Online Gaming Boosts Casino Industry Revenue In June
Online gambling surged during the months of lockdown in the absence of land-based casinos and other gambling facilities.
Government travel restrictions and the protocols for social distancing have shut down casinos and other businesses in mid-March. Lockdown protocols were in place to prevent the spread of the novel coronavirus. It mandated everyone to stay in their homes if they have nothing important to do.
The novel coronavirus hit land-based casinos’ revenue hard. Many casinos reported massive losses because of the shutdowns. The casinos continued paying for employees’ wages in the first month of the lockdowns, including their health insurance. The new guidelines for the reopening also added to their financial burden.
Online gaming’s rise during the pandemic
The gaming industry, along with sectors tied to it, suffered massively because of the novel coronavirus.
Tourism saw its most significant decline, as well as airlines. Sectors connected with online services were winners during the pandemic. People shifted their attention to everything online, from necessities to entertainment.
Every major entertainment halted productions and events. Sports events were postponed and canceled. Sets for movies and tv series were canceled because of travel restrictions.
Land-based-casinos and other gambling facilities like race tracks saw the worst their worst attendance for all time.
On the contrary, online food deliveries saw massive revenue since people no longer go out but rely on food deliveries. Local online shopping platforms saw massive traffic on orders. People were hooked on online streaming apps and online games. The online gambling industry saw the highest traffic volume for searches of online gaming platforms in its decade of existence.
Online gaming revenue in June boosted the gambling industry
Subscriptions and logins in the online gambling platform increased unprecedentedly since the lockdown orders in March. Online casinos and sportsbooks were the top choice of entertainment for many Americans.
The rise of online sports betting and online casinos, which started before the pandemic, showed how Americans love online gambling.
The US Supreme Court’s decision to lift the ban online gambling paved the way for the operations online casinos and sportsbooks in the country. There are more than 18 states in the US with legal sports betting operations and four with online casinos. Other states are now moving forward towards the reopening of their sportsbooks and online casino platforms.
The Division of Gaming Enforcement reported that revenue from internet casinos in June reached $84.9 million, which exceeded $38.1 million last year during the same month. The report claimed that the income from an online casino in the first six months of this year doubled compared to the figures last year during the same period.
The revenue from online casinos cushioned the losses from land-based casinos, which shut down operations in March.
Jane Bokunewicz, the coordinator of the Lloyd D. Levenson Institute for Gaming, Hospitality, and Tourism at Stockton University, said the increase in revenue in online gaming far exceeded the collection of land-based casinos.
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