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How is Corona affecting the US gambling market?
The Coronavirus, or COVID-19, has spread quickly around the world, infecting almost every country on the globe. Hundreds of thousands of people are testing positive daily and many countries are declaring states of emergency and going under complete lockdown. With the world going into what appears to be chaos, how is the economy doing? While the tourism market is taking a strong hit, is the iGaming market in America seeing growth?
Gambling during a pandemic The struggle most people face today is job loss. As more and more companies lose business, the need for employees becomes low and cuts are made. A lot of people have lost their income because of being forced to take vacation days now that their companies have closed with no clue when anyone will be able to reopen. This could mean a lot of those at home will not be able to fund their online gaming accounts because paychecks are no longer guaranteed. Online casino operators are still operating as usual, as the majority of iGaming companies can operate from home. However, sports betting could be a completely different situation.
Online casino VS. sports betting States that have legalized online sports betting are doing what they can to get through the pandemic, but know they could be losing billions of dollars by the end of it. Daily Fantasy still remains an option and is keeping most companies afloat right now. If we look at online casinos, there is much more potential for the market to stay alive. Another big reason is because of all of the land-based venues now shutting down, ultimately giving players nowhere else to play. While live dealer games probably won’t exist for a while until the virus is contained, virtual games will not be canceled, and online casinos will still be active around the clock.
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