As the Philippines is one of the fastest-growing economies in Southeast Asia, it comes as no surprise that its 747.live casino login online casino industry has also seen exponential growth. In fact, according to data from iGaming Business Magazine, revenue from this sector grew by over 300% between 2015 and 2018!
However, there are some concerns about how effective COVID-19 will be at regulating this industry. Therefore, we decided to take a closer look at what exactly COVID-19 means for online casinos in the Philippines and how it might affect their future success or failure.
Impact of Lockdowns on the Online Casino Industry
The closure of physical casinos has a huge impact on the online casino industry. This is because it reduces the demand for online casinos, which in turn affects their revenues.
In addition to this, there are also other factors that can affect consumer spending in an online casino:
- The number of players who play at these sites;
- Their average bet size; and
- The time spent playing games (the longer people spend playing games on a site, the more money they’ll spend).
The Rise of Online Gambling in the Philippines
The rise of online gambling in the Philippines has been a trend since 2018. As COVID-19 was passed, it opened up new opportunities for operators to enter the market. This led to an increase in online gambling activity and growth of online gambling operators as well as other players in this industry.
The passage of COVID-19 gave rise to several issues that need to be addressed before we can say that we have a sustainable industry with good practices and regulations that protect players from frauds or scams by unscrupulous operators who may take advantage of their ignorance about how things work here in our country’s capital markets system (or lack thereof).
Impact of COVID-19 on the Online Casino Industry’s Revenue
- Decrease in Revenue Due to Lockdowns
- Decline in Consumer Spending
- Challenges Faced by Online Casino Operators
Impact of COVID-19 on the Online Casino Industry’s Players
The COVID-19 Act has had a significant impact on the online casino industry in the Philippines. The law has led to a shift in consumer behavior and increased demand for online casino games, especially among young people.
The government’s social distancing measures have also led to an increase in online gambling activities among Filipinos who are looking for ways around these restrictions.
Impact of COVID-19 on the Online Casino Industry’s Regulations
The COVID-19 has affected the online casino industry in a number of ways. First, it has changed regulations on gambling in the country. For example, before this law was passed, there were no restrictions on how much money could be deposited or withdrawn from an account at any given time. Now there are limits on both deposits and withdrawals depending on how long you’ve been playing at a particular casino–the longer you play there without making any withdrawals, the higher amount of money they can allow you to take out at once (up to $10k per month). This means that players who have been playing at one site for years may find themselves unable to access their funds because they’ve reached their monthly limit while newer players will be able to withdraw more easily since they haven’t been playing long enough yet!
This increased scrutiny has also led some operators like Bet365 Philippines Corp., which owns popular brands such as bet365 Casino & Sportsbook among others; Global Gaming Solutions Incorporated (GGSI), which operates GGSI Online Casino & Sportsbook; and PAGCOR Entertainment Corporation (PAGCOR), which runs its own gaming platform called PAGCOR Online Casino & Sportsbook among others;
Impact of COVID-19 on the Online Casino Industry’s Security
With the passage of COVID-19, online casinos and gaming operators are now required to adhere to a higher standard when it comes to security. This means that they need to implement more robust measures in order to protect their players’ information and personal data.
One of the main challenges posed by cyber criminals is phishing, which involves sending fake emails or messages with malicious links or attachments that can infect your device with malware if clicked on/opened. Another common attack method is social engineering: hackers will try tricking users into giving away sensitive information like credit card details by impersonating a trusted brand or individual (like an admin).
The Philippines has been ranked fifth in terms of global ransomware attacks according to Symantec’s 2019 Internet Security Threat Report (ISTR), so it’s no surprise that online casinos have become targets for cyber criminals looking for ways around COVID-19’s strict requirements for payment methods such as Paypal, Skrill/Moneybookers etcetera
Impact of COVID-19 on the Online Casino Industry’s Technology
The adoption of mobile gaming is expected to continue in 2019. This means that more players will be accessing online casinos on their smartphones, as opposed to desktop computers.
Mobile gaming also opens up new opportunities for developers and operators, who can now create games specifically designed for mobile devices. In addition, virtual reality technology has become increasingly popular among casino players because it allows them to immerse themselves in a realistic environment while playing games like blackjack or roulette.
The increased use of artificial intelligence (AI) software is another trend that we expect to see next year; this type of technology allows casinos’ servers to learn from past player behavior so they can make better decisions when serving up recommendations based on what you’ve done before at the table or slot machine.*ENDWRITE
COVID-19 is a law that aims to regulate the online gaming industry in the Philippines. It was passed on March 27, 2019 and took effect on April 1st of the same year. The main purpose of this law is to protect players from being scammed or losing money due to fraudulent practices by casinos and other gaming establishments. However, there are also some changes that affect how you play your favorite games at an online casino site such as COVID-19’s requirement for casinos to use SSL encryption technology when processing payments; this prevents hackers from stealing your personal information such as credit card details or passwords when placing bets online.
COVID-19 has had both positive and negative impacts on the Philippine gambling market since its implementation last year:
- On one hand, it has helped boost tourism revenues by attracting more tourists into visiting our country because they know they can trust our government when it comes down to regulating their safety while playing games online (this means fewer scammers!).
- On another hand though…it might be too early yet for us Filipinos who want nothing more than just having fun without worrying about anything else except maybe winning big jackpots 🙂