To put things in perspective, an estimated 74.6% of the global gambling industry's revenue is generated in the brick-and-mortar segment, which was most affected. The cancellation of travel and the forcible shutdowns of non-essential businesses has bitten deep into the competitiveness of most gambling properties out there.
Understandably, the global market for casinos is now expected to shrink by 10.8% in 2020 alone, but lower forecasts could follow. In the United States, unemployment has reached 12.5%, making for a very hard outlook and difficult recovery.
Not only that but gambling hubs that were presently frequented are now either shut down or struggling to recover, including both Macau and Las Vegas. Brands have been opening and closing in fits and starts, suspending operations and limiting capacity.
A complete return to normalcy is only expected once gaming destinations become available again and it's safe to fly. By one estimate, the gambling market could reach $159.3 billion by 2027, but these numbers could need revision.
While the brick-and-mortar segment has been struggling quite pronouncedly, the igaming sector has been recovering, and recovering very quick at that. Blockchain and crypto operators saw dip in sports betting handle, but their casino products have done well.
In fact, a BusinessWire report has stated that:
“Few of the factors expected to drive growth in the post pandemic period include migration from cards to crypto currency gambling; continued evolution of online casinos supported by rapid proliferation of mobile devices and growing penetration of smart phones and tablets.”
A reputable source such as this will be music to the ears of crypto casinos, and it’s clear that the sector is becoming more a part of the mainstream by the day.
From Bitcasino to FunFair, COVID-19 hasn't stopped players from joining online crypto casinos and having a blast. Many crypto casinos have also donated to help bolster the COVID-19 relief efforts. Bitcasino.io, for example, raised 20 BTC and donated it to various charities.
Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.