Despite all the uncertainty in the world over the last year or so, there seems to have been one constant that has kept swathes of people going.
That would be the gambling industry which, despite seeing huge drop offs in revenue after operators were forced to shut their brick-and-mortar operations for months on end. Even with all of this going on under the surface, it seems the industry has turned a corner and is better for it.
On the face of it, there shouldn’t be too much surprise over the industry weathering this particular storm. After all, this is a massive worldwide industry so it would take a lot to bring it down.
The figures however do suggest that they were at least suffering financially at one stage. Revenues had dropped by 31 percent by February 2021 and had things not started to reopen, the profits would have slid further.
This isn’t all doom and gloom though as every cloud has a silver lining. Casinos themselves might have seen drop offs in revenue but there was no such drop off when it came to the online market. In fact, revenue skyrocketed and in some ways managed to offset a considerable amount of the losses as online activity increased by 65 percent across the US as people turned to the online betting market in order to alleviate some of their boredom in lockdown.
Saved by online operations
The profits alone show that the industry has managed to turn a corner, but as with many businesses there is still a considerable way to go before this can be considered a success.
Despite this, it would be remiss not to at least accept that they have done well to limit their losses in a time where so many other businesses in other industries have struggled reopen their doors after dropping huge amounts of money over the last year. The AGA (American Gaming Association) even suggested the drops in profits were worse than the Great Recession.
The industry is tough
This suggests that there in an inherent resilience within the gambling industry as despite the casino revenue being at its lowest for nearly 20 years, the online side of it has helped to keep many businesses afloat and in the more human side of it, it has kept thousands of people in a job who otherwise might have struggled.
This is a rare bright light in a year that has seen so much negativity and uncertainty. With things starting to reopen properly now, it is a matter of time before those profits start to climb again. And if online revenue holds up, the industry is in a good position to record growth in the short term.
With things starting to reopen properly now, it is a matter of time before those profits start to climb again. And if online revenue holds up, the industry is in a good position to record growth in the short term.
All in all, despite the huge losses, the gambling industry still seems to be in much better shape than expected and with profits set to increase once again after the industry reopens its doors, then hopefully for the industry’s sake this could be the fresh impetus needed to push themselves forward in the long run.