Covid lockdowns affected everyone in the world, each country responded differently, once the spread of the virus was confirmed, stricter measures came into place such as lockdowns. In China interventions such as social distancing, contact tracing, quarantine and isolation proved effective with slowing down the spread of the virus.
At iGamingVision we explored the various effects it had in all market sectors. How much of an economic earthquake did Covid-19 unleash? Were strategies to limit and prevent contact included the closing of schools, businesses, offices, and work-from-home wherever possible effective, and did they become the new norm?
The pandemic had a global affect and not everyone felt its effect in the same way. It affected economic welfare and human health globally, which created a health crisis that resulted in one of the greatest economic slowdowns in modern history. In turn, this had a massive effect on current and future trade, employment, and growth. Our iGamingVision research team also took into consideration estimates indicating retail merchandise trade decreased between 13% and 32% in various sectors during 2020. At the same time, it triggered a greater interest in online shopping which accelerated the move to a digital, more convenient, world of online purchases.
Entertainment Shifts Online
In a period where tourism, flight tickets, travel, and hotel booking suffered a negative growth of 75%, a study by the University of Bristol also revealed a simultaneous massive increase in online gambling during lockdowns. Less land-based gambling took place due to the closure of betting shops and brick & mortar casinos, while online gambling that include activities such as casino games, poker, and bingo, increased six-fold amongst those who gamble regularly. Occasional gamblers gambled twice as much online, while BBC News reported an all-time high search interest in casinos online and online casinos.
At iGamingVision we dug deeper and found research reports by Global Poker, showing growth in first-time online poker players of 255% since the closure of casinos once the lockdowns started. The overall growth in the poker industry is 43% since lockdowns and with people asked to remain at home, social gambling, online casino apps and mobile gambling apps experienced a huge increase in popularity. Top online casinos increased their promotional and marketing activities in the form of bonuses, welcome packages, and tournaments to attract more players.
Massive Global Increase in Mobile Gambling
Due to the huge increase in mobile gambling apps favouritism, it makes perfect sense that many online casinos invest more in mobile platforms to improve end-user convenience. Smartphones with high-end graphics, advanced features, and fast processing speeds at more affordable prices became the driving force behind the shift to mobile gambling. The benefits of gambling via mobile devices include huge percentage-based welcome offers, casino deals or promotional offers ranging from daily, to weekly, or monthly, and more deposit options. It comes as no surprise to us at iGamingVision that since the option to play anywhere via any platform became an option, over 70% of the total gambling growth in 2020 comes from mobile gambling.
Our iGamingVision research team sums up the advantages that appeal most to mobile players as follows:
Quick registration
Reliable payment methods that include a variety of cryptocurrencies
Fast payouts, live chat
24/7 member services, as well as access to an incredible variety of online casino entertainment
Loyalty programs reward members via a points system for simply being active and these can be used to claim free bonuses
Exclusive merchandise
Bonuses withdrawable as cash.
Exceptionally High Online Gambling Increases
At iGamingVision we want to know if the period's favourable growth is exclusive to the gambling sector or gaming as a whole and if it was the same worldwide? He explored and found analysis showing that 50 key global game markets enjoyed a 63% increase during 2020, with the highest in areas affected by lockdowns. The increase in digital downloads in France increased by over 180% during the first seven days of lockdown, 174.9% in Italy, and 142.8% in Spain. Gaming portals reported increases in online gaming as high as 200%, and this occurred while gambling regulations constrained the online casino sector, New Jersey enjoyed a 66% increase in online gambling. In Australia, the April 2020 figures reflected an increase in online gambling which topped out at 67% after the shutdown.
According to studies tracking gambling habits, iGamingVision's research taught us that regular gamblers also turn to new online gambling options more often than before. eSports gained tremendous popularity, live casino gaming, allowing socializing via a live chat feature also showed a phenomenal increase in traffic. At iGamingVision this triggered our interest in socializing apps. How did people stay in touch? Surveys show a much higher use in communication platforms such as Facebook Messenger, Instagram, and WhatsApp. However, Zoom had the highest increase in usage due to video calling between colleagues and family members longing to connect face to face.
The closure of social and commercial venues plus the lengthy cancellation of sporting events primarily shifted sports betting habits. According to our findings at iGamingVision we can sum it up as follows: financial stress, boredom, and isolation spiked a renewed interest in different forms of entertainment. The massive increase in online gambling raised concerns with gambling authorities regarding potential increases in addiction.
Cryptocurrency Use Rises in Gaming and Online Gambling
The more we at iGamingVision explore the more areas come to mind, each more interesting than the previous and with more people entering the online gambling arena what other markets were affected as well? Cryptocurrency-based gaming and gambling online sites gained massive traction amongst players, with some US-based cryptocurrency companies reporting growth approaching 50% during March. On crypto platforms daily users reached 70,000, while active monthly users increased to 400,000. The three main reasons for the rise in cryptocurrencies are transparency, security, and a much-improved experience for the user.
A key focal point in both the gaming and gambling industries is an immense drive to offer players the best possible online experience. Cryptocurrencies enable online casinos to honour their fast payout promise while continuing to meet player safety and cash-out speed expectations. These often include full anonymity, instant transfers, dedicated crypto gambling offers, and recognised effective security measures. Findings show a massive increase in online searches during lockdowns, the most used keywords being…how to use cryptocurrency.
The rapid increase in Bitcoin values starting from the last quarter of 2020 continuing until May 2021 captured public interest. Sector investment grew more than ever before, largely influenced by the activities of online gamblers. Our research at iGamingVision found statistics reflect that more people joined, invested, and traded in cryptocurrency during 2021 than during any prior period. It leaves global financial brands no choice but to reconsider their options, PayPal and MasterCard recently announced their acceptance of cryptocurrencies.
Which automatically increases the legitimacy of digital currencies, as result it’s become near impossible for operators of online casinos not to accept payments via Bitcoin and other popular digital currencies.
Our conclusion at iGamingVision: Lockdowns benefitted families with family members able to spend more time together, while work from home arrangements not only lessen work related travel time but also reduce the ever-increasing costs that accompany a daily office commute. Online shopping, communication, and entertainment sectors all show huge growth, could these reflect a new coping mechanism and indicate our preferred way of survival going forward?
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