Casino Revenues Recover After COVID-19 Shock
Casinos across the world suffered a major setback due to COVID-19 pandemic as facilities were closed down to reduce the spread of virus. Land-based casinos suffered an unprecedented decline in revenue and for the first time in recent history of the industry. Casino capitals like Las Vegas and Macau had to take strict actions to deal with the pandemic and to plan restart of operations once the virus was in control.
As the vaccine rollout has been successful across the United States, casinos are again welcoming guests. Casinos are strictly following safety protocols for guests and staff members to ensure the safety of everyone. Many casino operators encouraged their staff to get vaccinated on priority so that the operations could be smooth once the restrictions were lifted.
During the pandemic, as people were locked in their homes, online casino industry registered strong growth. Bettors needed a platform to place their bets and enjoy the games. So, online apps and platforms offered the best experience. Many apps already offer live dealer casino games for players and the interface is impressive with better interaction between players and dealers. With high speed internet access, live streaming and high definition graphics, the experience in online casinos will only improve with time.
The major casino markets across the United States include Las Vegas (7.8 billion), New Jersey (2.9 billion), Pennsylvania (2.7 billion), Mississippi (1.7 billion) and Indiana (1.7 billion). In online segment, New Jersey and Las Vegas are expected to rule the market with New Jersey Online Casinos offering many interesting options for gamers.
Sports events were also cancelled during the pandemic. This led to a major blow to online sports betting platforms as there weren’t any major events during this period. As the events return to their normal schedule, the sports betting industry will thrive in an online environment. People are comfortable in placing their bets online as the platforms are transparent and they are run by known names in the industry. Industry leading companies like 888 Holdings Plc, BET365, Churchill Downs, Flutter Entertainment Plc, GVC Holdings, Kindred Group, Sportech, The Stars Group, Webis Holdings and William Hill have planned major investments in this sector.
As per estimates, the sports betting segment is expected to grow by USD 130 billion during 2020-2024, marking a CAGR of almost 10% during the period. Companies operating in the sector have planned major investments in the sector and with their higher marketing budget, the industry will attract more players. The growth in Asia-Pacific market will be impressive as people will have higher disposable income.
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