ID: MRFR/ICT/7169-HCR | December 2022 | Region: Global | 111 pages
Impact of Covid-19 Outbreak on Online Gambling Market
As the coronavirus has spread across the globe, many countries have responded by going into lockdown. In most cases, the lockdown started with the closing of non-essential sectors, like public entertainment venues including cinemas and sports stadiums. As each country eases down on their coronavirus measures, these venues (including casinos) will almost certainly be among the last to be accessible to the public. Additionally, all the major sports competitions that were scheduled for this year, including the IPL, the Olympics, and the football league are frozen, which, in turn, has compelled an increasing number of people to explore the world of online gambling.
Some have turned to online gambling for entertainment during the quarantine days and some to financially support themselves and their families (unaware of the cons), while professional gamblers have switched to riskier forms of gambling such as online casinos or slots. Because of the halt on several championships, virtual sports have become increasingly popular in the sports betting industry. Before the coronavirus outbreak, for the year 2019, virtual sports contributed to approximately 13% of the bookmakers’ profits. However, during the pandemic, the percentage contribution of virtual sports in the gambling industry has significantly increased. Large brick and mortar casinos have switched to online platforms, attracting thousands of new visitors. Top online casinos, like Queenofluck, have witnessed a 40% increase in the number of players and a 20% increase in the number of bets during the lockdown period. Furthermore, operators are also attracting new visitors to their platforms by hosting new tournaments as well as increasing bonus programs.
Online gambling has, therefore, become a significant revenue-generating source for the governments as well. In fact, some countries have decided to take advantage of the growing popularity of online gambling platforms. For instance, Belarus has officially legalized online casinos.
According to MRFR analysis, the traffic of gambling resources has increased by 10-15%. In March 2020, the traffic of online casinos and poker rooms shoot up significantly. However, there was a gradual decline in April due to the implementation of more stringent online gambling rules. Some of the key countries that have become favorable for the growth of gambling resources traffic include Italy, Spain, India, the Philippines, the US, and Georgia.
Overall, online gambling market and in particular mobile gambling market is expected to have very low impact due to the pandemic.
FIGURE 1 IMPACT ANALYSIS
Source: MRFR Analysis