Online Gambling saves SkyCity from closure due to COVID-19
Rise in online gambling helps mitigate losses as an increase in performance turn to profit in a short amout of time.
Lockdown has certainly impacted many companies worldwide and casinos aren’t the exception here. It’s business model requires huge gatherings of people under the same roof after all.
Casino operator SkyCity Entertainment which is the biggest tourism and entertainment company in New Zealand and is based in Auckland, has downgraded its earnings expectations, with openings programmed for later in the year (if COVID-19 allows it).
However, the company launched a Malta-based base of operations centered around online gambling a little over a year ago racking up 35,000 new customers and just started to show green numbers in April this year.
Even though they’re barely starting to immerse themselves into the online venue, they’ve already acknowledged the increasing performance and it’s positive impact on the company while also admitting that it’s but an extension to what their land-based operations mean for business.
A statement issued by SkyCity in it’s full-year results says, “The launch … is an important step on the journey of pursuing opportunities to grow and diversify our earnings”.
It’s clear that in the state that the world is right now, digital media, networking, and online platforms have saved lots of companies from massive losses or straight up bankruptcy.
The internet alternatives coming to the rescue once again
Once more, the internet has saved another industry from disappearing or suffering major losses in the last year.
Thanks to the use of internet platforms and its worldwide dependence, a lot of business industries have been able to cover debts or even generate high sums of money.
The gambling industry has been one of the biggest winners since the beginning of the global pandemic and quarantine.
The industry has been developing for quite some time, but, most players did not consider online gambling sites to be safe and reliable enough to bet on them.
However, the temporary closure of all the gambling venues have left the players with no other choice than to take the risk and invest on online gambling platforms.
Because of this great and useful option, big gambling companies such as SkyCity Entertainment have been able to face the many hurdles that the COVID-19 pandemic has created.
The iGaming industry rising to the top
The iGaming industry has been growing and developing since the late 1900s.
But, it was an uphill battle for it to get the results and recognition that was desired due to the many crimes and frauds that have been committed on the web.
Most players thought that investing their savings on a site that they do not even know where it is based in was definitely not a good and wise decision to make.
Therefore, it has been quite difficult for the industry to grow rapidly in a short period of time.
It was that way up until the arrival of the COVID-19 pandemic that eventually forced the whole world to go under complete lockdown.
The lockdown has represented frustration, losses, desperation and anxiety for many people and businesses. But, the iGaming industry has a whole different opinion on the matter.
That is because ever since the beginning of the quarantine, the iGaming industry has increased its popularity and earnings by more than 35% in less than a year.
In addition to that, the iGaming industry is set to increase its overall earnings every month as the lockdown stays in place.
The reasons behind the growth of the iGaming industry
The main reason behind the sudden and abrupt growth of the iGaming industry is the decision to close down every gambling venue worldwide due to the risk of increasing the number of people infected with the virus.
But, there are some additional reasons and motives behind it, some of those are:
The lack of savings to survive through the pandemic
Sadly, the pandemic and the quarantine have left many people jobless and desperate to find a new chance to generate extra income.
For many of them, the iGaming industry has represented that opportunity.
Through it, they have discovered the chance to invest some of their savings and earn considerate sums of money in exchange that have given them comfort and economic stability in these desperate times.
The lack of entertainment
For other people, the quarantine has not only meant the loss of their jobs, but also the lack of alternatives to amuse themselves in their houses all day long.
Because of that, many people have found entertainment and joy while betting on iGaming platforms.
They are able to play lots of different games such as poker, baccarat and roulette that give them the opportunity to kill some time and go through the days more quickly and comfortably without having to step outside.