How are Online casino's and sports betting platforms coping?

[wxa7115]

Online casinos and sports betting platforms are big businesses like we all know, and currently considering the economic situation of things around the world many businesses are affected and have been taking measures to cut costs in terms of reducing staff, taking loans etc to still be able to sustain operations. How do you think online casinos and sports betting platforms are adjusting to manage the situation?

At the end there are only two things any business can do to deal with this, they either raise their profits or reduce their costs, increasing their profits can be really hard as people are having problems dealing with the current levels of inflation and they are reducing their expenses, and this includes reducing their gambling costs, however a way to do this could be by raising their house edge slightly as such a thing will bring them bigger and faster profits.

However reducing costs is where casinos are really in control, they could reduce the size of their customer service personal, downgrade the speed of their servers, as with less clients then the load on their servers will be smaller and they could still give the same service to their existing clients for a lower cost, or finally they could rethink their bonus strategy and try to make it more effective.

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[Bttzed03]

Economic downturn didn't really affect online casinos as we've seen during the height of the pandemic. Sportsbetting is a different case though because bookmakers were limited when various sports organizations were ordered to stop hosting games. They were forced to e-games and limited to a few sports like the UFC.

Now that the world has opened up again and facing new economic issues like inflation, online casinos and sportsbetting should be fine.

[Strongkored]

How do you think online casinos and sports betting platforms are adjusting to manage the situation?

Are you referring to the recession predicted to peak next year?
Before the news about the recession emerged in recent months, the deep decline in crypto prices due to entering a bearish period made several casinos stop their promotions through signature campaigns on this forum.
I suspect, because of course the casinos understand better what steps they will take to stay in business with this deteriorating economic condition is to reduce promotional costs or try other marketing strategies that are cheaper but still make their casino known to many people so that there are still people who will play.

[Oshosondy]

Online casinos and sports betting platforms are big businesses like we all know, and currently considering the economic situation of things around the world many businesses are affected and have been taking measures to cut costs in terms of reducing staff, taking loans etc to still be able to sustain operations. How do you think online casinos and sports betting platforms are adjusting to manage the situation?

What makes you think this way? We are no more in the time of COVID pandemic when the world was severely affected. This year, I can see companies, even new companies that are growing more. Or maybe you are talking about your country? Do not think what is happening around you is what is happening in the whole world. Even during this Ukraine and Russia war, there are companies that are growing, gambling sites are one of them. Even on this forum, there are new gambling sites that have grown more and the old ones that have also grown more.

[piebeyb]

I am not an economist but this is in my view so far I have seen the world's economic problems that are not good, look at the gambling sites, there are more and more newcomers and even always provide promotions and bonuses for new users, it doesn't mean their economy is disturbed by economic problems that occur in the world. right now, to be honest I see a lot of people looking for money and luck at this gambling table and gambling even the sports matches are still going on because people are still betting there, so I think they can overcome every economic problem that happens in the world so it won't be affected to them, I think online casinos also cost less than land-based casinos

[BobK71]

When the world is locked indoors due to the pandemic, online casinos have become widespread. Compared to other times, online casino or gambling business has generated huge revenue during covid-19 which is the highest in history. However, due to the recent economic downturn, many are thinking ahead. Many are also laying off workers to keep their businesses afloat. But I think running a casino business doesn't require a lot of layoffs. Because those who work here they are always important. Online Casino has a security department that has no chance to exclude anyone. I don't think layoffs are necessary if the problem is not persistent.

[Mauser]

Online casinos and sports betting platforms are big businesses like we all know, and currently considering the economic situation of things around the world many businesses are affected and have been taking measures to cut costs in terms of reducing staff, taking loans etc to still be able to sustain operations. How do you think online casinos and sports betting platforms are adjusting to manage the situation?

I feel like gambling is always a strong business during turbulent times, when the world is in crisis people are looking for a way out. With gambling we have the chance to become rich quickly, even when we lost our job or things are not looking food anymore. It seems that people are more willing to save money in other aspects in life, rather than stepping down from gambling. In the last few weeks I noticed this in my country, everybody is playing lottery lately. Even people who haven't played lottery before are now in the gambling fever and play every week. We are seeing new jackpots every months and many people talk about gambling publicly. This should mean that business wise casino are doing fine. The sports betting platforms are getting ready for the worldcup, which will start in 3 weeks and is bringing in a lot of new business. I wouldn't expect bookmakers to reduce any staff before Christmas. Same goes for the casinos, they likely have some special promotions and advertising planned for the end of the year that is going to bring in a lot of new business. So for this year I wouldn't expect many changes in the casino business, and for next year we will have to wait and see how the economy and the inflation is going to recover.      

[btc_angela]

On the contrary, I think online casino's did fairly good in the pandemic era. So I doubt that there are layoffs or employee reducing, on the other hand, they could be expanding as we have seen a lot of casino just popping out in the last 2 years here in the community.

