World Gaming Community in midst of Pandemic
Let us just be realistic here; covid-19 turned is a pandemic that left gaming industry worldwide almost down to its feet. There are a number of things that can give signs that casinos both offline and online such as 918Kiss might have a hard time to fully recover.
Pre-pandemic, there’s been a decline in profits to a number of casinos. As an example, operators of Macau casinos have dealt with prolonged profit decline year after year. But there are regional casinos in the US as well as some clubs in Australia and New South Wales that are quick to recover and reopen. Casinos in other parts of the world however are expected to gather just half of its revenue that’s expected in the following year.
Chinese Government Restrictions
The strict policy of currency outflow in China for gambling purposes and the proposed crackdown on Mainland Chinese who travel abroad to gamble can’t have come at inopportune time. China wants to stop as well underground banking system wherein majority of its citizens are using to have accessibility to foreign currency and gamble.
Many of the Asia and Asian casinos depend largely on Chinese clients for their business to survive. As a matter of fact, the contribution of Chinese consumers to global gambling community is massive both in revenues and customer numbers.
By restricting access to money that is flowing out of China and making it difficult for these Chinese players to gamble abroad, the casino industry in other parts of the world will definitely be handicapped.
Depressed Economic Outlook
The IMF or International Monetary Fund projected that the global economic growth to be at -4.9% in 2020. Basically, it’s 1.9% lower than April of last year. Covid-19 has undoubtedly negatively affected gambling activity in first half of 2020 than what was anticipated and recovery is forecasted to be slower than what is initially thought of.
The IMF is estimating that in this year 2021, the global economy will try to bounce back and grow at 5.4%. this would lead to a GDP near 6 percent points lower before pre-Covid-19 projections of January 2020.
Pandemic-Related Restrictions
Restrictions on entertainment, gathering and travel are all restricted unless there is a workable vaccine for Covid-19. These restrictions will be limiting the number of patrons in gambling areas as well as social distancing that ought to be followed by gamblers. Of course, there are limits on the operation of non-gambling facilities similar to nightclubs, bars and restaurants.
