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

Ojima-ojo

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Quote from: Rruchi man on November 04, 2022, 03:53:00 PM

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 thing for sure is that, bad and unfavorable market condition does not effect all business, and if you can recall this year 2022 which have been filled with so many uncertainties and bad market condition, we still have a few other projects that this year best year for them, in terms of profits maximizing and other development.

And gambling platform and the e-gaming industry is one of the young fast growing industry that have witnessed a lot of success in the near market and no doubt the fact that some casino has closed down because of bad market conditions while others made milestone progress in t year too.

Finestream

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Quote from: CryptoYar on December 19, 2022, 01:48:58 PM

I think they are fine, they don't need to do any adjustments.

As from 16 October to 13 November 2022, there was a cricket tournament ( ICC world t20 cup) and cricket is the fifth-most betted-on sport in the world.

After that, FIFA World Cup started ( and I think FIFA is the most betted event)

So in my opinion the sports betting platforms are fine and it can be guessed from their promotion campaigns that they are earning well.

I believe not all casinos have been affected that much with the pandemic and are subject to close until further notice. There are still who have remained on the operation and with the same updated games, bonuses and promotions because that’s the only way they can attract more users to play. Maybe there are less physical gamblers before when the pandemic is at its verge since others have turned online, and those physical gamblers have come to limit their bets since everyone’s budget that time were so tight. But I guess for now, everything is starting to be back to normal, and those who have closed have resume their operations already, which means the competition for this type of business is stiff again.

Silberman

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Quote from: Rruchi man on November 04, 2022, 03:53:00 PM

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 depends on the kind of casino you are taking about, when it comes to the big casinos which are incredibly popular within the community I doubt they are coping at all, to me this is just business as usual for them as they have so many clients all over the world and they have gotten so many profits over the years that something like this does not affect them, however for the small casinos the current crisis can be problematic since they do not have the funds or the clients to overcome it so easily, so I would expect several of those small casinos to disappear during the next months.

FanEagle

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Maybe they don't have to do anything? I mean lets realize that you do not have to keep making huge profits at all times, you could just cover the costs and that's it? That would be good enough as well, and keep growing as a business is the key.

I knew an old guy who unfortunately passed away a few years ago, and he owned 4 huge factories for his products, imagine needing 4 huge factories because he was selling that many products. Until he passed away, dude had more and more and more debt, he kept on being on a loss all the time, as a company that sold 4 factories production worth of products they were always making a loss, weird right? Not really, if you are growing as business value, then profit doesn't really matter, because while he was in debt, his company became from zero to nearly 27 million dollars when he died, that's what he focused on, the value and not the profit.

yayayo

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A casino usually doesn't have a bad time. The only bad times I can imagine are the last few years when Covid19 has hit hard. But we hardly hear anything about that anymore, we no longer see people with face masks, so I think that is as good as a thing of the past. A casino turns extremely high turnovers, so much that they have easily built a buffer in recent times to cope with some lesser times. An online casino actually never has bad periods, unless a player manages to win a lot of money.

ya.ya.yo!

Fortify

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Quote from: Rruchi man on November 04, 2022, 03:53:00 PM

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?

In bad times casinos do well, in good times casinos do great. There may be less players with money around during the middle of a recession, but if you consider the very low operating costs of an online casino (at least in comparison to physical casinos), then you can understand that they are massive money makers regardless of the current economic conditions. You would have to find some extremely bad management or a chain of very unlucky events to take down these gambling enterprises which at the biggest level are making their owners millions or tens of millions per year after all other costs are paid. The owners of the biggest casinos here are able to afford some big yachts and if they're wise then they have also diversified.

FanEagle

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The future is shaping a bit more clearly. After the whole super league thing, we all know uefa decided that they want to build a league, and that's understandable, and we are going to move towards that a bit more.

But, turns out it would be just a group stages level of thing for the league, so in the comn years, we will have group stages again, but more like a league, and teams will play a lot of games, but after that we are going to see the first 8 go up, and then from 9th to 24t if I am not wrong going to play playoffs, and another 8 will come from there. Then the last 16, quarter and semi and final games etc as usual.

