How different events influence the iGaming market
The COVID-19 pandemic, IPL 2024, and political events have impacted the iGaming industry. Blask tracks market declines during lockdowns and post-lockdown growth. Major events like sports and political unrest drive market changes.
In the world, there is always something happening—whether it is good or bad, significant or minor, local or global. For instance, we have the COVID-19 pandemic, political upheavals, and sporting events.
Let us delve into how various events impact the iGaming industry and examine Blask's opportunities for a comprehensive analysis of how these occurrences influence the growth or decline of the market.
The COVID-19 pandemic and its impact on iGaming.
Debates continue regarding the necessity of lockdowns, the justification for restrictions on freedom of movement, and whether the virus was truly as dangerous as portrayed. Nevertheless, what happened has happened.
We can identify two significant consequences!
Let’s examine the Blask Index charts for Poland, Tanzania, and India—three countries on three different continents.
Market decline during lockdowns.
In all three cases, we observe a decline in February and March, followed by a record-low Blask Index in April 2020, precisely during the peak of fear and uncertainty.
It can be concluded that fear and a sense of uncertainty outweighed the desire for entertainment.
Perhaps people allocated their savings to stockpiling groceries or medical expenses, leaving no budget for betting and gambling.
Rapid growth of the iGaming market post-lockdown.
In the summer and autumn of 2020, as restrictions began to ease and people adapted to the new situation, the economy gradually started to stabilize, along with a renewed interest in the iGaming industry.
However, we are witnessing not just a return to previous levels but a remarkable surge! What factors contributed to this?
- People, having been confined at home, sought new forms of entertainment. Some built gaming PCs or purchased PlayStations, while others turned to online betting.
- Remote work from home saved commuting costs and simultaneously freed up a few hours of time.
- Those who previously visited physical casinos tried online gambling.
- This period also saw an active integration of cryptocurrencies and blockchain technology, simplifying payments for iGaming products.
Once, in an article discussing various forms of iGaming entertainment, we noted that if an event carries any level of uncertainty, bookmakers are quick to accept bets on the outcome. A similar situation occurred during the COVID-19 pandemic, with some iGaming brands beginning to accept bets on pandemic-related events: whether new restrictions would be imposed, who would be the first to invent a vaccine, and when it would all come to an end.
iGaming marketers adeptly harnessed these trends and elevated the entire industry to a new level!
Sports events and their impact on iGaming.
The Blask team conducted a detailed study on the impact of IPL 2024 (Indian Premier League 2024) on the iGaming entertainment market in India. We observed a day-by-day increase in interest and recorded changes in brand positions. For more details, you can refer to the link: IPL 2024 impact on Indian iGaming — Blask Team Analysis.
In this article, we will explore the IPL's influence in a more superficial manner.
The Blask Index chart for India shows two notable peaks: in April 2023 and May 2024, coinciding with the IPL events.
What conclusions can be drawn if you represent an iGaming brand?
- Major sporting events significantly contribute to market growth, attracting new players while engaging existing ones even further.
- After the events conclude, metrics are likely to return to their usual levels. So, act quickly and capitalize on the trending topic while it’s still relevant!
With Blask, you can track changes in Blask Index during sports competitions, both for individual brands and the overall market in the country. Blask updates the data every hour, allowing you to stay on top of developments and promptly adapt your marketing campaigns to align with market realities.
Soon, the Blask team will launch a new product — an events calendar. Right now, you can view changes in the Blask Index metrics and manually correlate this data with events that occurred during that time. The upcoming Calendar from Blask will do this for you! You will not only see growth, stagnation, or decline but also the events that led to those outcomes. Stay tuned!
Political events and their impact on iGaming.
In the summer of 2024, Bangladesh, one of the world's fastest-growing economies, experienced mass protests that culminated in the Prime Minister fleeing to neighboring India.
- The bad news: during the protests, the iGaming market plummeted by more than 90%.
- The good news: the iGaming industry in Bangladesh has fully recovered.
The Blask team, in collaboration with NEXT.io, conducted a detailed study on the impact of this political event on the iGaming market in Bangladesh. We tracked the decrease in interest over the days and recorded changes in brand standings. Further details can be found in the report: Political turmoil causes Bangladesh's iGaming downturn.
