The sectors of the economy have also suffered very harshly in these circumstances. The cancellation of big public events like the UEFA Champions League, Olympics 2020, and other local leagues have endangered the economies even further. These events have been moved to 2021, where hopefully, everything will be normal. The cancellation of sports events led to the betting stations to close as well as the casinos.
However, with the worldwide lockdown being imposed, the demand for online entertainment is on the rise. Many companies have reported a significant increase in their online services, and websites and ISPs have even eliminated the limit cap in the usage of the internet. Online streaming services like Netflix, Disney+, and Amazon Prime Video are generating revenue in these circumstances, unlike they have ever seen. With almost doubling traffic seen on these services, it is expected to increase even more.
The gambling industry also suffered from closure in the pandemic. The venues were almost immediately told to shut down, which caused a sudden drop in revenue, with 87% in February 2020 and 93% in May 2020. The pandemic has made it impossible for gambling venues to open anytime soon due to the social distancing in place. However, with the lockdown beginning to soften up a little, the gambling venues are also expected to reopen in June with all the safety plans for precaution.
Online gambling is now being taken up by the gambling hungry people as they can have all the fun in the comfort of their armchair. The online gambling activity had the potential to rise amidst the coronavirus, but it didn’t reach its potential because of the negative hit taken by the gambling industry. Still, Google Trends shows the interest in the online gambling platforms since 2004, and the chart peaked in 2020.