If there is one thing that influenced the lives of most people in the world recently, it was the COVID-19 pandemic. Lives were affected by the disruptions it caused, some even lost. Without a doubt, the ripple effect has been huge and widespread–and some would even actually argue that the ripple has not ceased yet. Among all other industries, the gambling sector was one of the most challenged during this pandemic. Deemed as non-essential, it was included in the type of businesses and establishments that were closed down for a very long period. However, as the adage goes–as one door closes, another opens. The closure of land-based casinos paved way for online casinos to take the spotlight.
Now, it is important to know that online casinos had existed long before the pandemic began. However, the interest in it was not that big, and not many people were too keen to try it out, even with detailed UK casino reviews giving positive feedback for most sites and apps. However, when people had to stay home and had nowhere to go, they found a new way to play their favorite casino games–online.
Now that casinos and other gambling places have been opening again throughout the world, would this mean that online casinos are once again to take a step back and let land-based gaming reign once more? That may not be the case.
Where are online casinos vs land-based now?
Thanks to the huge boost in popularity and players of online casinos and online sports betting sites, the industry saw revenue and projection that they may not have even thought to be possible just two years ago.
Back in 2019, the total worldwide market value of the online gambling industry was $44.317. Overall, the industry is expected to grow at a compound annual growth rate (CAGR) of 11.5% in seven years, from 2020 up until 2027.
Out of all industries that have been affected by COVID-19, online gambling is one of the lucky ones to have a positive impact on it. In the same way that online work and education solutions like Zoom saw a boom in revenue and is expected to still see exponential growth for the next several years, the same goes for online gambling.
The majority of the success of the industry was attributed to the lockdowns implemented in various places and countries, and the limited openings of casinos right now. Stricter protocols like social distancing, health measures, and the like have prevented companies from maximizing the opportunity to open again. The fear of the pandemic is also preventing several players from coming back out to play in land-based establishments. In a report, it was revealed that the land-based casino gaming in the US alone was a drop of more than 31% in revenue in 2020, the lowest it dropped since 2003.
Shift vs defeat
However, the silver lining is that rather than being “defeated” or replaced by the online gambling industry, land-based casinos took the trend of change positively by joining into it. A lot of popular land-based casinos have started launching their online casino apps featuring an adaptation of their games.
This was a win-win situation for both owners and players. For the owners, this meant that they would be able to keep business afloat as the industry and the economy are still struggling to recover. After all, the pandemic and its effect are not permanent, although how long it will last is a debatable topic. Still, “normal” as we knew it will come back eventually–and when that happens, the industries of land-based and online casino gaming would be working hand-in-hand.