We conclude that when a country is in a state of instability, people prioritize monitoring events, relocating to safer areas, or actively participating in protests over gambling and betting.
Additionally, it is noteworthy that if political protests resolve in favor of the demonstrators, the iGaming industry quickly returns to its previous levels, as if nothing had happened. You can monitor even such fluctuations with Blask.
Blask tracks everything!
Regardless of whether an event is small or large, global or local, its effect on the iGaming industry will not go unnoticed.
Blask updates data on all known iGaming brands across each accessible country every hour, allowing you to monitor the impact of events on the market in real time. Additionally, in the future, you can compare data with events on an hourly granular level and draw insightful conclusions.
In this article, we have analyzed events solely using the Blask Index metric, which reflects public interest in iGaming entertainment. However, you can also analyze events and their consequences through financial metrics such as eFTD and eGGR, as well as delve into changes in the Relative Market Share of brands.
For example, in the chart above, we observe that IPL 2023 in India not only led to an increase in the Blask Index but also boosted the estimated First-Time Deposits metric. Consequently, we can further conclude that major sporting events indeed attract new audiences to iGaming entertainment.
Frequently asked questions.
How did the COVID-19 pandemic impact the iGaming industry?
The COVID-19 pandemic brought both a decline and a significant post-lockdown boom in the iGaming industry. During lockdowns, fear and uncertainty drove people away from online betting, with many prioritizing essentials over entertainment. However, once restrictions eased, the industry experienced an unprecedented surge as people sought new forms of entertainment, including online betting. The pandemic also accelerated the adoption of technologies like cryptocurrencies, making payments easier in the iGaming space.
Why did the iGaming market decline during lockdowns?
During the lockdowns in early 2020, fear and uncertainty dominated people's minds. Savings were diverted to essential items such as groceries and medical supplies, leaving little budget for gambling and betting. This led to a significant drop in market activity, as evidenced by the Blask Index reaching a record low in April 2020.
What contributed to the post-lockdown growth in iGaming?
The iGaming industry not only bounced back post-lockdown but surged to new heights. This growth was driven by people seeking new entertainment after months of restrictions, the rise in online gaming, and the switch from physical casinos to online platforms. Additionally, remote work allowed people more free time, and cryptocurrency integration streamlined payments, making it easier to participate in online betting.
How do major sporting events influence the iGaming industry?
Sporting events like the IPL (Indian Premier League) have a significant impact on the iGaming market. During the IPL, Blask Index for India showed sharp peaks, indicating increased market activity. These events attract new players and re-engage existing ones, creating a temporary surge in betting activity. However, after the event concludes, metrics tend to return to normal levels.
What can iGaming brands do during major sports events like IPL?
iGaming brands should act quickly during major sporting events to capitalize on heightened interest. By tracking real-time changes in the Blask Index and adjusting marketing strategies accordingly, brands can engage new users and drive more traffic. The post-event period often sees a return to normal levels, so timing is critical for maximizing gains.
How do political events affect the iGaming industry?
Political events, particularly unrest or instability, can drastically impact the iGaming industry. During the 2024 protests in Bangladesh, for example, the market plummeted by over 90%. People focus more on the immediate situation, either by actively participating in protests or relocating, leaving little room for entertainment or betting. However, when stability returns, the market often rebounds quickly, as seen in Bangladesh’s case.
Can the iGaming industry recover quickly after political turmoil?
Yes, the iGaming industry has shown resilience in the face of political turmoil. After political events resolve—especially if in favor of the demonstrators—the market often returns to previous levels swiftly. The recovery in Bangladesh after the summer 2024 protests is a testament to this, with the iGaming industry bouncing back as stability was restored.
How can real-time data tracking benefit iGaming brands during events?
Real-time data tracking, such as the hourly updates from Blask, allows iGaming brands to monitor market fluctuations during major events, whether they are sports competitions or political turmoil. This enables brands to adapt quickly, optimize marketing campaigns, and make data-driven decisions to stay competitive.
What role does cryptocurrency play in the iGaming industry?
Cryptocurrency has played a significant role in the recent growth of the iGaming industry, particularly post-pandemic. It simplifies payments, making it easier for users to deposit and withdraw money, especially in regions where traditional banking options are limited. This innovation has allowed iGaming platforms to attract more users and expand their market reach.
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