The Effects of Covid-19 On The Gambling Industry

Covid-19 has an enormous effect on the whole world as we have witnessed such alterations that we have never seen before. Needless to say, we have experienced pretty negative outcomes that were very hard to control most of the time. The gambling industry has also undergone extremely low numbers in terms of revenue since the majority of punters have stopped gambling. That being said, we introduce you to our infographic that shows the impact that COVID-19 had on casinos and gamblers, together.

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Covid-19 Effects on Gambling summarised in text

The 2020 year has been one of the worst for the gambling industry and especially for land-based casinos. The most significant drops were shown in the following locations – Macao, Las Vegas, and Nevada.

Macao is an autonomous region placed in the south part of China where there are a lot of punters. The whole region has experienced massive drops in gross gambling revenue. More specifically, it has dropped by 93.2% in May 2020.

As for Las Vegas, casinos have also encountered considerable losses in terms of revenue here. The exact number has shown 39.57% loss in March 2020 which is obviously a pretty high number.

Nevada is known for its abundant number of gambling platforms and people who love gambling for that matter. Casinos there have undergone a 53.58% loss in taxable income fees in March 2020.

So, as you can tell, the places consisting of most casinos and punters have experienced the biggest damage from Covid-19 and as a result, they have lost a significant amount of income.

Since we have witnessed such an enormous drop in the revenue of gambling platforms during the pandemic, it is no surprise that casino stocks have also fallen dramatically during this period of time. The most noticeable downgrade occurred in March 2020 when the majority of stocks have gone down to the lowest numbers.

The specific examples are the following – Wynn Resorts Ltd went down 9.5% to $95.62, Las Vegas Sands Corp experienced a loss of 4.14% to $54.88, MGM Resorts International was down 11.5% to $20.6, Boyd Gaming Corp reduced by 9.3% to $22.43, Red Rock Resort dropped by 13.86% to $16.53, Caesars Entertainment Corp was down 5.69% to $11.27, and Playtech PLC fell by 75.8% to $2.2.

Even though we have seen a tremendous fall in the revenue of most casinos, there were still some punters who were gambling actively online during this period. It is a well-known fact that ludomania is a serious problem that does not make players stop gambling no matter what is going on around them.

Hence, there was still a decent amount of punters who were playing online casino games during the pandemic. According to UK Gambling Commission, there was noticeable growth of bets in certain casino departments.

Virtual Sport has experienced a 40% increase in bets which was the highest number in this period. The second place was taken by Poker games that underwent a 38% increase in bets, and the last spot was held by video slots with a 25% increase in bets.

The UK has shown relatively different numbers compared to the rest of the world in terms of average time and funds spent on gambling during the pandemic. The gambler here spent an average of 3.80 days per week gambling after lockdown and £18.40 for in-app purchases monthly. These numbers are relatively large compared to the period before lockdown.

The number of offline gamblers has also decreased significantly after Covid-19 as it only featured 0.22%. As for the online gamblers, their number slightly increased as it went up from 16.93% to 21.16%.

The percentage of online instant wins was slightly grown after the lockdown and it reached 5.12%. The online slots were increased as well from 8.46% to 11.58% since they were the most frequently visited section.

When it comes to lotteries, we have also experienced slight growth, concretely by 1.33%. Considerable surges also occurred in the case of Bingo and eSports. Generally, In 2020, 23% of people in the world spent longer than 1-hour playing casino games.

Despite the fact that Covid-19 has brought such negative results for gambling platforms, they have never stopped growing and the industry has even expanded during this period of time.

The growth of the gambling industry was 62% in 2019 which is already a pretty high number. However, one might think that due to covid this number would go down as well, but surprisingly we have witnessed a 78% growth in the online gambling industry in 2020.

In fact, during Covid, 30% signed up for a new online casino account – 5% of them for the first time. Hence, the overall effect was increased participants in online gambling in 2020 due to land-based casinos being closed.

There are various purposes inducing such massive growth in gambling activities in general. According to 2 studies, the most important reason why people frequent gambling platforms is that they don’t have the ability to go to their usual places to gamble.

Moreover, 34% of punters are just bored and want to try something exciting. Some of them play in casinos because they experience financial pressures, whereas 25% of players need gambling in order to relax.

There is a vast number of people who just want to experience some online social occasions and therefore, casinos are perfect destinations for this. Also, 15% of punters are choosing gambling platforms in order to relieve stress and have some fun.