This should be bringing a lot more money considering how many more games, and I believe anyone who knows this should fill their team with 20-22 year old players, which would mean they would make more money and all other teams too and could sell those players for a lot more.

Desmong

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They usually reduce costs, fewer promotions and lower bonuses for users. For example, two big gambling platforms I usually play have been done this a few months ago. They have decreased monthly bonuses by at least 30%, IIRC. The main issue is both parties suffer from a such decision that should be done to survive in this business mode, IMO.

Things are really hard now so all these casinos need to cut expenses so that they can cope with the current hype in price and inflation. The rate of bonus will reduce and other things so that they can meet up with the current market dip. The year is just ending and I hope by next year things is going to be better than the way we are seeing it now.

freedomgo

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Quote from: Peanutswar on December 01, 2022, 10:40:54 AM

As long as there's someone would like to support the crypto gambling casino or the casino itself they can sustain their current living. All businesses must need to adapt to the environment, else they don't get in the ride, and the peoples choose if you are out of the trend possibly the users not get entertained this is the main goal of the casino to give satisfaction, I guess in this current crisis they didn't get affected too much instead make another way with the online gambling.

If the casino has still a strong back up for its funds, then there’s no reason that it will be affected by the current pandemic and would advise to close. After all, those who have stopped from their operations have been weighing the possibilities that if they continue to operate, they will certainly end being bankcrupt. Most likely, online casinos that time have given more opportunities to earn an income since the people find it more convenience to play at them at the comfort of their own homes.

Viscore

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Quote from: harizen on November 07, 2022, 07:19:16 PM

Quote from: romero121 on November 05, 2022, 07:42:32 PM

More traditional Casinos too shifted their services online.

I don't think that most traditional casinos shifted their service online during the pandemic.

Instead of doing that, they just accept the fact that can't operate until further notice, and to reduce the cost of the operation, they lay off some of their employees.

If I missed something here, can you give examples of those traditional casinos that shifted their service online just to cope with the financial situation?

I don’t see any casinos in our country that have kept operating during pandemic, all are advise to close and stop their operations temporarily. So definitely, all the employees have stopped from working and have to find other means to gain a living. And AFAIK, those physical casinos that have closed were never seen also operating online, while those who have started as online casinos have continue to operate as if there is no pandemic happening.

SirLancelot

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Quote from: _act_ on December 19, 2022, 03:26:49 AM

Quote from: gantez on November 20, 2022, 04:30:33 PM

Relating to signature campaign here I think what determine it more is btc price. If the price is dropping the number of the signature campaign get to reduce or not new campaign will be advertised but not very certain, just what I think. Casino are benefiting more because gamlers increase more. People introduce their friends daily to try luck for money through betting and playing casino games.

That is what I have noticed too, but I not do think that should affect bounties and altcoins signature campaign most because new projects at that time would be significantly reduced. I understand you, it is also true that some campaigns will stop advertising at the time too. I am surprised some people are still saying not long ago that there is lack of signature campaign, I do not see anything like reduction in signature campaign because of the pandemic and recently there are many signature campaigns on this forum. This year, the price of bitcoin falled significantly but there has been signature campaigns on this forum on this forum.

They don't need to cut the campaign but they can just adjust the pay rates according to the price of BTC. I even think that there are more campaigns that will open because BTC is cheap. Casino owners can buy more BTC and use most of those BTC to reward their promoters.

Gambling places are also going to be in demand because people are looking for ways to multiply their BTC's because its value have gotten smaller and when they lose their BTC, it won't really hurt them as opposed to when its value is expensive. Bounties on the other hand are different because they are only paying with altcoins but mostly in the projects' own tokens.

CryptoYar

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I think they are fine, they don't need to do any adjustments.

As from 16 October to 13 November 2022, there was a cricket tournament ( ICC world t20 cup) and cricket is the fifth-most betted-on sport in the world.

