applications is another selling point for the industry, especially in Asia, where mobile phone usage is highest compared to the rest of the world. Also, the growing popularity of wearable technology will ensure a captive market.
While AR and VR technology has made a breakthrough in gaming, its premier into online gambling is worth looking forward to. This will elevate the gaming experience by simulating real-life betting, but without the risk of contracting COVID-19 and without additional devices– for as long as you have wireless connectivity and mobile phones, you can bet anytime, anywhere!
3. Cryptocurrency or Blockchain Casinos
Since its introduction in 2008 and subsequent release the year after, Bitcoin a type of cryptocurrency has been used for peer-to-peer transactions, facilitated by a public ledger transparent to the public known as blockchains.
Bitcoins or cryptocurrencies are decentralized and not controlled by any state. It is different from sovereign currencies that are based on gold reserves and exchange value of goods and services.
Since transactions are restricted online and need not to go through banks and are technically anonymous, its popularity surged in 2018 and around the same time, has been used in Asian gambling firms. There are a lot of online casinos that are accepting cryptocurrencies in Asia, but not so much in the West because of regulations. Westerns governments believe that cryptocurrencies pose a threat to sovereign fiat currencies.
But truth be told, cryptocurrencies can also be susceptible to criminal money laundering. Since no personal information is saved on the web, there is guarantee that cryptocurrencies are not siphoned off by underground syndicates.
4. Personalized Experience, IoT
In the era of the Internet of Things (IoT), the internet has developed its own language to communicate through the use of technology. Technology has the capacity to curate information based on searches, internet attitude (likes, dislikes, most visited sites), etc. to optimize your browsing experience. Advertisements are designed this way. They make sure that ads target a precise market for optimal impact. You can search one thing over google and the next thing you know, your online shopping platform will recommend products based on your recent searches.
Customized experience. This is a promising innovation meant to elevate the virtual slot play experience. It can keep and automate personalized preferences and settings for the players across sites and platforms. This is very convenient for gamers who would want to continue the game from where they left off, or would like to try a new site, but with the settings they are accustomed to.
Online gambling will always appeal to a certain market that would love to play in the comfort of their own homes, in their pyjamas and unlimited bags of chips, that you would not otherwise see in casual clothes in a casino. Online gambling gives this section of the market the freedom and flexibility to play when they want and where they want to.
The availability of a vast range of games and gaming sites is a powerful selling point for online gaming, betting and gambling. Others say that the profitability of the industry might plateau because of the flock of new online casino operators. But this is not yet true at this point, and if online gaming can keep up with innovation, this might not be true at all.
Of course, legality will always be a question. Online betting is still considered unlawful in most states and countries, but due to the profitability of the industry, it is not overreaching to say that states might consider legalization. It is only apt to say at this point, that online gaming and gambling has proved their worth in weathering the pandemic, and has made an indelible mark in the entire gambling industry enough to make it stay in Thailand Business Directory