The outbreak of the Coronavirus epidemic has pushed economies across the world in a deep ditch. Businesses cutting across industries are bearing the brunt of Covid-19, even as governments are doing their best to contain the infection. As people are trying to avoid crowds and proximity to steer clear of the virus, streets, malls, markets, and shopping centers are wearing a deserted look. Net result, there is more stress on the already subdued global economic growth.
Coronavirus and Gaming Industry
The impact of coronavirus on the gaming industry is quite apparent. The Game Developer Conference this year has already been postponed to summers. Although new dates are yet to be communicated, analysts are predicting that this will negatively impact the growth potential of the gaming industry in the future. More specifically, the physical casinos are at the receiving end of this highly infectious disease. This is because tourists make for a considerable chunk that patronizes physical casinos, but now the whole tourism industry has been badly hit by the curbs imposed by many countries on travel. Take, for instance, a drop in the number of Chinese tourists in Las Vegas and this development is making the casino capital nervous. The revenue is likely to take a massive dip and the situation could worsen if the trend continues for some more months. Macau has recorded a much more significant impact on the gaming revenue, with its overall earning came crashing down by around 88% in February 2019 over the spread of the coronavirus.
Online Casinos on Rise
The primary reason behind this downturn is that most people are restricting their outdoor activities and go out only in case of some urgency. Now for most of the businesses, this behavioral change has wreaked havoc, but for the online casinos, this has come across as a windfall gain. The digital format of betting is posting an impressive surge in the number of patrons thanks to the convenience it offers in terms of betting from your own place without the need to step out. Another important aspect adding to their popularity is that you can make the payment by cryptocurrencies, which means you won’t be bothered by the interference of any third-party for payment or any other aspect.
It is important to understand that the inability of the countries to contain the spread of coronavirus can negatively impact the overall prospects of the global economy, including the gaming industry. The virus can hit the efforts pertaining to organizing popular gaming events, conferences, and seminars. In addition, efforts related to research and development of new games can also be hit and in the light of lack of newness, support for the gaming industry could also get affected. We might also encounter a situation where the resources allocated for the gaming industry will be curtailed, trimmed, or even redirected to achieve other objectives. All these are still future predictions, but it is highly desirable to control the spread of coronavirus as quickly as possible. It is necessary so that the dampening effects of the virus on economies can be reduced. Thankfully, we are witnessing concerted efforts to invent a vaccine for the virus and expected to make a breakthrough soon in the future.