Online Gaming Market – Impact of COVID-19
The overall impact of COVID-19 goes far beyond the horrific infection rate and horrific loss of life.
Even for those of us fortunate enough not to contract the disease, the financial uncertainty it has brought to industries in Canada and around the world means a ripple effect that extends through 2021 and beyond.
Layoffs and closures of previously popular and successful businesses continue at a steady pace, with closures continuing to be demanded in parts of Canada, although the gaming industry may be the exception rather than the rule.
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How has the gaming industry coped in 2020?
The United States has been hit particularly hard by the COVID virus on its east coast, which you can read more about on this same website, but it was far from the only place. Many countries have seen their economies damaged beyond a quick fix, but the iGaming business and the online gaming industry have continued to do well.
However, some online casinos flourished during this time, such as Wildz for example, because people are forced to spend more time at home than in the office and we are looking at this in more detail.
There has been a marked increase in the number of players
There has been an increase in searches for online casinos in 2020, although there is no doubt that player habits must have changed during this time.
Online casinos have even benefited financially from the global pandemic only because people are kept away from their jobs and at the same time seeking relief from stress and boredom.
However, with live sports being canceled for much of the year, gambling habits increased but were not the same as before. New players are now trying online poker, slots and even eSports with developers responding quickly by constantly adding newer and more exciting titles.
The growth in the number of customers in the industry means more staff is needed and this is a bright spot among all pessimists, something that we hope will extend through 2021.
Online migration hits record high
Generally speaking, not only the gaming world, but everything around it must have moved online during the pandemic.
Homework is the new standard for many Canadians, with people shopping and even socializing via the web instead of venturing out of the house.
Of course, that might only speed up what was always to come in the future, and in terms of gaming, the new stats don’t necessarily reflect countries with massive gaming issues, but rather the industry is stealing a lot of money. works on other forms of online entertainment who have not yet caught up.
Can the gaming industry maintain this model?
In the short term, no. It stands to reason that when casinos are back up and running and music concerts, professional sports and other forms of entertainment are once again open for business, some of the money spent in the iGaming world will dry up.
Not completely though, as the industry has essentially welcomed a whole new customer base during the unfortunate pandemic and not all of these new players will want to say goodbye to it in 2021.
The trick is to connect the gaming world with other existing forms of digital gaming, like the now understandable cross between eSports and betting, which should be capitalized on.
The gaming world has benefited from this pandemic, it must be said, but not in a macabre way. We hope for the good of those who work in the industry that this can continue in 2021.