The Corona Pandemic has been the downfall of multiple business ventures worldwide since it last hit the streets. To curb the spread and alleviate its effects, governments worldwide had to put in place some restrictive measures such as unappealing lockdowns that forced the masses to stay at home. Consequently, most businesses had to close shop or find other means of operation. While other businesses are crying foul online gambling entities have been smiling all the way to their coffers as they reap big from the pandemic.
Here’s how the Corona Pandemic has positively impacted the online gambling industry.
Incredibly Better Returns
The Covid-19 pandemic has been considerably a blessing in disguise for betting entities, especially those that have fully embraced online sites. Since the pandemic broke out, the numbers have risen not only in terms of the players joining in but also the returns gained. By the time the year ends, online gambling is expected to have grown by an impressive 13.2%, and this could rise. In the course of the pandemic, online gambling has raised about US$66.7 billion.
In 2019, the global online gambling revenue stood at around $58.96 billion, but the numbers are bound to jump to around $92.86 billion by 2023, a steady 12% growth going by the current state of the world. The numbers might even increase to a whopping $133.12 billion by 2025. These numbers are associated with the governments’ stay at home lockdown measures that have left billions across the world lockup at home with little or nothing to do.
With physical on-site casinos closing shops, seasoned gambling enthusiasts had to find an alternative way to practice their craft, and online casino provided the perfect escape. Moreover, with little to do at home during the quarantine season, many people have turned to online gambling to keep themselves occupied. And it’s not gaming activity that increased during 2020. Looking at MGA, where many online casino is licensed by, we find large numbers of new operators. The highly acclaimed casino site Winny.com, is of them. is Turbonino is another. SlotV as well. The list goes on.
Statistics have shown a massive increase in the number of online gamblers. For instance, PokerStars recorded their highest ever number of entries in a recent online poker tournament.
Their popular “Sunday Millions” endeavour generated a historic $18.6 million prize pool, the largest in the history of the entity. The tournament attracted over 60 000 players with about 93,016 entries. Each entry came with a $215 price tag. Worldwide online poker is estimated to have gone up by an impressive 43% since April, and this is just one side of the coin; other markets have also recorded significant increases.
Financially, online gambling has done incredibly well in the Covid-19 pandemic. Online gambling entities have recorded a massive increase in players, which has resulted in high financial returns.
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