Is the Economic Climate Having an Effect on the iGaming Industry?

2022 was a difficult year for many companies and industries and there are many things happening across the planet that have had an impact on the economy. We are still coming out of the pandemic, which was a massive blow to many businesses and the prices of energy and food have gone up over the past year. It is fair to say the economic climate is currently unstable but what effect is it having on the iGaming industry?

iGaming and the Pandemic

Not every industry suffered during the worst of the pandemic and the iGaming industry performed better than most, which can be seen in the results posted by 777 gaming and STS to name a few big names. The fact so many people were asked to stay at home saw more people turning to the internet for entertainment. While there were no live sports on which to bet, online casinos continued to operate, with slots and table games available to play.

For those who wanted to bet on sport, virtual sports provided a suitable alternative until real sporting action returned. Also, with land based casinos forced to close their doors, some gamblers played casino games online for the first time, further adding to the number of people participating in iGaming. So, as far as the pandemic is concerned, the iGaming industry performed above average.

The Current Economic Climate and iGaming

With the pandemic hopefully a thing of the past, the economy faced fresh challenges throughout 2022. Due to the circumstances in Eastern Europe, we have seen energy prices rise at a remarkable rate and this has led to many households being forced to prioritise where money is spent. Some of the money that would normally have been available for leisure activities, such as iGaming, is now having to be put towards playing the bills.

The price of food has also increased and that also has a drain on money that would have been used for entertainment. There is no getting away from the fact the majority of people have less money in their bank account at the end of the month now than they did one year ago and it is having an impact on many entertainment industries. People are having to find ways to save money but still enjoy their favourite activities, with iGaming being no different. Alex Windsor at gamblingpromocodes.com has seen an increase in players looking to get bonus codes to play with free money. Bonus codes work by offering additional funds with which to bet at an iGaming website. The bonus could be 100% on the first deposit, meaning you would receive double the amount of money with which to play. Some online casino bonuses offer free spins on the slots and some bonus codes can provide no deposit bonuses, meaning you do not have to spend any money to play. Thanks to the current economic climate, more people are searching for bonus codes online before joining gambling sites.

How iGaming Can Boost the Economy

iGaming can have a positive impact on the economy. If we take the United States as an example, most states that currently regulate iGaming will take tax from the revenue of the iGaming companies. The more people participating in iGaming, the more money in taxes the state will receive. Some of this money goes toward social care and it can be argued that this includes problem gambling. However, it does not stop there and the money generated from iGaming in taxes goes towards public health, sports activities, and improving the infrastructure of the state.

In addition, as iGaming continues to perform well, it leads to more opportunities for growth within the industry and that in turn means more jobs. More jobs leads to more taxes, so while the economic climate does have an effect on the iGaming industry, the iGaming industry can also have a positive impact on the economy.