This year is far from over, and people all over the world can’t wait to get done with it. From China and Japan to Italy and the US, nearly every country in the world is battling the invisible storm that is Coronavirus.
The pandemic’s biggest impact is on people’s health and personal wellbeing. But it’s not sparing the business world either. Millions of people, more so those employed by brick and mortar companies, are jobless.
The casino industry is hurting hard, from Las Vegas and London to Monte Carlo and Macau. Luckily, the online side of major gambling brands like Ladbrokes seems to be doing significantly better than other industries. Discover more below.
More Traffic to Gambling Sites
Online casinos represent one of the few industries recording growth rates amid the coronavirus pandemic. Not everyone is surprised, though. In Las Vegas, casinos that have betting apps have been promoting them aggressively to encourage their patrons to play slots at home.
In London, the situation isn’t different. Companies like Ladbrokes might have suspended their betting shops. But their websites are open 24/7. Crucially, these platforms offer all the games you would expect in a casino.
They also welcome new players with bonuses. In fact, casino offers that let you play games free of charge are a major cause of the unprecedented increase in traffic to iGaming websites.
A Spike in Revenue
Amid Coronavirus, people are spending a lot of time at home. And for some, that means betting more frequently than they conventionally do. Of course, that’s a boon for online casinos, which are recording increased profits.
Casinos are projected to continue expanding revenues rapidly for the next several months. But that doesn’t mean they are the only stakeholders making profits in these trying times.
Smart players who know their way around high-paying slots are winning more frequently than regular folks. In case you are wondering, Ladbrokes online slots, as reviewed on slots.info/Ladbrokes, are some of the best paying games online. This information is freely available online—with a quick search on slot RTP rates.
Some Online Casinos Restricted
Online casinos have been profiting so much during the pandemic that some countries are having them suspended. Latvia suspended online casinos March 22 with an order effected April 14.
Latvia made the emergency law to hopefully prevent people becoming problem gambler now that they are stuck at home. In the UK, online casinos are operational as usual. But until further notice, they’ve been directed to bar players under 25 years.
In Spain, online casinos have been forced to advertise in the TV wasteland that is 1am to 5am. Elsewhere in Belgium, the weekly deposit limit is €500, meaning that not even high rollers can spend over €2000 per month.
Significant Losses on Sportsbooks
Many online casinos, Ladbrokes included, have sportsbooks on the same websites they provide slots and card games. For some companies, the betting department is the primary moneymaker, more so, during the sports calendar.
But now that COVID-19 has forced many leagues to go on a hiatus, sportsbooks are hurting financially. They might still be providing betting markets like football in Belarus or table tennis from Ukraine.
But virtually all sports betting providers have been recording losses for the last several weeks. Of course, companies like Ladbrokes can cushion their sportsbook losses with the increased revenue from casino games.
Infected and Affected Employees
If it’s not infecting casino employees, it’s affecting them in some way. For example, many people aren’t allowed to leave home. And that means those with temporary jobs have little to no income.
The most affected people are those infected or whose close family members have been diagnosed with the Coronavirus. As a result, they are quarantined and worried about their loved ones hoping they will get better.
Luckily for online casinos, they are not without options. They run their businesses online, and that means they can successfully have some of their employees work from home. That would still exclude live casino dealers—crucial employees. But others, like customer support agents, marketers, and managers can work remotely.
Casino Shares on a Free Fall
Many online casinos might be recording increased revenues during this pandemic. But they are still suffering in the stock trading markets. This has been happening since February after many governments began to suspend activities in all public places.
Predictably, shares for offline sportsbooks are more affected than any other sector. They depend on income from people who visit their shops to bet. But none of them are in operation presently.
Online casinos aren’t affected too much by COVID-19. But many of the companies that own also run land-based betting shops and casinos. In fact, most of them make most of their money from brick and mortar businesses.
Casinos Refocusing their Business Model
The biggest challenge businesses have about Coronavirus is that they have no idea when it will go away. That means any spikes in business revenue could plummet if the pandemic goes on for long.
To prepare for such an eventuality, casinos are making several changes. First off, operators with sportsbooks are becoming creative. They are investing in eSports, virtual games, and their casino departments.
That way, they will have services to offer potential customers for as long as traditional sports remain suspended. On the flip side, they are redesigning their sites to become as user-friendly as possible.
A significant number of new casino players are using their smartphones to bet. But they don’t think twice about switching loyalty if they encounter technical challenges. In the same spirit, casinos are working harder than ever before to provide quality customer support. This coincides with the increase in customers who need these services.
To Conclude
As Coronavirus continues to plague the world, lots of online businesses are hurting financially. Luckily, casinos are experiencing growth in revenues and customers. Some are recording losses and dealing with affected employees. But for now, online gambling businesses seem to be weathering the Coronavirus pandemic.