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

[goaldigger]

New casinos are still coming and that's an indication that gamblers are still here despite of the threat of a big crisis.
The lifeline of the casinos are the gamblers, this is why many old casinos are doing their best to give bonuses and promotions to those players because if they don't probably that gambler will leave the site and that could affect their income. Casinos in my country are still doing good, top companies still have a good financial report and a profit. Dealing with the economy right now is not easy but they have to do their best to stay in this market and for them to survive the crisis, online casinos should already have plan for this.

[Gozie51]

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

Are they really adjusting or they are expounding more ? I think they are expounding and reaching out to more families lol. In the past you hardly see this business in some areas. Like in Nigeria it is one of the fastest growing business that youths who are able to get some fund want to establish in betting business and to tell you they are growing here every betting shop is clustered with youths, their clustering is a sign of patronage.

To tell you that they are growing, you see almost all the.signature campaign in the forum are gambling related, this shows it is the business that is gaining patronage. The economic system is really high to maintain and people want to try in other means to get finance and this is why they resort to gambling.

[348Judah]

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?

To the best of my knowledge everyone is affected with economy downturn and what affects the whole economy is also affecting gambling sections indirectly, just as the case of the covid pandemic where every sport activities where put on hold, no kive events or matches are taking place, so what fo you expect the gamblers to bet on? except for the virtual bets but the people had a rough time throughout the world to find economical balance, gamblers also have a drop in their rate of income from their various businesses.

[EarnOnVictor]

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 truth is that I do not run online casinos or sports betting sites, but one thing that is sure is that they are coping well. This is evident with more betting sites opening every time. Even this year, many had opened already, so it means they are doing well.

However, it is good that you considered the economic situation of the world, but I don't think it would affect gambling sites so much. Some gamblers might only reduce their stakes, yet many will always come to bet because of greed, addiction or the fun they get through it.

[adzino]

They are coping like just any other business I guess. They all have risk management team that will alert the owners beforehand and in case of any economic downfall that might impact their casino, they do have policies to reduce the damage. In case of physical or online casinos, when the casino reaches its short run shutdown point were the average revenue is below variable cost, they will have to close down their casinos and have no other options. This is more likely to happen with physical casinos since they have higher variable cost than those of online casino.

[molsewid]

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?

if a certain business has the capacity to earn more in the next few years they can lend any amount theh think that can help them especially if the casino already establish their name, no doubt about it. online casinos doesn't need a high amount of money just a monthly maintenance, domain fee, security fees etc are needed, they don't need too many people to run an online Casino.

[aioc]

You can base the status of the online casino and betting platform based on the number of casinos we have in the announcement thread you seldom see casinos closing down in fact many casinos are launching every month, of course, the weekly budget is so high, the Cryptocurrency casinos are the trend now they will soon beat land-based, and fiat-based online casinos, this is the industry that benefited the most from the pandemic besides the gaming industry.

[electronicash]

if they are affected, i think we will know when they stop some marketing campaigns they are doing.  so far even the fiat base casinos are still in business. the only casino that was more affected since 2020 was the traditional casinos because of the lock downs.

people are getting used to online now. The more people are moving on to online casinos even in the recession time.

[uneng]

Despite world's financial and economical crisis, gambling industry hasn't been affected negatively. I remember many people were shocked to see during covid-19 pandemic the traffic and income of casinos increased considerably, while we saw on the news the economies of every countries were crashing.

The flux of money in gambling doesn't necessarily follow the flux of our traditional economies. The fact is that there is a very wealthy elite in the world which can maintain any industries they want with their personal funds simply for pleasure, hobby. Gambling is one of them.

[jostorres]

Does casino really have high maintenance as compare to land base? So not sure if they are reducing their employment at a fast rate. So probably what they have is a support team that works 24x7, maybe a fraud department and the the security and IT experts, infrastructure guy to maintained the health of the system and probably do some maintenance jobs. And even if they will replace them, it's very easy to find someone, the way I see it.

I think that the maintenance cost will depend on how big or small the casino are. If it was an online casino and they are big, then they will often experience a server overload and some issues, and this calls for the people who are expert on these things but if the owner has the ability to solve that kind of issue then he can save expenses. If they have hired a lot of employees and then their sales decline, one temporary solution that they can think of to lessen the effect is to reduce their staffs.

One of the biggest thing that I see that affected the gambling industry is the covid pandemic but that was starting to wear off. Gambling business are now recovering.

[Fortify]

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?

