6 June 2020
By Tom Conway
The online gambling industry has grown in the first quarter of 2020. Lockdown is one of the reasons for that with 41% of people opening a new online betting account.
The first three months of 2020 have not been easy for most businesses. Yet, the online gambling industry has continued to grow despite this year’s economic challenges.
Why Has Online Gambling Increased?
Increases in online gambling and the current economic climate are heavily related. One poll has found that people who already used online casinos tend to gamble more when at home for more of the day. Online casinos sites such as the ones you find on casinosverified.com are a type of entertainment and – when used responsibly- they are another way of passing time during the current COVID19 lockdown.
A study reported in The Guardian uncovered that most people had reduced their online gambling habits since the lockdown. This means that the surge in online betting is caused result of a minority of people gambling more, rather than a mass uptake in the population.
Online Casinos Profit from Sports Cancellations
One reason that most people claim to gamble less during this period is because of the postponement of sports. Sports betting is a massive cog in the online gambling industry, especially in the UK where horse racing, golf championships and The Premier League all receive a lot of attention in bookmaker stores.
A spokesman for PartyCasino, one of the arms of GVC that has not been adversely affected, said that while the company has managed to cope and adjust in these hard times, the recent completion of the merger with Ladbrokes and Coral placed importance on seeing their offline gambling establishments open soon. Once stores open up once more, as well as the best Cork casinos, the gambling industry of 2020 is set to rise exponentially.
Not All Bad News for Sports Betting
Sports may be cancelled, but it has not been all bad news for sports betting markets. Some sports fans have found a new way to bet on matches and their favourite teams. Instead of watching heir heroes take to the field, they are now watching gamers in eSports competitions. Lots of sports bookmakers are offering odds on official games.
You can place your sports bet, grab a beer and sit back to watch the big game hoping your team wins just like you would have done in the past.
Concerns Surrounding Gambling Problems During Lockdown
There have been some concerns among MPs in the UK and governing bodies that the lockdown would result in new gambling problems. For example, over 40% of people have opened a new betting account since it has all began. They fear the economic or employment instability would push some people to chase losses more than they would in normal circumstances.
Some countries put measures in place to stop this from happening. Spain banned gambling ads during the time, and the UK debated daily betting limits. However, the latter plans were never implemented because it could push people towards illegal underground casinos without such restrictions. Thankfully, in the UK, the credit card ban on betting sites came into force during the lockdown, which would go some way to protecting vulnerable players.Follow TheCork.ie (The Online Newspaper for Cork, Ireland) on social media