How Did Online Casinos Do in Covid-19 Lockdown

The global spread of the coronavirus pandemic has wreaked havoc on both the general socioeconomic climate and the health of the world’s people. According to the most recent estimates, over 11.8 million cases have been reported worldwide, with over 543,000 individuals dying as a direct result of the disease.

While it is true that the coronavirus has caused the extinction of a number of enterprises and marketplaces, there are a number of others that have been extremely successful and have seen an increase in demand for the goods and services they supply since February.

The internet casino sector is a good example of this, because the imposed lockdown has allowed citizens to spend more time than they have ever been able to gamble online.

But how exactly have casinos been successful? Which market segments appear to have succeeded very well? Is the pandemic causing a major drop in revenue for the industry?

All of these issues require thorough examination and analysis.

Covid-19’s impact on online gambling establishments

When set against the backdrop of a constantly evolving regulatory and legislative environment, one could argue that 2019 was a difficult year for the UK iGaming market.

This comes as the Coronavirus shutdown has led in the loss of over 600,000 jobs in the United Kingdom.

Despite this, iGaming was responsible for an estimated 37% of the entire gross gambling yield (GGY) earned by the gaming business in the six months leading up to September 2019, bringing in a healthy $5.3 billion.

The gambling market’s total cumulative GGY reached $58.9 billion by the end of 2019, primarily to the rise of expanding markets in countries such as Sweden, Poland, Germany, and North America. On the other hand, the coronavirus pandemic is predicted to drive a compound annual growth rate (CAGR) of 13.2% in 2020, which is much higher than the rate witnessed during the previous five-year period.

As a result of this, the global iGaming market is predicted to reach $66.7 billion this year, which is more than the initial prediction made at the beginning of 2020.

Although there is some evidence to suggest that this market was already on track to increase in the double digits by 2020, there is a considerable body of research to suggest that the coronavirus has accelerated this trend.

As an example, the market is predicted to reach $92.9 billion by 2023, rising at an exceptional but rather slow CAGR of 11.64%.

Of course, there has been some bad news for customers of iGaming companies and online casinos, particularly those iGaming companies and online casinos that allow their customers to wager on sports.

After all, this market has almost evaporated over the last three months, during which time the vast majority of important sporting events and global contests have been postponed or cancelled outright.

Even if popular betting markets such as the Premier League have just started operations, this has led in a significant fall in corporate revenues and has had an impact on the financial results for the second quarter overall.

However, operators have been fast to adapt their business models in order to fill the unforeseen void with more creative verticals, so even this challenge has not had the impact that some may have predicted.

To be more specific, we have recently seen a growth in the popularity of virtual sports betting, with well-known events such as the “Virtual Grand National” generating a substantial volume of online search results and a massive number of highly competitive wagers.

In April, the long shot Potters Corner, who was given odds of 18/1 to shock the favorite Tiger Roll, who was given odds of 5/1, won a televised tournament. Those who had bet on Potters Corner were pleasantly surprised by the outcome.

Obviously, virtual sports betting is now a thriving sector, and its popularity has risen in the aftermath of the current epidemic. One of the elements that contributed to its spectacular rise is this. This has helped to fill the void left by traditional sports betting, allowing firms to minimize any lost revenue. This is in addition to the fact that the worldwide value of esports has topped $1 billion, with a peak of $1.6 billion projected in 2023.

This rise will benefit Microgaming and other software providers, among others

This rapid expansion benefits not just the operators, but also the software developers who design new products.

This is especially true for software companies like Microgaming, which has a big games catalog with over 800 different titles. Suppliers of this size are also continuously wanting to extend their game offering, especially in a high-demand market where new demographics may be looking to gamble online. This is especially true in the United Kingdom, where the number of people seeking to gamble online has grown.

These organizations are also working hard to collaborate in order to build fresh and distinctive games that will actively engage new gamers. This is to ensure that fresh players continue to play and wager even as lockdown measures are relaxed and the pandemic nears its end.

This is especially true in the niche of slot machines, which continue to account for an estimated two-thirds of gross gaming revenue (GGY) in the United Kingdom’s online gambling business. Indeed, Microgaming’s slot games are frequently regarded as the industry’s gold standard in this regard. Without a doubt, this has put them in a fantastic position within an industry that is dealing with the dual challenges of a governmental crackdown and a global epidemic.

As a result, it is critical to the allure of casinos and their ability to attract casual gamers; also, it has proven to be critical throughout the coronavirus pandemic.