How Online Casinos Took Advantage of Lockdowns and New Gambling Laws in 2020

This contributed post is for informational purposes only. Please consult a business, financial and legal professional before making any decisions. We may earn money or products from the affiliate links in this post.

It’s been nearly two years since the COVID-19 pandemic and mass lockdowns first occurred. Since that time, people and businesses have found a way to make adjustments to survive during these times. When lockdowns started happening, casinos shut down, leading casino employees to become unemployed while casinos stopped seeing profits from the gamblers that came to their casinos.

Two Things That Helped Casinos in 2020

But there would be two things that casinos would take advantage of during these times. The first would be the ability to gamble on an online casino. That allowed Vegas casinos with an online presence to keep the money rolling in while their brick and mortar casinos were shut down. 

People with a computer or phone could play their favorite slot machine games or even the virtual version of their favorite table game using their favorite online casino.

The second thing would be each state passing laws allowing for sports betting online. As the number of states allowing online sports betting grew, the number of people that casinos could offer sports betting services also increased. With the combination of these two things, casinos would see some of their most considerable profits for the year.

Online Casinos Give Gamblers Easy Access to What They Want

While flying out to Vegas isn’t the easiest thing, having access to Vegas games and betting options is easy with the online casinos people have access to. That ease of access has given gamblers the ability to gamble from the comforts of their home without having to book a flight or hotel room.

While people still want the Vegas experience, the option makes it easier for gamblers who don’t care about walking on the Vegas strip during their downtime from gambling.

The online casinos have all the games that gamblers like that are looking for when it comes to gambling. They aren’t looking for the flashy lights or the shows of Vegas; they are looking for a betting experience that they can enjoy. Online casinos offer table games, slot machines, and sports betting online from their website or mobile app.

Online Casinos Cut on Overhead for Casinos

Brick and mortar casinos have a lot of overhead to stay running, while online casinos don’t have the same type of daily overhead. Online casinos cut down on costs associated with a standard casino, which can help them rake in more profits. 

Online casinos also allow for a casino to be accessible from anywhere, which gives them further reach to increase their revenue. These things might lead to a transition to online casinos only at some point.

Online Casinos Can Accept Cryptocurrencies for Gambling

Yet another thing that an online casino has over your casinos out in Vegas is they can directly accept cryptocurrencies like Bitcoin for gambling purposes. Casinos out in Vegas cannot directly take cryptocurrencies for gambling purposes. However, some casinos offer the use of Bitcoin for purchases in their gift shops, hotels, and restaurants in the casino. 

Some Vegas casinos also have ATMs to convert your Bitcoin into cash to gamble with. Still, due to a lack of regulation laws on cryptocurrencies for gambling in Vegas, casinos can’t take crypto for gambling directly.

While that might one day change for Vegas casinos, online casinos already have a leg up on Vegas when it comes to gamblers that prefer cryptocurrency over fiat for their gambling needs. 

Online casinos have seen the advantages of cryptocurrencies and their popularity with the new generation of gamblers. That puts them ahead of the curve against Vegas casinos.

Stuck at Home With Money to Burn: The Perfect Storm for Online Casinos in 2020

While the COVID-19 pandemic also shut down businesses outside of Vegas during its beginning stages, governments also gave people money, which gave them extra money that some people put into online gambling.

That extra money, along with lockdowns keeping people at home and more states legalizing online gambling, helped online casinos rake in the capital. In contrast, Vegas casinos closed their doors during the pandemic’s beginning parts, costing them money that they would only recoup from their online casino option.