Coronavirus has nearly brought the world to a standstill. From a shaky global economic edifice to massive job losses in the wake of the contagion, experts warn about another great depression. And while countries have been working on strategic economic recovery programs, the World Health Organization (WHO) urges caution to curb a wave of new infections. The gambling industry has not been spared of the crisis. Several gaming sites have closed business, sliced employee salaries, or trimmed their services and workforce. For others, the restriction of movements means it is a boom for online businesses.

While a break in sports earlier in the year meant brick and mortar casinos had to close business, COVID-19 has ignited a debate about doing business online. Thus, how online casinos have thrived during the pandemic forms the main question in this post. Has the coronavirus pandemic boosted the iGaming industry or dealt it a huge blow? The truth is that the effects of COVID-19 on the online casino industry are far-reaching. While the consequences for online casinos may be positive, a debate about digital migration has been renewed. Before exploring further, this recent Punt online casino review helps punters register with a casino website thriving through the pandemic.

The iGaming Industry before the Outbreak of COVID-19
Before WHO declared the COVID-19 a global pandemic on March 11, 2020, the gambling industry was projected for massive growth. Estimated online gambling revenue of $66.7 billion in 2020 from $58.9 billion in 2019 looked achievable. The question is, has the pandemic hurt the projection? A report published by European Gaming indicated that the sector would grow by $443.2 billion. The driving factors for such growth were largely attributed to the growing number of gamblers who prefer betting online to visiting land-based casinos. High-speed gaming, less cost, and time spent in online casinos also meant the sector was ripe for explosive growth.

Moreover, the emergence of new casino software providers is a much-need boost for the sector. Other factors such as instant cash-out functions and new games also contribute to the growing number of online casinos in 2020. Note that gamblers also find it easier to familiarize themselves with new online games than they would in land-based casino houses. Moreover, the smartphone revolution also fuels online casinos, which now target mobile platforms such as Android and iOS.

Online Casino Industry during the Pandemic
As news about COVID-19 dominated headlines worldwide, total lockdown in most countries seemed unfathomable. However, things worsened in April, May, and June when casinos shut down, and gambling revenues tumbled. Without online gambling platforms, everything would have been in limbo. But thanks to websites that feature online casino games such as slots, table games, and poker, the iGaming industry thrives amid a pandemic.

A report by the Economist, a news website, shows that lockdown led thousands of American gamblers to migrate to online gaming sites. The story is the same in the United Kingdom and Australia, where online casinos have provided a new lease of life to punters. Another report by the U.K Gambling Commission shows that new gamblers have registered with popular gambling sites in the country in the wake of coronavirus. Despite several COVID-19 vaccine trials taking place in different stages, the online migration of gamblers seems inevitable. It is fueled by millions of people who have stayed and worked from home during the pandemic. An estimated growth value of $647.9 billion by 2027 means the iGaming industry is set to grow even bigger despite the challenging economic times. Big gambling entities that run gaming platforms are set to drive the revenues higher, even as new players find their way into the market.

Online Casino Industry in the Future
According to European Gaming, the online casino industry will continue to grow exponentially, even post lockdown. Studies show that the U.S.A, Japan, China, Sweden, the U.K., Australia, Canada, South Korea, and India are the forerunners of the massive growth projections. Interestingly, the Asia Pacific region will have a combined gambling industry value of $94.2 by 2027. Latin America is set to register a growth value of 9.7% within the same period. Most importantly, a shift to online casinos underscores the value of a sector that will beat the odds to be among the fastest-growing in the next decade.

Conclusion
As the world waits for a vaccine breakthrough, the ailing global economy may be far from recovery. Land-based casinos may have to rework their business models to attract gamblers who are migrating online in droves. However, the iGaming industry is a breather to professional punters whose hopes dwindled when COVID-19 shut down everything.

The internet is yet again emerging as the next business frontier, especially for gambling businesses that can do without brick and mortar offices. The pandemic has been a necessary evil to some businesses that drive the need for change and innovation. It triggers a massive digital migration as the world welcomes 5G internet connectivity necessary for high-speed is gaming. Also, read about how Whitney Museum showcases artwork by Alan Michelson using Augmented Reality, video, print, and sound.