27 June 2022
By Roger Kennedy
Over the past decade, the constant growth of online casinos has started to pose a real financial danger to land-based gambling establishments in Cork.
And according to financial experts, the economic failure of brick-and-mortar gambling sites has directly translated into a further evolution of the online casino industry.
In an everchanging world, as revolutionary technological creations are introduced day by day, one may only wonder whether a prosperous future is still in the cards for the land-based casinos in Cork.
The evolution of land-based casinos in Cork
Since the Betting Act was adopted in Ireland in 1926, together with the Totalisator Act of 1929, gambling has become a casual leisure activity for the people of Cork.
Nowadays, over 15 gambling establishments are found in Ireland’s highly glamorous city. Among the most popular brick-and-mortar casinos in the town, we shall mention the Macau Casino Cork and the Gold Rush Casino Cork as the most iconic ones.
Inside these monumental land-based casinos, visitors can have fun playing their favourite games of fortune in a glamorous environment that resembles Las Vegas establishments’ luxury.
But as the years went by, the brick-and-mortar casinos of Cork seem to have lost their past glory, as more and more Cork inhabitants are switching from live casinos to their online alternatives.
The impact of COVID-19
The global pandemic has been catastrophic for several industries celebrated in Cork, and the brick-and-mortar gambling one has been no exception.
According to several reports, as all the land-based establishments have closed in the middle of March 2020, several people have found a safe alternative in the industry of online casinos, which has strived during the pandemic period. Hence, an instant growth in the revenues of licensed gambling websites has been achieved.
And according to the same statistics, the land-based gambling industry has indeed registered a 20% decrease in revenues during 2020.
Fear of an upcoming recession grows
Talks of an upcoming recession in Ireland at the beginning of Autumn 2022 have caused turmoil among the people of Cork.
Considering the repercussions suffered by the land-based casinos in 2020, experts manifest doubt regarding the future of brick-and-mortar casinos which keep suffering significant financial losses.
Staying relevant: the emergence of online casinos
Staying relevant during these trying times of change and economic uncertainty is more vital than ever for land-based casino owners. Hence, progressive changes must immediately be implemented by land-based casino owners.
One of the most relevant measures that must be considered is increased transparency regarding the features linked to slot machines and table games.
For instance, one of the great perks of online casinos is offering players information regarding the Return to Player rate. Hence, such information must become public in land-based establishments as well to inspire trust and fairness.
A decrease in the minimum bet limit is also essential. While several online casinos offer players the chance to make bets as low as 0.001€, most land-based casinos require players to bet 1€ per round.
Deposit bonuses on slot machines and free tables can also become an attractive perk that may persuade new players to try out their luck in a classical gambling environment. And, if such features become widely known, Cork citizens who have once abandoned land-based sites in favour of online casinos may also decide to make a comeback.
Additional perks of online casinos
Online casinos certainly shine by offering a myriad of the advantages provided to both new and existing players.
From infinite bonus possibilities to amazing game libraries, online casinos provide never-ending incentives that contribute to the industry’s continuous growth. Furthermore, consumers may now consult independent evaluating sites to determine whether a given website or reward is worth their time and money.
To these perks, we may also add the convenience of not being conditioned by distances or closing hours, as online casinos can be accessed by players at any time, right from the comfort of their homes.
We have now presented all the variables which have caused the present decrease in land-based-casinos revenues, so our readers can better understand the dire situation brick-and-mortar site owners face nowadays.
As far as our expertise goes, considering the high stakes involved, we strongly believe land-based establishments must learn to adapt to this world of drastic changes if they want to survive on the market in the following decades.