How will the Coronavirus Epidemic Affect Online Gambling
The first days of January have seen an outbreak of an unprecedented form of virus — coronavirus. Ever since it is spreading exponentially and has reached many European countries.
Not only did the coronavirus claim hundreds of lives but hit the economy of China dreadfully, particularly gambling. In China, any form of gambling is prohibited by the law. However, despite the law, Macau and Hong Kong have become the centre of gambling both for Chinese people and foreign tourists. To imagine it more accurately, you need to know that over half of Macao’s economy is built on gambling.
As CNBC tells, as of the 29th of April, the number of visitors in Macau casinos has unbelievably decreased by 70%. A gambling expert of CNBC says that such knockdown should definitely become a wake-up call for the China state. Even after that, the situation did not seem to get better. Many media services keep on publishing materials concerning the need for gambling legalization in China.
What is to happen with online gambling?
In fact, coronavirus is prone to affect not only the Chinese gambling market but that of most European countries. Asia, being the largest and most populated continent worldwide, despite the strict regulations of many its countries, still steadily regulates the lion’s share of the world’s gambling capitalization. The predictions of Business Wire, as of June 6, 2019, tell that, by the end of 2022, the gambling market in Asia will cross the threshold of $23 billion.
Thus, no wonder that coronavirus damages the bigger part of the total income of the gambling market in China as most of it is generated primarily by land-based casinos.
More and more casinos opt for closing because the drop in revenues is so severe that it’s much more desirable for them to concentrate on digitizing their casinos.
This, again, affects the world’s gambling market negatively. In the light of all the mentioned, online gambling is the solution. In fact, it can instantly return all losses provided the Las Vegas gambling centre, as well as many others, will launch an extensive online gambling network. Moreover, switching from land-based casinos to online platforms won’t seem drastic as the online gambling industry is not a novelty today. So, in this case, coronavirus is even profitable since the number of customers grows and revenues increase.
As noted by Barron’s, since the incipient coronavirus affects gambling industries in Asia and all over the world, NetEnt and Tencent Holdings LTD most of all have demonstrated an unprecedented growth in the stock of online gambling platforms. So as long as this suspended period for land-based casinos continues, online gambling will prosper.
Not only will it prosper but pave the way for new technologies and innovations in it.
Coronavirus may benevolently assist the largest online gambling manufacturers by drawing away millions of visitors from land-based casinos. For example, such new technologies as VR gambling may actively develop. In fact, it may be the best replacement for the gamblers who love to visit land-based casinos. So, this way many gambling manufacturers may avail themselves of two advantages thatare to support the new-developing technology as well as to recreate land-based casinos virtually for their customers. It is still a relatively small field in online gambling that can be developed and yield good revenues.
Also, it should be noted that the technology of gambling using blockchain may also be developed rapidly. Given the technology of blockchain has changed cryptocurrencies and trade once and forever, it may be likely that it will occupy the gambling field.
What to opt for?
No matter whether you’ve already felt the effect of the coronavirus on gambling in your town or not, it is important for you to build some sort of tactic what to do further. It can hardly be disputed that it is much more beneficial now to opt for online gambling. Thus, it brings us to the question of choosing a decent platform and manufacturer. As to this, if you appreciate exciting and quality gambling online entertainments, then you can turn your attention to free slots.
Ultimately, no one knows for sure what is to happen with the global economy and gambling in particular. Online gambling is to be growing and expanding worldwide to cover the losses made by the virus. There are plenty of directions it can take and the best thing to do for gamblers is to opt for a reliable gambling service and rejoice over profit.