After that, FIFA World Cup started ( and I think FIFA is the most betted event)

So in my opinion the sports betting platforms are fine and it can be guessed from their promotion campaigns that they are earning well.

cabron

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Quote from: madnessteat on December 19, 2022, 01:30:28 PM

Quote from: qwertyup23 on December 19, 2022, 11:45:03 AM

Quote from: Rruchi man on November 04, 2022, 03:53:00 PM

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 do think that they are in the best situation right now as they can take advantage of their platform- which is being exclusively online. They have the upper hand when it comes to this kind of situation since they can take advantage easily of their users in gambling on their own convenience.

Remember that COVID taught us that an online set-up is more productive and manageable. With their current existence primarily online, the convenience of gambling online has skyrocketed ever since. That is why, I doubt they are coping and struggling with the current situation.

I agree about the fact that the pandemic has increased traffic to online casinos compared to land-based casinos, but still I think it's not the best time even for online casinos due to the fact that inflation in many countries is very high. The governments of these countries are tightening monetary policy and as a result people are spending a lot less money. And according to statistics at a time like this people save the most money on services and entertainment (which includes gambling).

We didn't get any reports that crypto casinos are laying off employees however which means they are holding up. The covid that made us stay inside our houses shifted our attention to online stuff and gamblers online I guess increased more with the help of smartphone adoption.

And it will keep growing according to the report.

Quote from: https://www.businesswire.com/news/home/20220805005351/en/Online-Gambling-Global-Market-Report-2022-Increasing-Adoption-of-Smartphones-With-Improved-Internet-Accessibility-Driving-Growth---ResearchAndMarkets.com

The global online gambling market is expected grow from $73.42 billion in 2021 to $81.08 billion in 2022 at a compound annual growth rate (CAGR) of 10.4%. The market is expected to reach $115.13 billion in 2026 at a CAGR of 9.2%.

madnessteat

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Quote from: qwertyup23 on December 19, 2022, 11:45:03 AM

Quote from: Rruchi man on November 04, 2022, 03:53:00 PM

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 do think that they are in the best situation right now as they can take advantage of their platform- which is being exclusively online. They have the upper hand when it comes to this kind of situation since they can take advantage easily of their users in gambling on their own convenience.

Remember that COVID taught us that an online set-up is more productive and manageable. With their current existence primarily online, the convenience of gambling online has skyrocketed ever since. That is why, I doubt they are coping and struggling with the current situation.

I agree about the fact that the pandemic has increased traffic to online casinos compared to land-based casinos, but still I think it's not the best time even for online casinos due to the fact that inflation in many countries is very high. The governments of these countries are tightening monetary policy and as a result people are spending a lot less money. And according to statistics at a time like this people save the most money on services and entertainment (which includes gambling).

xSkylarx

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Quote from: molsewid on December 19, 2022, 11:53:12 AM

Quote from: EarnOnVictor on December 19, 2022, 11:43:38 AM

Quote from: ?? on ??

They usually reduce costs, fewer promotions and lower bonuses for users. For example, two big gambling platforms I usually play have been done this a few months ago. They have decreased monthly bonuses by at least 30%, IIRC. The main issue is both parties suffer from a such decision that should be done to survive in this business mode, IMO.

Perhaps you are taking this beyond what it is. As you see casinos reducing bonuses is the same way I see some increasing bonuses to win more customers in the competitive market. Companies can increase or reduce offers irrespective of their gains/losses and economic conditions. After all, it's bonuses, and the conditions to win from them are often stringent.

What I'm saying? The global gambling industry doesn't look stressed at all, rather it's growing with an increase of $287.43 billion in 2021 to $456.61 billion in 2022. Those companies might only did as they like.

Source: Global casino

Yes because giving bonus is somehow to attract more customers or gamblers to switch from one gambling site to their casino. Even though they are giving a lot of bonuses maybe to referral or what still we can say that they are earning more because of this strategy. They can decreases monthly bonuses and make another move by creating bonuses to new players .

