The COVID 19 pandemic has changed how people operate. A lot of businesses have been forced to shut down due to the tough economic times. Almost every industry has felt the wrath of the pandemic in some way and the gambling sector is no exception, particularly the brick and mortar facilities. Still, amidst the tough times, the betting industry seems to cope very well compared to other sectors of the economy. During its early years, the gambling industry was faced with many challenges due to several reasons; however, things have taken a different trajectory.
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Factors that have Led to the Growth of Betting
The U.S and U.K have been the leading markets for gambling for a very long time; however, other regions such as Asia, Australia, and Africa, have also recorded significant growth in recent years. The explosion of the betting industry has been catalyzed by several factors. Here’s an in-depth analysis that’ll help you to better understand this growth.
Increase in Internet Reliability
As more countries including India, Thailand, and Malaysia continue to advance in technology, so does their infrastructure. Reliable internet has played a huge role in the growth of online betting since it enables punters to engage in betting activities with minimal interruptions. Moreover, affordable smartphones have further given betting platforms incredible market penetration. Gamblers can also make their payments and transactions quite easily using various payment methods including E-wallets and Credit Cards.
Recession-Proof Industry
Online gambling is one of the most resilient sectors in any economy; this has been very evident, especially in this period of the COVID 19 pandemic. When you compare the data of gaming and revenue of Pennsylvania between January and April 2020, you’ll notice that slots, fantasy, and table games got almost nil in returns. Conversely, online slots, online casino tables, and online poker tripled their earnings. This paints a perfect picture of how strong the online betting industry is.
Adapting to the New Normal
The pandemic has made a huge number of businesses and jurisdictions to think of a better way of revitalizing themselves amidst the tough times. Upon closing their doors due to strict social distancing guidelines, casinos lost an immense amount of money as a result of making no sales on table games and slots. Many companies were forced to reevaluate their operations; consequently, many gambling firms opted to invest heavily in online betting and casino platforms. This led to the rise of numerous online gambling platforms, something that has increased the number of punters.
Source of Entertainment
Many countries have followed the strict guidelines given by health organizations such as the Center for Disease Control and prevention to mitigate the spread of the highly infectious COVID-19. As a result, scores of people were forced to work from home even as authorities imposed lockdown measures. With limited ways to mingle and have fun, many people have turned to online gambling as a source of entertainment.
Additional Components Which Led to the Popularity of Betting
Unparalleled Convenience
Unlike traditional betting, online gambling offers players freedom and comfort, allowing them to participate in whichever place are in. As long as a person has internet connectivity, he or she can enjoy playing at any particular moment. The convenience of using online betting platforms is one of the major reasons which has catapulted the industry.
Availability of Bonuses
Online gambling platforms often give players many different offers. Some of these incentives include no deposit bonuses, sign up bonuses, match bonuses, and loyalty bonuses among others. This has helped in drawing more gamers to the online platforms.
Variety of Games
The number of casino games available on various gambling sites is practically endless. Punters can opt to play roulette, video poker, blackjack, slots, etc. Moreover, the introduction of live dealers has further made the gaming experience more interesting. A lot of gamblers have attested that live dealer games are much more fun and engaging.
Avenue for Making Money
Another reason that has driven people to participate in different betting activities is the likelihood of walking away with a ton of money. Countless lives have been completely changed as a result of winning various jackpots on betting platforms. If you consider how various economies are experience recession, many individuals have opted to look for alternative ways of making money. Betting gives people a chance to win by only parting with little money. Aside from the jackpots, there are other numerous cash prizes which people can walk away with, thus boosting their financial status.
It’s Very Easy to Get Started
Betting is a relatively easy activity to venture into; anyone looking to get started doesn’t have to invest much money or equipment. All the fun is at one’s disposal, readily available on their mobile devices. With as little as $5, they can enjoy a variety of games. You can also term it as affordable fun since you’ll require little amount of money to entertain yourself.
Safe
Privacy is usually an important element particularly when it comes to betting and gambling activities. Thus, many platforms have put in place stringent measures to ensure that the privacy and safety of the players are well catered for. Moreover, numerous platforms have also started to incorporate bitcoins as a payment option on their platform. Considering the anonymity and privacy bitcoin and other cryptocurrencies provides, this has further elevated the safety of punters.
Conclusion
The gambling industry is a sector that has experienced a lot of ups and downs; still, it has proven to be an area that’s quite resilient. Even though various sectors of the economy have been impacted negatively by the Coronavirus pandemic, betting and gambling have continued to advance despite this adversity. It’s because the sector has learnt to adapted with the changing times and technological advancement. Truly, this is an area that shows no signs of slowing down.