US Gaming in Trouble, iGaming Thrives
The global pandemic hit many businesses this year – among them, the $40+ billion North American casino industry. Hit with lockdowns and curfews, the business saw its worst year ever, its revenues decreasing by double-digits across the board. With the exception of iGaming, of course – this one had its best year in the US so far.
No walk-ins, no money
Casinos across the US had to close their doors in the spring and couldn’t reopen until the summer. Even after being back in business, they had to observe health and safety regulations to curb the spread of the virus – this means that some beloved amenities were off the table, and they had to work at a reduced capacity.
According to the October revenue tracking report published by the American Gaming Association (AGA), this reopening couldn’t (and probably won’t) compensate for the loss of revenue in the spring: the total revenues of commercial casinos across the US have decreased by close to 40% year-on-year, and close to 20% in August alone. The decrease was accentuated across all verticals – slot machines and table games. In August, in turn, sports betting revenue has shown considerable growth thanks to the return of sports over the summer. The yearly revenues of sports betting operators have grown by 33% y-o-y, with more than doubling in August 2020 compared to the same period of the previous year. The reason for this massive growth was the return of North American sports and the busy schedule of events across the month.
The reopening of commercial casinos has led to a slight increase in the revenues of operators across the US – 5.9% in August compared to July – showing that the industry is recovering. Slowly, but steadily.
iGaming on the rise
iGaming was always a much more recession-proof business than its real-life counterpart – and now, it has proven that it’s also pandemic-proof. After all, online venues like the JackpotCity online casino the perfect way to play while social distancing: you don’t have to leave home to do so. To make things even better, the JackpotCity doesn’t have a mask mandate, and players don’t even have to leave their home to play there.
The lockdowns hit brick-and-mortar casinos hard but did wonders for iGaming revenues across the US. The total revenues of iGaming operators have grown by a staggering 203.3% from the beginning of the year, reaching a total of more than $900 million. In August alone, iGaming raked in revenues of $145 million, showing a 224.2% growth compared to the same time period in the previous year, the AGA report shows.