Primarily their bonuses are only focused on new players or newly registered accounts, and it is for them to attract new users. There are only a few bonuses to the existing user. That referral system is one of the bonuses for an existing user that you will get, but you need to persuade people. Also, there are raffles or promos. This is primarily the strategy right now as they need a lot of customers due to the economic situation right now.

Lida93

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Quote from: Rruchi man on November 04, 2022, 03:53:00 PM

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?

Many businesses were negatively affected by the recent pandemic but am not sure businesses like online casino's and sport betting platforms were that affecti like other businesses. As people were forced to sit at home which made the movement and exchange of goods and services to cripple but casino's and other gambling platforms were rather enjoying what I'll refer to as a sit at home patronage by every gambler through the use of the internet and it was at that period new games were the stimulated football game and others were introduced and bonuses raised to attract attention of more gamblers which showed they were innovating along with the situation brought by the pandemic. Cause many persons who's source of income were halt by the pandemic now saw the online gambling as an alternative source for aide hustling to earn some little bucks which really brought profit to the gambling industry at that period unlike other sectors of the economy.

molsewid

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Quote from: EarnOnVictor on December 19, 2022, 11:43:38 AM

Quote from: ?? on ??

They usually reduce costs, fewer promotions and lower bonuses for users. For example, two big gambling platforms I usually play have been done this a few months ago. They have decreased monthly bonuses by at least 30%, IIRC. The main issue is both parties suffer from a such decision that should be done to survive in this business mode, IMO.

Perhaps you are taking this beyond what it is. As you see casinos reducing bonuses is the same way I see some increasing bonuses to win more customers in the competitive market. Companies can increase or reduce offers irrespective of their gains/losses and economic conditions. After all, it's bonuses, and the conditions to win from them are often stringent.

What I'm saying? The global gambling industry doesn't look stressed at all, rather it's growing with an increase of $287.43 billion in 2021 to $456.61 billion in 2022. Those companies might only did as they like.

Source: Global casino

Yes because giving bonus is somehow to attract more customers or gamblers to switch from one gambling site to their casino. Even though they are giving a lot of bonuses maybe to referral or what still we can say that they are earning more because of this strategy. They can decreases monthly bonuses and make another move by creating bonuses to new players .

qwertyup23

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Quote from: Rruchi man on November 04, 2022, 03:53:00 PM

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 do think that they are in the best situation right now as they can take advantage of their platform- which is being exclusively online. They have the upper hand when it comes to this kind of situation since they can take advantage easily of their users in gambling on their own convenience.

Remember that COVID taught us that an online set-up is more productive and manageable. With their current existence primarily online, the convenience of gambling online has skyrocketed ever since. That is why, I doubt they are coping and struggling with the current situation.

EarnOnVictor

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Quote from: ?? on ??

They usually reduce costs, fewer promotions and lower bonuses for users. For example, two big gambling platforms I usually play have been done this a few months ago. They have decreased monthly bonuses by at least 30%, IIRC. The main issue is both parties suffer from a such decision that should be done to survive in this business mode, IMO.

Perhaps you are taking this beyond what it is. As you see casinos reducing bonuses is the same way I see some increasing bonuses to win more customers in the competitive market. Companies can increase or reduce offers irrespective of their gains/losses and economic conditions. After all, it's bonuses, and the conditions to win from them are often stringent.

What I'm saying? The global gambling industry doesn't look stressed at all, rather it's growing with an increase of $287.43 billion in 2021 to $456.61 billion in 2022. Those companies might only did as they like.

Source: Global casino

GxSTxV

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One way that online casinos and sports betting platforms may be adjusting to the current situation is by offering promotions and bonuses and running campaigns here in bitcointalk to attract and retain customers. They may also be focusing on expanding their online presence and offering more options for online payment such as bitcoin and other cryptocurrenci, especially with the previous Covid 19 pandemic.
Another way that these casinos may be adapting is by offering new types of games and create their own special games or betting options in order to remain competitive and bring wider audience. This could include adding virtual sports or esports betting options, for example.

Topic: How are Online casino's and sports betting platforms coping? (Read 1226 times)