Many businesses and industries have taken financial hits over the last years, with many of them unable to operate properly due to circumstances beyond their control. However, despite the difficulties, the betting industry is one of the few that appears to have weathered the storm, despite much of their business heading online. In fact, it is because of their online presence that they have managed to maintain a strong place and begin to recover.
The facts
Many businesses were forced to move entire parts of their operation online over the last year out of necessity, and whilst some industries are worse off as a result e.g., hospitality, the gambling industry appears to have come out the other side reasonably still intact. In fact, in 2018, online gambling revenue generated upwards of $306.5 billion dollars, a sharp increase on the year before where it was reported that only three percent of people who were gambling at that time were doing so online. However, casino closures did see revenues drop by 31 percent, posting profits of just over $50 billion, a huge drop off from two years prior, although the latest forecasts have suggested profits could reach $127 billion by 2027. Without their online commitments, it is possible that the casino industry would be in even worse shape, so from their perspective, the move online could well prove to be critical. It does remain to be seen if there will be a sustained recovery, though.
What about online?
Let’s be honest. Without any businesses moving online, it is possible that the casino industries could have taken a greater hit. Thankfully, due to the sheer volume of people who bet online, they have managed to keep themselves afloat. Whether it is due to the ease of access or just the streamlined nature of online gaming, more people might well be willing to give it a go due to the lack of pressure. In fact, 4.2 billion people in the US have gambled in the past with 1.6 billion claiming to be regular gamblers. Thanks to technological developments, it is possible to get involved with the casino industry and, as a result, help to keep the industry running. At websites such as ca.royalvegascasino.com, it is now easier to get involved than ever before. Thanks to smartphone technology, there is the luxury of taking part on the move, laying in a sunbed in your backyard, or even if you’re on holiday. You can take it with you and take part at your leisure.
Summary
Whilst the casino industry has certainly taken a hit over the last twelve months, looking at the figures suggests that it should only be a temporary setback, and they are in a better position than most to bounce back. With hard work, they should be able to boost their own prospects whilst the number of people involved with betting shows that there is still genuine interest in the industry, Now it is just a case of taking small steps on the road to recovery, and eventually, casinos will be fighting strong again.