So I will say that they are doing good and still making good money from the gamblers not only here in our community.

Let me quote this website: https://cryptonews.com/news/best-bitcoin-gambling-sites.htm

Casino gaming and sporrts betting has maintained remarkable growth despite slowing global economic trends. According to an industry report, the global online gambling market size will reach $19.16 billion by 2027, up from $13.1 billion in 2020, representing a 5.5% compound annual growth rate (CAGR) over a seven-year period.

[swogerino]

No casino has suffered even during the pandemic let alone now that we are almost completely out of it.The gamblers will always play,they have a set bankroll most of the time,like I already have and will use that balance to play in the casino of their choice,this is never going to change and that is why the booming of online casinos in these last years has always been on the grow.

The cut of cost of employees is not so relevant to online casinos as they need a fixed number of support staff and they barely change,add or remove new ones,except when it is really needed.So far I don't know any big lay offs like Musk did on Twitter to happen on any big casino.

[o48o]

[Being online means that you do not have to buy the building or pay the rent. You are saved with maintenance costs and no matter what is the on the ground situation, your business will never suffer.

Well i am assuming that hosting highly successfull online casino would take several servers and backup servers and that they are handling those themselves If they don't want to play extra and out source them. Meaning that they would need to rent or buy a warehouse and people to maintain and guards for that.

Secondly, even if people have little money, they will try to spend it on gambling and betting, as for most people gambling has become a need.

I totally agree with this on fact when i am not doing so well financially i feel i need More that high risk rush i get from gambling. Not to mention that pandemic drove me to full online gambling because there was no real world places to go .

[pawanjain]

Online casinos and sports betting platforms are big businesses like we all know, and currently considering the economic situation of things around the world many businesses are affected and have been taking measures to cut costs in terms of reducing staff, taking loans etc to still be able to sustain operations. How do you think online casinos and sports betting platforms are adjusting to manage the situation?

The mere fact that their services are online is a major advantage for them.
In fact the revenue of such online services has only increased in the recent times because of the ease of convenience.
People are accessing these services right from their home spending a lot on it.
So I think they are doing pretty good at it.

[ethereumhunter]

I think online casinos have an advantage over offline casinos, where casinos can have fewer employees to manage their business. And before the casino started its business, they must have estimated how much money they would have to spend, including all the expenses that might arise along the way. This also includes advertising costs which sometimes get bigger as new things are added to their casino. By not having a lot of staff, they can reduce the expenses to allocate it to other places, such as advertising. Perhaps this question should be asked of each casino owner so that we know the answer. But I'm not sure they will give a detailed answer.

[Johnyz]

Online casinos and sports betting platforms are big businesses like we all know, and currently considering the economic situation of things around the world many businesses are affected and have been taking measures to cut costs in terms of reducing staff, taking loans etc to still be able to sustain operations. How do you think online casinos and sports betting platforms are adjusting to manage the situation?

It's hard to let go of their employees because it might compromise the quality of their service so they have to balance it and I think they are still doing good even on a pandemic.

Online casinos just need to focus more on their promotions and marketing strategy, there are still gambles who are willing to spend more given the economic situation right now, online casinos should take advantage of that. So far there are no news about bankruptcy and taking loans with the casinos, they are pretty solid with their financial planning and budgeting.

[robelneo]

Online casinos and sports betting platforms are big businesses like we all know, and currently considering the economic situation of things around the world many businesses are affected and have been taking measures to cut costs in terms of reducing staff, taking loans etc to still be able to sustain operations. How do you think online casinos and sports betting platforms are adjusting to manage the situation?

It's a case-to-case basis when it comes to casinos, but when it comes to the industry, it's doing great in fact online casinos are one of the industries that benefited from the pandemic, people at home and turn to online casinos to get entertain in those trying times, not all casinos are doing great there are casinos that can keep up, they even allocate budget for marketing, it's the small casinos or newly launched casinos that should be coping because the industry is a tough competition for every casino, but casinos who gained the trust of the community will definitely reap the most profit when it comes to gambling trust of the gambling community is very important.  

[boyptc]

Online casinos and sports betting platforms are big businesses like we all know, and currently considering the economic situation of things around the world many businesses are affected and have been taking measures to cut costs in terms of reducing staff, taking loans etc to still be able to sustain operations. How do you think online casinos and sports betting platforms are adjusting to manage the situation?

They've got for sure a lot of pool for their supporting funds. If there's any problem that has been met regards to their budget, there will be something that they'll pull from their company's huge fund pocket.

As you've said, they are big businesses and they've planned all of it and foreseen some ugly things that may meet their business. And if it does, they're all prepared for it so, there's nothing for them to worry about but, as looking to the entire business and industry of gambling, it's one of the industries that are recovering, especially the physical ones.

