Online Profits soar land-based casino see less people come through
2020 has been an interesting year for lack of any better word. This new reality has forced places of business to close or reduce the amount of people that they can host. From sporting events to bars and restaurants all the way to casinos, it seems like no one is being spared.
Beginning around March of this year and up until last month most land-based were closed due to new Covid-19 regulations. Meanwhile online casinos continued to operate throughout all the closures and lockdowns. So how did land-based casinos fair vs. online casinos? Will land-based casinos make a comeback or is gambling online the way of the future?
Land-based casinos took a big hit
For the last few months casinos in Canada and the rest of the world had to shut their doors. Countries began to impose more and more restrictions and, in some cases, even lockdowns. Land-based casinos were hit hard as they could no longer accept the public. All casinos struggled to maintain and had to send home their staff until further notice. It wasn’t until August when land-based casinos began to reopen their doors to the public.
Can land-based casinos bounce back?
Although everything has not returned to normal many places of business including land-based casinos have started opening their doors. They are now open to the public and accepting people to their venues. However, before they could return to business as usual new rules and regulations needed to be implemented. This was done to help ensure everyone stays safe and virus-free. These changes include wearing a mask that needs to cover your nose and mouth. Standing 2 arms length (approximately 2 meters) apart between gamblers. In addition, casinos needed to limit the amount of people that can be inside at the same time.
While land-based casinos can now get back to business there is no denying these new changes have had an impact. Naturally having less people around playing and spending money will have a negative impact on your revenue. On the other hand, these new rules and regulations have allowed staff to return to work which in some cases was sorely needed. In the meantime, land-based casinos will have to continue to make adjustments and changes in order to adapt to today’s new reality.
Initially online casino profits soared
As land-based casinos were shutting their doors and people were being forced to stay home online casinos began to see an increase in new signups and depositors. Many land-based casinos with online operations as well began to shift their focus to their online sites. In fact, most online casino saw an increase of as much as 30% in revenue from March until May 2020. It only makes sense that gamblers would be looking to play online if they couldn’t go visit their local casino. Surprisingly though many more casual gamers and people simply looking for fun ways to pass the time began joining online casinos as well.
During the first 3 months of the initial Covid-19 pandemic many online casinos reported seeing a small to moderate size increase in new players. They also noted an increase in deposit from existing players. As time passed and more people began losing their jobs and were unable to continue gambling. Many gamblers were faced with the very real situation of spending money on their favourite pastime or putting food on the table.
How Covid-19 has impacted online casinos
Although the initial first few months of Covid-19 saw a boost in revenue for online casinos the months that followed saw numbers drop. People were forced to spend less as they had no job or steady stream of income. Many online casinos saw a drop-in activity and in deposits. In the UK the United Kingdom Gambling Commission (UKGC) has been issuing new rules and regulations on a monthly basis. These new rules are meant to protect people with gambling addiction or gambling related issues.
Some of these new regulations include placing monthly caps on deposits. Many online casinos are now limiting the total amount of deposits they can take from any given player from the UK. Anyone who wishes to deposit more will need to provide proof they can afford the deposits including their source of funds. Players with multiple accounts on the same network can have global limit meaning if they deposit too much one site they will not be allowed to deposit on another site on that same network.
Adapting and moving forward
We believe that until there is no vaccine that will protect us all from Covid-19 life will never be exactly as it was. In fact, many experts believe the next wave is just around the corner as winter soon approaches. Not only is flu season coming but we also have to deal with Corona. This new reality is forcing many businesses to adapt or close their doors forever. While land-based casinos have begun to adapt to this new reality there is still a long way to go. Casinos will also need to consider that they may need to close their doors again if the experts are right about the next wave.
Online casinos have fared much better compared to their land-based brothers, but new rules and regulations are forcing online casinos to stay on their toes. They will need to change the types of offers the present their players. Sports betting sites have started promoting virtual sports until the real sports come back as they find other ways to stay alive.
There is no doubt both online casinos and land-based casinos will need to adapt and think outside the box in order to keep going. They will also need to work hard to help differentiate themselves from other online casinos. Better customer service and custom promotions and offers will help them ensure more players come back and keep playing. Building loyalty and trust will be a great step to winning more players. We cannot wait to see how things progress moving forward.
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