The Coronavirus pandemic has become an inescapable part of our lives. Not only is it impacting our societies but it is ravaging the world’s economy as well. Many fear for the future, but it is not all doom and gloom. The industries that will survive these testing times are those that can innovate and adapt to the current situation. One of these that is witnessing a spike in popularity is that of the online gambling company.
The state of land-based-gambling in the time of Coronavirus
Land-based casinos and betting shops have been closed for a month because of social distancing measures. Tens of thousands of brick-and-mortar gambling establishments have been forced to close their doors indefinitely. Employees have been laid off and as the crisis continues, permanent closures loom.
Additionally, sports betting has almost completely ceased. All sporting events and leagues have been cancelled and all that remains is a handful of obscure tournaments.
No one knows how long the pandemic will last and this uncertainty is a significant concern for land-based operators. We don’t yet know whether operations will resume before damage is done, or whether they can recover. There are concerns that users will get a taste for online-gambling and that Coronavirus could be the catalyst for the almost total collapse of land-based betting.
An increase in growth
Gambling operators that conduct their business online have seen unprecedented growth. Some companies have seen massive increases of up to 225% when compared to pre-COVID-19 figures. Those that cannot gamble in a land-casino or that would meet up for social games of poker are moving online.
The suspension of most sports events has also meant that those bettors are utilising other forms of online gambling. In addition, eSports is shifting into the mainstream as more and more bettors place wagers on video game tournaments.
Billions of people are currently locked down at home due to Coronavirus restrictions. Many resort to downloading online gambling apps to ease boredom and inject some excitement into their day.
All of these factors combined are leading to an unprecedented growth spurt for the online gambling industry.
What are your options?
Fast Offshore has over 20 years of experience in iGaming and we’ve seen the industry change and evolve. A growing number of our clients are expanding their online presence and we’re fielding enquiries about obtaining online gambling licenses.
You should be prepared for a total shift in the operation of the online gambling industry. There will be more customers, more competition, and potentially, tougher regulations in leading jurisdictions. We believe the time is now to obtain a first, or second online gambling license to ensure you can carry out legal and reputable online gambling services.
Even if providing these services isn’t on your radar now, the current changes in the iGaming sector mean it could be a wise investment for future opportunities.
We expect online gambling operators and eSports companies to flourish during this time, but only if they are proactive. Expanding where they operate, increasing the amounts and types of games, and taking a new approach to marketing is all essential for survival.
Starting your online gambling company
Fast Offshore can offer a range of services to help you transition into the new era of online gambling. We can advise you on acquiring a first, or additional online gambling license or setting up a gaming or eSports company. Fiscal and financial knowledge is also our forte and we can assist you in setting up the best structure for you. In addition to this, we can set up bank accounts, link you with payment providers, and offer business advice. Let us help you weather the storm through these challenging times, contact us today.