The threat that the 2019 coronavirus brings has pushed many industries to temporarily close and the gambling industry is definitely affected by this. Many land casinos worldwide have now shut their doors to help countries contain the virus and surely, this has affected the global gambling market.
However, the gambling industry isn’t completely shut down as its online sector continues to service punters and casino players worldwide. Nowadays, people can still enjoy playing casino games in the comfort and safety of their homes by visiting websites and using an online casino app.
With the current situation, the world dealing with a health crisis, people are forced to stay at home and do activities that can be done at home. This has definitely boosted the online sector of the casino industry. More people are now gambling at home where they are safe.
In New Jersey alone, online gambling revenues rose 66 percent. This state which is the leader in online gambling was able to get around 65 million US dollars of revenues from online casino gaming. That doesn’t include what’s left of the sports betting industry just yet. The said online casino gaming revenues from New Jersey include table games like poker and blackjack.
A gaming analyst from Morgan Stanley wrote that New Jersey is set to exceed 700 million US dollars of revenues this year. This amount is 483 million US dollars greater than what the state made last year. Allen said that the shifting of bettors to online casino gaming has surely helped made this happen.
“We believe the impact of Covid-19 could spur more states to legalize online casino and sports betting.”
Another person who shares the same thoughts regarding the legislation of online casinos in the US is Penn National Gaming CEO, Jay Snowden.
Snowden said in an interview with CNBC’S Power Lunch,
“We think that this legalization process that is happening at the state level stands to accelerate, and we really think we’ll benefit from that because we operate in more states than any gaming company in the world.”
States in the US are becoming a bit desperate when it comes to gaining revenues for the next few months. Especially because the economy is greatly impacted by the lockdowns implemented across the country.
For now, only a few states allow the operations of local online casinos. These states are New Jersey, Nevada, and Pennsylvania. Sports betting is becoming more widespread in the country, however. There are now 23 states with legal sports betting, but surely, many states are not gaining many revenues from this as of the moment.
There is also a reason to believe that there is a spike in online casino gaming because of the lack of sports betting odds. Many major sports events worldwide have been canceled or postponed. There will be no March Madness this year, and that’s a big blow to the betting industry because this sports event is really huge for punters in the US and even from around the world.
The EPL has been canceled, but is set to return next month. This may be something exciting for sports betting fans, however, the League still has a lot to iron out before they can completely get back on track. This means that punters will still have to wait and stick to playing casino games or betting on non-major leagues or less popular leagues for now.
[mks_pullquote align=”left” width=”300″ size=”24″ bg_color=”#00BCD4″ txt_color=”#ffffff”]Either way, online casino gaming is booming. The truth is that even if there is no pandemic, the online casino industry has always been expected to grow. [/mks_pullquote] Last year, the online casino industry’s market value was priced at over 53 billion US dollars. It is expected to grow with a CAGR of 11.5 percent from 2020 to 2027. This means that by 2027, the industry could be worth over 130 billion US dollars. Many online casinos did report a spike in sign-up numbers, especially for online poker. People just really have the time for this now that there are no sports on TV and that everyone else is at home. The question right now, however, is what will happen after this pandemic.
Will the online casino industry continue to get the attention of people once things go back to normal? Well, it’s really hard to predict what will happen as of now. However, since the experts have always seen growth in this sector of the online gambling industry, it is likely that the industry will continue to grow. The people who signed up for online casino gaming during these times will just really either continue playing or just occasionally do so after the lockdown period. Either way, the lockdown has helped the online casino industry get more followers.