Analyst: Gambling Industry Speedily Recovers Despite Coronavirus-Driven Losses

Published: 25/08/2020 | Last Updated: 22/02/2022

Reading Time: 3 Min

Image: Shutterstock

Analysts and gambling insiders projected that the company would bounce back swiftly despite the massive losses brought by the novel coronavirus pandemic. Casinos and other gambling facilities shut down in mid-March because of the lockdowns imposed to prevent the spread of the novel coronavirus.

Casinos suffered a massive hit in revenue during the lockdowns and brought Europe’s gambling industry down.

The risks of the pandemic and the restrictions imposed to curb the spread of the deadly virus hit land-based gambling. Even online gambling’s revenue was limited because of the postponement and cancellation of major sports events. Gamblers have fewer games to place their bets.

Things did not go back to normal despite the relaxed government restrictions and the return of sports leagues. Professional sports, including football, returned in Europe. Sports betting was livelier because of the return of the Champions League.

Table of Contents

Sports betting in Europe during the pandemic

Germany’s Bayern Munich and France’s Paris Saint-Germain competed for the championship on Sunday. Bayern was on the lead in Bet365 at 1/1, while bookies offered 9/4 on the French team. New signups could bet without deposit.

Land-based gambling facilities are resuming operations in many parts of the world. China continued the tourist visas for travelers to Macau, paving the way for Zhuhai residents to travel to the world’s largest gambling hub. The whole province will be permitted to travel to the gambling mecca by the end of September.

If things go according to plan, Scotland resumes its casinos and bingo halls starting August 24, given. HS Gambling Capital, the gambling industry intelligence and consultancy firm projected the decrease in win percentage by 22.3 percent in 2020.

Football games in Belarus resumed providing gamblers additional venue to place their bets.

Gambling swiftly recovers

Eduardo dos Remedios, vice president of Symphony iGaming Solutions, said operators raced to strengthen their online sports betting offerings by innovations on their websites and apps. In contrast, others added supplier’s game live feeds to their sites.

The official added that operators improved their virtual sports offerings, enhancing every part of their platform navigation. Experts said the novel coronavirus had less impact on the esports arena as operators cancel tournaments.

Luke Eales, CEO of TopRatedCasinos.co.uk, said the novel coronavirus is recovering faster than its land-based counterparts. The CEO noted the decline in tax revenue in Poland.

The country’s overall gambling tax revenue declined in the second quarter by 21 percent., while the tax from the legal online casino operators in the country doubled year-on-year. The trend was observed in many places across the region.

Dario Jurčić, CEO of NSoft, a Bosnia-based gambling software vendor, said more and more casino operators are moving towards digitalization and online gambling because of the decline in land-based casinos. He added that the online gambling industry recorded massive growth during the same period last year.

Experts projected that online gambling would boost the recovery of the gambling industry. Many believe that casinos will soon adapt to digitally changing demand.

The increasing number of smartphone users will guarantee the fast growth of online gambling.