2020 worldwide changes in casino industry
According to the Global Casinos & Online Gambling Industry Market research report, there were many changes in the gambling industry, especially after Covid-19 struck across the world. Macau is now the worldwide traditional casinos hub after outshining Las Vegas of the US and boasts of numerous new casinos that are responsible for this shift. The casino industry has also experienced a transition as many players now prefer online casinos to traditional casinos after most people were forced to stay home due to travel and movement restrictions.
Main reasons for casino gambling industry growth
The last few years have been a focal point for the global gambling market. According to LoginCasino.Org Magazine, the casino industry remained steadfast in 2020 despite the coronavirus pandemic effects on the industry. Online gambling increased in popularity during this time. Some of the factors responsible for the increasing gambling popularity are:
- The advancement of technology across the world
- Increase in income among the world’s population
- Favorable legislation policies in the gambling field in many countries
- Improving economies of third world countries
Factors affecting the casino industry in 2020
After Covid-19 struck in China and spread to other parts of the world, the casino and entire gambling sector has never been the same again. There are many lockdowns and this has brought a fair share of benefits and drawbacks to the gambling industry. 74.6% of the brick and mortar companies’ revenues were from the brick and mortar casinos, and the closure of casinos and entertainment centers affected the profits and revenues from these companies. The global casino market has been predicted to decline by 10.8% in 2020.
The lowering of economic activities has severely distressed many companies financially, which has led to unprecedented layoffs and workforce pruning. Unemployment rates are now at the highest level in the US, with over 12.5% of unemployed people in the country. But while the brick and mortar casinos are negatively affected financially by the pandemic, it’s not the same for online casinos, which are faring better now. The increase in online casino gambling occurred after many were forced to operate from home. Therefore, people have plenty of spare time and most spend it on online casino sites. Also, most of the large spending is caused by gaming addicts and consumers who have no means of income and have resorted to betting to meet their basic needs.
But even as the Covid-19 measures are eased and casinos start to reopen, they have a challenge of attracting customers as people are still concerned about traveling. The tourism sector is also largely affected which has affected traditional casinos since tourists are their major customer base. Gambling operators in Macau and Las Vegas are faxing a harder restart even after being allowed to open with many casinos having to close due to less income and higher operating costs. This is also simulated in other gambling destinations across the world such as Parisian Macao, Wynn Palace, Grand Lisboa, Star World, and MGM Cotai.
Technology has also had a major impact on the casino industry and especially the online casino operators. This is due to the provision of internet, which gives players access to the casino sites using their mobile devices, desktop, and PCs. Some of the top online games are bingo, casino, poker, and lottery games. Newer technologies such as Virtual Reality (VR), IoT, and Blockchain have also revolutionized casino industry. VR headsets are now more popular than ever as they give the players a chance to enter into a virtual casino and play their favorite games without the need to visit a traditional casino. Despite this, online casinos have been accused of major fraud and cheating since many do not operate transparently.
Blockchain technology is, however, changing the game by giving everyone the ability to monitor and understand their casino. This has helped to prevent fraud and also build trust with the players. Blockchain technology and other new ones will benefit the online casino industry. Nowadays, you can find VR accessories more than ever, and they make your casino experience more immersive and interactive. The push for VR-based online casinos is also on the rise. It is only time before everyone gets access to VR gear that will enable them to play casino games at the comfort of their home.
Increase in the number of live dealers
Most casino players prefer to play with a live dealer in their traditional casino. This preference for live dealers by many players has made online casinos to introduce the live dealer feature in their platform and increase their number to serve more players. You will now find many Baccarat and Blackjack dealers in online casinos. Therefore, both online and traditional casinos have been actively competing, and the brick and mortar casinos also have more engaging dealers on their floors.
Also, most players are attracted to dealers who possess wits and charms. There is a unique aspect of human interaction that makes a player want to play more. With the advanced technology, players can now meet online dealers in sites like who look genuine and charm like the traditional ones on the casino floor. You should check sites like smartcasinoguide for help on choosing the best traditional or online casino operator.
Reduction in the number of land-based casinos
As of now, many land-based casinos are feeling the heat from strong competition from online casinos. Their popularity is also declining since most of them are based in one area, and the players have to travel long distances to access them.
Most bettors nowadays prefer to join online casinos to save their transport money and other costs. They have then chosen online casinos as they are more convenient and must have numerous games to offer to players. This is unlike traditional casinos with limited games and which cannot match the standards of online casinos.
The casino industry has been changing widely in the last few years and especially in 2020. Some of the top factors inspiring the changes are Covid-19, technology, accessibility, and player experience. And as we head towards the coming years, the online casinos are likely to increase, and many land-based casinos will shift to offering their services online.