How are Online casino's and sports betting platforms coping? - page 6.

rahmad2nd

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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?

Actually I'm not too sure, but it seems that online casinos don't require too much maintenance costs like land-based casinos. as well as the people they employ, I don't know for sure. however, it seems that online casinos don't involve as many workers as we see in land-based casinos. maybe on a smaller scale when compared to land-based casinos.

yes, as you said. many companies are affected by the situation that occurs in the world economy, not to mention businesses engaged in the entertainment sector. including the gambling industry that has been affected, especially land-based casinos after the COVID-19 virus and after the collapse of the world economy.

however, it seems that online-based businesses are not as impacted as you ask in this thread.
Again, we don't know for sure, but it looks like the online casino industry isn't too affected by what's happening in the world economy. actually we can look for the data and statistical information if we need it. So in conclusion, the online casino industry is not as heavily impacted as an industry that operates in the real world.

Jawhead999

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Online casinos spend lower operational cost rather than offline casinos, but of course macro economy problem will affect their profit. I think it's not surprising for business to take a loan, reducing their staff or reduce their salary in order to maintain their business. If they can't maintain their performance on this situation, they will bankrupt and it's easier than offline casinos. They can just create new casino after they have enough money when the economy already recovered.

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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?

Most already established businesses. Not just casinos should be doing good.
From my thoughts, most of this casinos especially online and even offlines are striving now because it has turn the only work for the common man. In most developing countries where the inflation rate is very high, and there is scarcity of job, then casinos are the hope of the common man because one can have to play with relatively very little amount of money with expections to win big on those amount played and the rate of gambling lately has really increased rapidly.

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Quote from: Die_empty on November 05, 2022, 07:56:55 PM

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 of the greatest advantages of online casinos and other gambling firms is their ability to operate with less staff compared to offline or land casinos. They easily embrace new technologies to reduce their human staff strength. Like every other business that has been affected by this economic downturn, they would have to look for avenues to reduce their cost of operations. Seeking alternative and cheaper advertisement channels could be one of them. Instead of spending so much on endorsements, more money can be channeled to social media adverts. These firms can also diversify to other forms of business that might be more lucrative until the global economic crisis subsides. It might not be out of place for some of them to invest in other entertainment sectors just to cover some costs.

Behind all advantages, there are flaws that have to reduce and mitigate how to close it by Casino Online. As we know new technology has more slit than offline where need a lot of supervisors around the casino. Online casinos are not around the problem of the casino, but the server needs military equivalent security, if not, Millions or Billions of money will be lost when only 1 attack has a bit cleft on the server which already saw happened many times on a number of the online sites.

Die_empty

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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 of the greatest advantages of online casinos and other gambling firms is their ability to operate with less staff compared to offline or land casinos. They easily embrace new technologies to reduce their human staff strength. Like every other business that has been affected by this economic downturn, they would have to look for avenues to reduce their cost of operations. Seeking alternative and cheaper advertisement channels could be one of them. Instead of spending so much on endorsements, more money can be channeled to social media adverts. These firms can also diversify to other forms of business that might be more lucrative until the global economic crisis subsides. It might not be out of place for some of them to invest in other entertainment sectors just to cover some costs.

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Quote from: agustina2 on November 05, 2022, 07:36:19 PM

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?

Online casinos seem just fine even during the worst days of the whole world because of the Covid-19 pandemic.

In fact, lots of news and reports referring to the growing big numbers of people that do online gambling during that time are everywhere, especially in European countries. It seems that online casinos really don't feel being under the worst crisis during the pandemic.

Physical casinos are those that really got hit badly because of those obvious reasons. But soon they will go back to normal, that's for sure.

During the pandemic good number of cryptocurrency accepted gambling sites came into usage. The number keeps increasing even after the pandemic. During the lockdown out of covid-19, people are within their homes. More traditional Casinos too shifted their services online. In all time period the usage of gambling platforms never decrease, as people like you and me looking free money amidst the risk have turned to be common.

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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?

Online casinos seem just fine even during the worst days of the whole world because of the Covid-19 pandemic.

In fact, lots of news and reports referring to the growing big numbers of people that do online gambling during that time are everywhere, especially in European countries. It seems that online casinos really don't feel being under the worst crisis during the pandemic.

Physical casinos are those that really got hit badly because of those obvious reasons. But soon they will go back to normal, that's for sure.

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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?

Online casinos are the most stable industry online, if there's a struggle it is on the case to case basis and it's on one casino's mismanagement, not all casinos are the same some started with huge budgets and are backed by great teams, others have been online for many years even without Cryptocurrency if one casino is struggling its because they are not doing the right thing and that is right marketing and interaction to the community, the industry is growing fast and very stable those casino that cannot keep up will be eliminated.

goinmerry

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

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

It's no secret that during the pandemic, some physical casinos do some cost-cutting in order to save some companies' expenses while it's not possible for them to generate money because gambling establishment is not allowed to operate during the peak of the pandemic.

Right now, I think they already managed to cope with the situation and revenues are now starting to flow into their businesses.

I just hope that those employees who are being part of mass lay-off will be re-consider to get hired again.

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Quote from: DoublerHunter on November 05, 2022, 05:22:23 PM

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.

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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 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.

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Quote from: Accardo on November 05, 2022, 04:41:41 PM

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.

DoublerHunter

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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 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.

TimeTeller

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Quote from: Accardo on November 05, 2022, 04:41:41 PM

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.

Accardo

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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.

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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 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.

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

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.

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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?

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...

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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?

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.

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Quote from: Jating on November 04, 2022, 04:31:03 PM

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.

Topic: How are Online casino's and sports betting platforms coping? - page 6. (Read 1229 times)