You will find that a well setup gambling operation might actually weather a recession fairly well in comparison to some other industries. Like tobacco and alcohol companies, people end up going for smaller releases of pleasure when they can no longer afford the high end fancy cars or holidays that used to get the most spending, so they will continue to spend and maybe even increase the betting spend during such times. Covid was a bit of an anomaly because it caused many people to work from home in certain countries, which gave them plenty more free time and they were not actually able to go out to spend it in many cases - a boon for gambling companies that is unlikely to be repeated any time soon.

[OgNasty]

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 others have stated, I think online casinos are doing pretty good business.  Their user base is growing and regulations are softening around the world.  Not to mention that most of the sites currently operating were operating when Bitcoin was at much lower prices, so many of them made an absolute fortune on the exchange rate.  Then there's things they do to make extra money like staking user funds or collecting on airdrops...  Don't feel bad for the casino operators.  The successful ones are absolutely rolling in dough.  I've seen more staffing up and previous employees getting raises then I've seen cost cutting...

[lionheart78]

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

Online Casinos adjust by making more effective marketing ploys.  Of course, many of them would do the same asking for loans and reducing staff, not all casinos are as lucky as the established ones.  Aside from that in form of getting more players, they offer more accommodating promotions such as free spins, a 1st bonus deposit with lower wagering requirements.  Anything that can compete with other casinos.  They also offer no withdrawal fee, lower minimum deposit, and attractive features like Rakeback, VIP system, ranking competition, multiplier competition, etc. just to keep their players playing on their platform.

[Odusko]

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 managing the situation?

If you notice some of the smart teams are building up in the face of economic challenges facing the business space due to economic meltdown and other factors that have resulted in reduced revenue and profits made.
That is why we are also seeing some sports bookies and casinos closing down businesses, but then some have cut costs and reduced staff, and also lowered their reward system to sustain operations.

[Accardo]

The market crash doesn't stop gamblers from playing games. Everyday the gaming reserve keeps growing as gambling doesn't leave a person easily. Considering that brands face difficulty, its their duty to figure a better way to gain revenues on their platform. Since the available brands are still here then they're holding on real tight towards the better days.

[TimeTeller]

The market crash doesn't stop gamblers from playing games. Everyday the gaming reserve keeps growing as gambling doesn't leave a person easily. Considering that brands face difficulty, its their duty to figure a better way to gain revenues on their platform. Since the available brands are still here then they're holding on real tight towards the better days.

In terms of online casinos or bookies, we won't know if they cut down staffs or what they are doing to cut costs.
However, if we are looking at their presence, I think they are doing great as more new casinos or bookies are being launched.
Also, a lot of casinos that you can find in this forum are still doing great. It means, they are generating good income.
And just remember during the height of pandemic, one of the few businesses that did thrive were online casinos and bookies.

[DoublerHunter]

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 think we need to hear first an online casino on this question because it seems they have more something to say than us as a player or gamblers only.
But my perception is that this was already on this plan from the start and probably lowering staff will be the first step and then taking a loan.
A business owner must be wise about this, it could be downtime if you cannot sustain and you will do everything just to put raise back your business every business has the same idea on how to cope during bad times.

[crzy]

The market crash doesn't stop gamblers from playing games. Everyday the gaming reserve keeps growing as gambling doesn't leave a person easily. Considering that brands face difficulty, its their duty to figure a better way to gain revenues on their platform. Since the available brands are still here then they're holding on real tight towards the better days.

Gamblers are trying to look for other ways to earn money and they see gambling as one of the option and this is why many sites today are still in operation and still offers a good bonuses.
Gambling site will not be affected that much by the recession, they can still attract gamblers. My only concern is that, if they are going to lay off their employees, this can force them to hire another one with a less experience, that can bring a problem to them. Gambling site should start looking for alternatives to attract more players and investors as well.

[gagux123]

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 believe with the COVID-19 pandemic the whole world was affected (even directly or indirectly), but I even imagine that online gambling/casinos had a significant increase, in terms of their profit and also by the number of users of these online casinos.
This is a type of market that is growing every year and has great growth potential.

[harizen]

But my perception is that this was already on this plan from the start and probably lowering staff will be the first step and then taking a loan.

I think that situation happened mostly at land-based casinos and not at some online casinos.

In terms of operation cost and expense, it's no doubt that operating land-based casinos are far more costly. And because there's no way that these physical casinos will make money during the pandemic, no choice but to decrease their manpower to save some operational expenses.

Moving forward, now that most physical casinos are now back in action, surely they can keep up now with those big losses from now on.