Online casinos and sportsbooks worldwide suffered a major blow when they were forced to close down as a safety measure against Covid 19. As a result, websites went offline for days even as regulators rushed to find ways to mitigate further damage. The shutdowns also left sports betting operators in limbo because they were unable to register new accounts.
During this devastating moment, the UK Gambling Commission argued that shutting websites wasn’t the ultimate solution. According to their point of view, there was a high likelihood that players would find alternative ways of gambling online even after banning.
One impressive option is registering at sites like bestonlinecasino.com. Most impressive is that the platform offers a regulated and safe betting environment during challenging economic times.
Below is a brief update on how online casinos in Europe found their way during the pandemic.
Reports suggest that the Coronavirus has been lurking around Europe much longer than anticipated. Initially, reports indicated that the virus started circulating from around December 2019 in Italy. However, studies done in March 2019 by the University of Barcelona report traces of the deadly virus on untreated wastewater.
Despite these findings, France, the home to the world’s biggest online gambling provider, Betclic, reported a betting turnover increase of 15%. This translates to over €6.2 billion annual turnovers during the pandemic. Italy follows suit with about €4.1 billion yearly turnovers. The two countries alone are responsible for more than half of the total EU market size, at around €12 billion. This data excludes sports betting and PPIs (Premium-rate telephone services).
According to H2 Gambling Capital, experts estimated that the European online gambling total gross win would reach €21 billion by 2020. This figure excludes PPI’s and sports betting markets which add another projected revenue of almost 10 percent or about another 1 euro ($1.20) /year on top of this estimated total gross win amount. The main reason behind the success is that players intensively craved for some during the lockdowns.
In addition, with several people registered as online gamers around Europe, pundits believed that gamblers would probably find ways around security protocols despite all the barriers erected against them. That said, likely, these restrictions translate to the worst situation that online gamblers have ever encountered. Nevertheless, here are some tips that online casinos used to remain afloat.
Cryptocurrency usage has undeniably become prevalent during the pandemic. Thus, most digital casinos use fiat currency which requires players to access a digital wallet first. This leads to bitcoin prices skyrocketing at an alarming rate. Furthermore, it has become popular with gamblers without bank accounts or credit cards playing against live dealers.
A new type of exchange is being developed that will soon give you the ability to purchase bitcoin without having to submit any documents just by using your crypto wallet address as proof of identification.
Experts are also working on a new system to send money from one cryptocurrency wallet quickly to another and with no fees involved. With these new developments, it is irrefutable that cryptocurrency has brought a lease of new life to the gambling world.
2. Live Dealers
Live dealers are real-life casino employees at online casinos who handle players through webcams. Unlike some rigged online slot machines, live dealers at online casinos have a house edge of 0%. This means that you lose less money compared to playing computer programs with high rakes and terrible odds.
It is worth noting that during corona lockdown, people steadily deposited large sums into live dealer casinos. On weekends, the wait time for a live dealer casino can sometimes take up to two hours as gamblers try their luck at the real money blackjack, baccarat tables, and other games with no house edge.
3. New Verification Procedures
It is common for online casinos to hide their actual bank accounts behind digital wallets like bitpay or coinbase. As an alternative, they now require fingerprints, eye scans, passport numbers, driver’s licenses, and other documents before you play there.
Amazingly, some casinos accepted the amazon gift card for verification in the new system. You will be surprised how much money online casinos make daily from players desperate for their favorite game.
4. Digital Devices
The growing appetite for gambling is fueled by the rise of i-devices like smartphones devices and tablets. For this reason, gamblers can access almost any sports on-demand at the touch of a button. It has been reported that there were more than 6 million downloads last year alone for jackpot-type casino games, with the trend expected to grow further by the end of the year.
This global trend illustrates that people are shifting from the traditional brick-and-mortar casinos to the new ones found in online casinos. Experts claim that online casino has grown even faster because of the quick transition from gaming houses to mobile devices and computers. This kind of revenue transfer most probably also contributed heavily to the growth of several gaming companies operated online.
Even if some online casinos were closed by authorities during the lockdown, gamblers found other effective portals to spend their money. However, since there are many upcoming sites, it is vital to practice caution and register only with verified platforms. Then, do not rely on gambling as a source of income, but an exciting way to spend your pastime. Most importantly, do not gamble more money than you can afford to lose.