By now, you have noticed how much Coronavirus has impacted the different sectors of the economy. With most businesses and jobs slumping, you might be wondering what it means for the online gambling community.
Increase in Online Gambling
While most economic sectors are reeling from the effects of the Coronavirus, online gambling seems to be unaffected. With the lockdown and other physical interactions restricted, people are looking for online solutions. Besides medical services, online shopping has also increased since the start of the pandemic. Online shopping has boomed while physical store sales reduce.
The same applies to gamble. With all the physical casinos closed, gamers are getting their treat from online platforms. Newer gamers are also joining online casino as a pass time now that they have a lot of free time. With most people losing their jobs, they are also looking for an online casino to make money, which even though not assured works fine.
Slower Winning Disbursements
Even though the casinos are booming, there are concerns about the winning distributions. Already before the pandemic, the sector was already challenging on payments. The increased regulations have seen a reduction or limitation in the use of credit cards for online gambling deposits and withdrawals. With time, credit cards might be banned entirely from online gaming.
Any gamer looking up to the online gambling for income must be ready for more extended waiting periods. Even though it is quite frustrating, the casinos have made it clear such that you prepare mentally beforehand. Casinos are also looking for other viable payment methods like PayPal and cryptocurrencies even though all have their fair share of challenges and have been affected by the economic slowdown.
Increased Gambling Addiction Concerns
Of all the impacts of the Coronavirus on online gambling, the risk of gambling is the direst. Unlike before, where most people had the control as they got busy in other tasks, they now have all the time. Spending time at home without other things to do can only be fun for the first few days. After some time, you have to look for the rush of moving life. What else to look for then in a game of winning and losing (you most probably wish not) money. Already, there are several cases of former addicts relapsing during the COVID-19 period.
To help avoid addiction to the Book of Dead, the government has put in place regulations for the gaming site. It discourages the betting sites from intensive marketing that can encourage gambling. The gambling sites have also put in place restrictions to ensure responsible gambling. Some are limiting deposits and gaming time.
So far, Coronavirus has affected the economy so much, and no sector is left behind. Even though online gambling seems to be booming, it will slow after some time. With most people losing jobs and the economy slowing, gamers wouldn’t have much money to spend on online gambling. Either responsible gaming is critical at all times.