GROWTH OF ONLINE GAMBLING IN AUSTRALIA. PANDEMIC AND ITS IMPACT TO INDUSTRY
Combined with today's Covid-19 quarantine rules, people are outraged and seek solutions online.
How did the pandemic affect the level of gambling and betting?
Although online gambling on horse racing, sports tournaments, and other approved events are permitted throughout Australia, online gambling (including casino products) is not a strictly legalized activity (Interactive Gambling Act 2001)
Globally, online gambling is on the rise and betting/gambling has made the same progress as regular sports betting and online lottery in Australia. In the US, FOX Bet reported this week that the number of new online casino registrations and poker transactions has doubled.
Israeli company Optimove reported that the number of online poker games increased by 43% and the number of people playing online poker and slot machines increased by 225% for the first time since the pre-Covid-19 period.
Introduction of restrictions on online casino advertising
In the UK, the BBC reported on 20 May 2020 that the latest data (Google Trends) show that interest in UK online casinos has reached an all-time high since blocking began. The obvious problem is keeping track of the number of frustrating moments associated with the game, and the main goal is as little hassle as possible.
The UK Gambling Commission said the growth of online gambling has increased, but so far there is no evidence of an increase in problems with gambling. However, members of the UK Betting and Gambling Council recently volunteered to remove all game shows and radio ads within 6 weeks in response to Covid-19, with the agreement running 24/7 from 7 May to 5 June. (no sooner than).
This voluntary agreement is required by the Advertising Standards Office and the UK Advertising Practice Committee in March to alert the online gambling industry that its behavior, including the nature and frequency of advertising, is under control during the "lockdown". This is a global nuisance that governments, regulators, and industry must be aware of during the Covid-19 restrictions.
The emergence of new products in the world of betting
In Australia, sled dog racing has shown how resilient the sector can be in a crisis, with horse racing continuing most of the time, albeit without crowds.
Following the cancellation or postponement of most of the other major sports leagues around the world, interest has now shifted to those who are still active, making the sport a sport that will continue to be at the bottom of the list of betting options, for example, Russian Hockey, Cup North Tajikistan in basketball, Japanese tennis, football in Belarus, Ukrainian Cup in ping-pong and football in Nicaragua.
The markets for entertainment, news, and sports betting are growing.
Australian betting operators are also diversifying the range of entertainment and news markets available. More exotic products have recently been added such as betting on reality shows like Lego Masters Australia, weather conditions including temperatures above or below expected daytime temperatures in capitals, Hot 100 Triple J countdown, positive and negative quarterly fluctuations in the housing market in the town in Australia with results. will be confirmed by quarterly data from the Australian Bureau of Statistics, Nobel Peace Prize laureate, interest rate trends, and the color of the tie that will be worn by Prime Minister Scott Morrison at his next press conference.
The rise of esports
The release of news and entertainment products can be mixed. Unlike pedigree dogs, harnesses, and greyhounds, which are a lot of fun for players and are also a product with a higher margin for bookmakers, other products can be more long-lasting. This is especially true when it comes to betting on reality show results, and generally has little effect on the operator's financial results.
Esports is another relatively new betting industry that has grown significantly since the closure of sports. Esports betting has skyrocketed since Pinnacle made its first bet in 2010 and now bets on matches around the world are around $ 13 billion a year.
With the closure of live esports tournaments, tournament organizers such as ESL were able to quickly move live broadcasts from the local network to a remote online format. Excluding all the other traditional sports currently played, it makes esports more visible in the betting options available.
Operators need to secure the future of their business and interact with the government and regulators.
Epidemiologists in Australia and abroad have long been warning of the coronavirus outbreak and say pandemics will continue. However, the speed and severity of the next epidemic may or may not be as catastrophic as the one we are facing now.
Operators need to think about how they can “secure the future” of their businesses, especially those offering retail or limited online offerings. They should critically examine the following:
Contracts and agreements, including with suppliers,
Risk frameworks, which usually do not contain meaningful references to pandemics,
Insurance, including insurance against natural disasters and pandemic,
Responsible gambling practice, including in circumstances where there is a significant increase in online activity. Should I reset the red flag indicators?
Potential new revenue streams from Australian online real money casinos, innovative products that usually require regulatory approval, bets. Regulators can accelerate the use of sandboxes to evaluate new products, and other ways of working can help them be as resilient as possible to any future shocks..
In many of these areas, operators will work closely with government and regulators to change the way they do business today and continue to innovate (without increasing the risk of gambling damage) to prepare for what might happen.
- by Anastasiya
- Feb. 26, 2021