[Docnaster]

I think online casinos have an advantage over offline casinos, where casinos can have fewer employees to manage their business. And before the casino started its business, they must have estimated how much money they would have to spend, including all the expenses that might arise along the way. This also includes advertising costs which sometimes get bigger as new things are added to their casino. By not having a lot of staff, they can reduce the expenses to allocate it to other places, such as advertising. Perhaps this question should be asked of each casino owner so that we know the answer. But I'm not sure they will give a detailed answer.

Online casinos don't struggle in the period of bad economy or in the period of universal pentamic like covid-19.
They are the people that gain the more however bad the economy is there are people who are always ready to gamble, they are ready to gamble at any time and they set aside certain percentage of their income for gambling.

Online casinos don't pay some costs like the rent and more, they don't employ high number of people also. They are at advantage.

[Yatsan]

Online casinos and sports betting platforms are big businesses like we all know, and currently considering the economic situation of things around the world many businesses are affected and have been taking measures to cut costs in terms of reducing staff, taking loans etc to still be able to sustain operations. How do you think online casinos and sports betting platforms are adjusting to manage the situation?

As long as there are players, a casino would continue to run. Landbased casinos could be affected by now with regards on their staffs' payroll for sure because they will be somehow required to give them salary increase to help them with their daily living given that there is a price hike with necessities. I am not quite of this one but I have read an article ,here's the link :https://www.frontiersin.org/articles/10.3389/fpsyg.2017.01247/full

It is a conducted study wherein result showed that the effects of economy related problems are not problematic to casinos. There is also a study finding wherein people do more engage with luck based activity during economic recession (probably due to frustration?) which is not a negative part for gambling places. So I think they did not put that much effort on coping with the problem most of us are currently dealing with. Likewise with online gambling wherein if it would be compared to landbased casinos, I think it is needing less of workforce. Feel free to correct me if I'm wrong.

[Saisher]

The pandemic is not officially over we still have the pandemic and data and reliable information rate the online casino industry as the industry that skyrockets its profit

According to the Global Gambling Marketing Report, the coronavirus has led to a sudden rise in online gambling revenues with some studies reporting a 67% increase. As featured by Island Echo, most gamblers preferred betting online due to the unfortunate closure of offline betting industries caused by Covid-19 in 2020.

Online casinos are still raking in profit because not all land-based casinos are fully operational and some opted to continue to play online especially old gamblers and gamblers with comorbidity the growth and profit will continue as long as the pandemic is still here, the evidence that online casinos are growing is the growing number of online casinos launching almost every week.

[famososMuertos]

Online casinos and sports betting platforms are big businesses like we all know, and currently considering the economic situation of things around the world many businesses are affected and have been taking measures to cut costs in terms of reducing staff, taking loans etc to still be able to sustain operations. How do you think online casinos and sports betting platforms are adjusting to manage the situation?

One moment!!

Casinos closing is normal in this business, new casinos opening is perhaps to the extent of the above, same owners or investors and they reinvest in new projects.

 Now, today! to say that the casinos are doing badly, after two years surpassing historical traffic of the majority of casinos.

 I guess you get it out of your head, or I missed any data or statistics that says that casinos are "fucked".

Crypto casinos, on the other hand, due to their deposit methodology, can be seen at an advantage on comparación traditional casinos, who on average should go through regular channels.

 In fact, crypto casinos have adopted the line of licenses in recent years due to regulatory trends and there is a big difference in investment if it is taken as a normal line in the openings of crypto casinos who, by trend, open without these licenses, then they incorporate them at long time later.

 If that is regulated if we will have a decrease in new casinos and therefore the niche would be affected.

The issue of the price of Bitcoin is an adjustment that alls casinos go through, player traffic is more "dangerous" for a casino than the price of bitcoin itself.

 A casino can have what you (OP) mentioned "the situation" at any time regardless of the price of bitcoin, so "the solución" is player traffic growth by depositing and making wager.

[livingfree]

The pandemic is not officially over we still have the pandemic and data and reliable information rate the online casino industry as the industry that skyrockets its profit

According to the Global Gambling Marketing Report, the coronavirus has led to a sudden rise in online gambling revenues with some studies reporting a 67% increase. As featured by Island Echo, most gamblers preferred betting online due to the unfortunate closure of offline betting industries caused by Covid-19 in 2020.

Yes, it's not yet officially over but we're far from the situation during the peak of pandemic. Most casinos locally have already recovered but those places that are reliant to the casino business, they've been closing down and had to halt their operations for the safety of their employees and customers.

Online casinos are still raking in profit because not all land-based casinos are fully operational and some opted to continue to play online especially old gamblers and gamblers with comorbidity the growth and profit will continue as long as the pandemic is still here, the evidence that online casinos are growing is the growing number of online casinos launching almost every week.

There's no problem in online casinos as they've became one of the most productive industries and one business that had became pandemic-proof. But their counterpart, the local casinos, those are the ones that really have struggled.