As more and more people across the world take to their homes to avoid the coronavirus, online casino operators and games developers have reported on a surge in activity on their platforms.
The latest one to do so is Playtech, which said that it has seen a greater number of its customers seeking out its online poker and online bingo brands. Being quarantined at home means that people have more time on their hands and are looking for fun pastimes from the safety and comfort of their homes. The group said that this could also be explained by the fact that there are hardly any sports events to wager on, since so many leagues and competitions have been cancelled due to the virus.
Playtech admitted that it had taken a giant hit by the coronavirus, especially across its sports betting platform. According to Playtech, it will cost the group some EUR4 million each month as long as the major sporting events don’t take place.
As a result of the forecast, Playtech said that it would be suspending all shareholder returns in order to conserve its cash.
Analysts say, however, that Playtech has enough liquidity to last it well into the second half of next year, even if the current level of disruption continues for a prolonged period of time.
Playtech announced that it had brought in a core profit of $32.5 million so far this year.