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COVID-19 and the impact on industry in Crypto Gambling

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COVID-19 and the impact on industry in Crypto Gambling

The coronavirus pandemic has also greatly affected the industry that has developed around games and betting. This is because many sporting events have been canceled or postponed to minimize virus transmission.

 

In basketball, the NCAA canceled all of its tournaments and NBA postponed right all season.

But the biggest blow to football fans. The top ten football events, such as Euro 2020, have been delayed for 2021. The Champions League and the Europa League, which have been held indefinitely, are no exception. MLS delayed until May 10.

 

Canceled sporting events mainly affect those who accept bets. However, the casinos also got a big blow. Physical casinos earn most of their profits with the help of tourism and travel. But that is now completely out of play in most states. Casinos are experiencing great challenges as well as sports betting. The coronavirus pandemic affects every sector.

 

Las Vegas and Macau are two popular gambling destinations. Both areas lost great profits. Macau lost 88% in February 2020 compared to last year. Most countries where such centers are located try to limit the spread of the virus. Where there is tourism.

 

Online casinos are on the rise during the coronavirus pandemic

 

As outdoor activities are widely banned, many people start spending their time even more within the online world. The same is true for players who migrate their activities to online casinos. Betting on the Internet is experiencing a huge boom as more and more people are searching for it. The customers of such casinos can play thousands of games together and against each other. They don’t even have to come out of the house.

 

Another benefit of online casinos is that you can pay with the help of cryptocurrencies. This removes the need for a third party such as a bank from the transaction. It may not have access to your sensitive data at all. Cryptocurrency casinos offer players the choice of a wide range of tokens. They will then use them to fund their account. Cryptocurrencies, unlike fiat, cannot be traced to banking history. This is great for those who want to separate their banking and gaming activities well.

 

However, many people fear that cryptocurrencies will be unstable. This feeling is reinforced by the fact that all assets are under pressure from a coronavirus pandemic.

 

But cryptocurrencies have shown several times during such times that they are not as unstable as many believe. In traditional forex markets, the volatility indices affect ATH. For example, VIX or TVIX.

 

On March 13, Bitcoin came close to 50% of its price. Since then, the price has consolidated and has maintained stability around the price of $ 5,000. A week later it traded at 5400 USD and today it is around 6500 USD.

 

This price evolution is the opposite of the predictions that spread over the internet last week. They predicted that cryptocurrency markets would sink even further with traditional markets. However, this development in the price of Bitcoin and the rest of the altcoin market points to the exact opposite. Cryptocurrencies are not exactly correlated with traditional markets.

 

Cryptocurrencies help players enjoy the freedom of online casinos. Digital assets were also used to mitigate the effects of COVID-19. Charitable collections in the BTC received, for example, the Italian Red Cross, which struggled with a lack of material.

 

This cryptocurrency initiative exceeded its objectives three days after its launch. A total of $ 10,000 was donated to the BTC. The organization has already begun buying the necessary equipment for hospitals. The campaign collected over $ 26,000 at the time of writing and is still ongoing.

 

Summary

 

Online gambling and virtual casinos are booming. As people have to remain isolated in their homes due to the coronavirus pandemic, so is the interest in such services. A good crypto currency casino for leisure is the 1xBit, which offers a wide range of games and a quality gaming experience. This limits the transmission of the virus.

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