The economy is unpredictable, with different sectors experiencing ups and downs. Companies are adapting to new trends and preparing for potential economic shifts. For instance, with a Bizzo Casino login, users can access online gaming platforms, adjusting their offerings in response to these economic uncertainties.
Writing this in November, it’s challenging to predict the state of the economy by January. Casino revenues have reached record highs, with many companies feeling optimistic about 2023. Yet, forecasts suggest that places like Las Vegas might slow down by 2024 due to inflation.
Developing Economic Patterns
High gas prices are hurting regional casinos. They are far from cities. Inflation is hurting the lower-end market. Food and heating costs will play a significant role in future revenues, and labor issues will persist.
In light of the changing economy, let’s look at trends affecting the gaming industry shortly.
Sports Betting Keeps Rolling Along
No other trend in gaming is experiencing growth like sports betting.
The American Gaming Association says 31 states and Washington, D.C., now offer sports betting. They do it through retail and online sportsbooks. Additionally, five states have legalized it but have yet to start. This does not include Tribal gaming, where sports betting operations are growing.
The AGA’s 2022 third quarter results press release said sports betting had a high win rate and growth in existing markets set a new record. Sports betting revenue was $1.68 billion, up 80.6% from last year. Revenue from sports betting through September reached a record high of $4.78 billion. This beat the full-year record of $4.34 billion in 2021.
iGaming Revenues Up
In September 2022, iGaming revenue in six U.S. states that allow online gaming was $412.5 million. These states are New Jersey, Michigan, Pennsylvania, West Virginia, Connecticut, and Delaware. Deke Castleman of CDC Gaming Reports says this marks a 20% increase from $329.9 million in September 2021.
Worldwide, the gaming demographic is trending younger. An article on the Voluum website by Monika Krawczyk says that 70% of online gamblers are 18 to 39, and half are 20 to 29. Men dominate online gambling, making up 82.4% of players, while only 17.6% are female.
The Envied Younger Demo Finally Showing Up
Gaming revenues were significant for most of 2022. Yet, the body count has gone down since 2019. Younger people are a bright spot. They are now attracted by mobile gaming and sports betting. Go figure. The way to reach younger people was through their beloved phones.
Younger people are mixing online gaming with casino visits. This is leading casinos to update their amenities. They will likely upgrade hotels, bars, and venues. They will add sports betting lounges to attract a younger audience.
The 65+ Demo Is Shrinking
Older people disappeared during the pandemic, and they are proving hard to bring back. Only some of this tough 65+ group remain on the sidelines. Their numbers shrank during the pandemic.
Rising prices and inflation are affecting older casino-goers on fixed incomes. Casino companies use data to tailor promotions for this crucial group. They schedule events earlier in the day and engage with visitors over 65. These efforts are essential for maintaining revenue.
Even More Efficiency
By any measure, casinos today are miles ahead in efficiency since the heady days 2019.
The pandemic taught casinos a lot. It taught them to adapt to change and improve operations and marketing. Casinos were efficient businesses that evolved to be even more efficient. Operators are preparing for economic changes, which will improve operations.
Casino and hospitality operators are reviewing budgets, procedures, marketing, and labor expenses department by department to prepare for an economic downturn predicted for 2023. The mantra for addressing efficiency today is to hope for the best and prepare for the worst.
Looking for a Brand-New Trend?
An article in Sportshandle mentioned that Colorado approved betting on U.S. ProMiniGolf Association events on Halloween, and Wyoming followed suit three days later. Betting on ProMiniGolf could be the next big trend!