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COVID-19 Will Significantly Impact the Italian Gaming Market
- March 19, 2020 By Riley Wilson -
The global outbreak of the COVID-19 virus has had a significant impact on the gambling industry around the world.
Italy, which has been hit hard with the virus, closed its gaming venues – including betting shops and bingo halls – last week, and according to available information, they’ll stay shut at least until early April.
A Country in a Lockdown
When it comes to Italy, the entire country is now under lockdown due to COVID-19. There are no weddings, no funerals, no sporting events, while citizens are advised to avoid travelling. Since last week, football competitions around the continent have been suspended, while UEFA announced that European Championship would take place in 2021.
Let’s get back to the situation in Italy. According to Alessio Crisantemi, one of the leading experts explained that the retail gambling industry hadn’t completely stopped. Crisantemi explained that amusement with prizes (AWP) machines were still available in hotels, restaurants and bars across the country, although we’re not so sure that Italians are quite keen on gambling at this moment.
All these venues will have narrowed activity hours, as they’ll be open from 6 AM to 6 PM.
We’ll Know More Once the Outbreak is Over
Experts in Italy agree that the full impact of the COVID-19 outbreak on the country’s gambling industry will be clear once things are back to normal. H2 Gambling Capital estimated that the industry could expect a year-on-year drop in revenue of 8% at the end of the year.
When we compare the situation in Italy with shutdowns in Asia – primarily in China, Hong Kong, and South Korea, we can expect a minimum decline of 1% for the original estimate of $475 billion, also made by H2 Gambling Capital, but before the outbreak.
Of course, these numbers can be further impacted by COVID-19 – unfortunately, for the wore. Once the numbers from other markets are available, we can get the full picture. Once the outbreak stabilizes, we’ll have more time to access the situation.
The industry will feel the impact of the virus. You can bet on it… especially since there’s not much to bet on right now.