The novel COVID-19 virus is wreaking havoc in most countries and while experts assure us that we’ll eventually get through this crisis, people wonder if, even when the world recovers, will their jobs still be there?
Industries across the globe are bearing the brunt of the pandemic, with efforts to contain and limit the spread of the infection. But many companies are not only asking when will this end but what will their business look like after the dust has settled.
As every country, Malta is affected and impaired, perhaps even more so, because gambling is a major part of its economy, an industry that’s also feeling the effects of the pandemic.
One might say that all bets are off now that casinos around the world have shut down. You cannot find an open establishment on the Vegas strip, and it’s not clear if this industry that boasts an annual revenue of $261 billion can hold on. When it comes to sports betting, things are grimmer. With no sporting events being held anywhere, outside a few countries like Belarus, this gambling sector loses $140 million in a single weekend, in the US alone.
The digital gambling sphere has been on a continuous climb since it started in the mid-1990s, however, during the past two months, online gambling providers have reported a surge in activity. In many countries like the UK, seasoned players are on the prowl to find the best online casino the UK has to offer. The main reasons for this spike are the convenience, variety, and quality these services provide. You can choose from a vast selection of games on your phone from the comfort of your living room. Many of these companies also have long-standing relationships with players and provide SSL encryption and secure payment processes that ensure the safety of their clientele.
Will governments help and should they? They definitely should. It would be devastating to the industry to find out that after decades of contributions to the economy, they might be excluded from relief funds or special loans. With no customers, they have no recourse on how to cover their expenses and are heading towards huge losses, the biggest in the sector’s history.
In the US, close to a million people are employed in the gambling industry, while in the UK, that number is around 94,600. Gambling is directly responsible for filling a country’s budget through taxes, and indirectly as a driving force in the tourism and hospitality fields. It’s a major part of many country’s economies, as well as Malta’s. So, it’s essential the industry survives.
In the US, casinos have joined forces with the airline industry and have asked Congress for help to get through these trying times, hoping that this plead will be answered with bailout packages. Though the gaming industry might not seem indispensable at first glance, there is no doubt that not only many homes and families depend on it, but whole countries too.