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Why does the gambling industry boom in times of economic hardship?

by Staff Writer
11 Oct 2021 at 14:01hrs | Views
There is no doubt that recent times have been tough economically for many countries around the globe. While some nations might have been facing hard times anyway, Covid-19 has really put a spanner in the works for many. The ongoing pandemic hit many key economic areas that countries rely on to stay prosperous. In Zimbabwe, this has led to a severe economic downturn that is still being felt.

The same is true for other countries around Africa but also further afield, such as the UK and the USA. Despite all this, there are always some industries that seem immune to economic problems and actually thrive when times get bleak. The gambling industry is certainly one of these and seems to boom when economic hardship is prevalent. This saw the sector enjoy a tremendous 2020 and actually record strong growth, mainly due to online casino play.

South Africa, for example, is turning into a real online gambling powerhouse on both a domestic and global scale. This sees it generate billions in gambling revenue per year and attract millions of players in the country. If you do call SA home and want to play casino games online, remember to check out a trusted mobile casino review for South African players first. This positive picture for online gambling is also being seen in Zimbabwe, where regulation from the Gaming Act is helping it grow.

With the global online gambling market size predicted to increase to over $70bn in 2021, there is no sign of a slowdown. But why does gambling seem to boom when economies tank?

Something to fill spare time with

In times of economic hardship, people start to lose their jobs or get less hours at work. In addition, the effects of this can see them unable to enjoy their usual pastimes, such as meeting friends for drinks. All this leaves a big gap in their daily schedules, which they need to fill. This causes more people to become involved in gambling, because they have the extra time to do so. Playing casino games is also a great way to pass time quickly and helps keep boredom at bay.

Gambling is enjoyable when times get hard

As well as economic hardship affecting your career and salary, it can also make life feel depressing. With no job to go to every day, people can soon feel down and stressed out. When this happens, they naturally look for fun things to do that will help cheer them up. Gambling is one such activity and not only helps you forget about your problems but is also exciting and fun. Whether you go for poker, roulette or slots, games like these are an ideal way to forget your problems for a while. As a result, tough times actually provide ideal conditions for the gambling sector to grow.

Chance to make money

While there is no guarantee of success, it is true to say that you could win money when playing casino games. This chance to bring in much-needed income when times are tough is a big draw for many people. This in turn explains why the whole sector booms during economic depressions. As more people lose their usual source of income, more are drawn to casino games as a way of making money to live on.

Online gambling easy to access

In terms of modern gambling in countries such as Zimbabwe, online casinos prosper during hard times because they are so accessible from anywhere. Whether you opt to play from a laptop at home or a smartphone on the move, iGaming sites make it super easy to play top casino titles. This means that economic hardship, which keeps people at home and impacts on other industries as a result, does not really touch gambling.

Gambling sector looking to a bright future

As the impact of Covid-19 in Zimbabwe schools grows, the country might not yet be out of the woods economically. This is also true for a lot of other nations in Africa and around the world. There is no doubt that the gambling sector in Zimbabwe and across the globe is looking ahead to a bright future, though. Gambling (especially online gambling) is actually well suited to prospering when other sectors falter. As more people turn to casino games to fill their time, have fun and maybe even make a little money, you will see the industry making even more upward gains.
Source - Byo24News