22 June, 2021 #Gambling

Revenue At British Columbia’s Casinos Is On The Decline

British Columbia 

2020 was a tough year for the gambling industry in Canada, as the recent pandemic has ruined normal business life in the country. Casino enthusiasts in British Columbia have been frustrated for more than one year as land-based gambling ventures in this region are closed from March 2020. While the date of reopening is still discussed, the players might enjoy the advantages of virtual gambling. There are a lot of great variants available on the modern market. As an example, established in 2019, Casino Chan casino offers a broad array of fantastic games, including a live dealer option, plus luxurious promotions for both new and existing customers. In this way, fresh online gambling platforms thrive while even reputable land-based casinos have financial problems.

With brick-and-mortar casinos taking losses, it’s hard to predict how fast the industry will recover. However, it seems that the most prominent casinos in B.C. were in the decline even before the COVID-19 pandemic.

Losses for casinos in British Columbia 

According to recent data, casinos announced a 17.7% decrease in revenue when it comes to table games between 2015 and 2019. The profits went down from $26.7 million to just $22 million. Slot machines demonstrated somewhat better during the same years except in 2019 when profits from slots reduced from 61.3 million CAD to 60 million CAD.

As we’ve mentioned, the most influential Canadian casinos reported financial losses even before the coronavirus restrictions. One of the biggest gambling spots in British Columbia announced that its profits dropped by 11.3 percent in 2019. While this number was $323.7 million in 2018, in 2019, it decreased to $287.2 million.

What changed during the pandemic

Numerous experts predicted that the gambling industry in Canada would rebound from its lowered profit to earn more in 2020. Unfortunately, that prognosis didn’t come to reality. Instead, many ventures had to close down to help combat the virus outbreak that would soon break the world remarkably.

The lockdowns turned into a tsunami of job cuts for thousands of casino employees. Closings also caused incredible losses for the companies and decreased tax income for the local government. Fortunately, the break in gambling activities wasn’t permanent as some companies were able to resume their work between June and August.

Online gambling platforms: a good alternative? 

Online gambling

Virtual casinos have picked up the steam in Canada for the prior several years. Actually, these sites have been recognized as the cause why several land-based casinos in British Columbia have experienced financial struggles. Does that fact make e-gambling the perfect option for Canadian gamblers? 

In fact, it depends on the players’ preferences. It seems that the Federal Government isn’t ready to legalize online gambling at the national level. Nevertheless, many provincial authorities went further allowing lotteries, card games, poker, or even slots at the local levels. British Columbia was the first region to authorize online gambling in the country, so the future of virtual casinos there appears to be promising. 

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