The credit crunch is in full swing and companies are dropping left right and centre. Although the gambling industry are not really feeling the heat yet, the financial crisis looks set to catch up with them. So lets look at the reasons the gambling sector will end up suffering.
1) Loss of earnings - People are losing their jobs as companies all over the world go into liquidation, these people will be looking to save every penny that they earn so they can feed their families and themselves
2) Scared of Risk - Most gamblers are not bothered about losing money, especially if they are good wage earners, because they know that at the completion of the month they will get their wage packet. But yet again they are afraid of losing their jobs and are trying to stay away from places such as gambling venues.
3) Jackpots will not be as big – You know that if you are playing Bingo, online poker or roulette that you are playing to win a huge jackpot. Because less people will be playing, it means less people will be depositing funds, so overall this will lead to much smaller jackpots.
So it just goes to show that in the long run no industry is safe from the credit crunch. The first wave of the credit crunch has caused a lot of casualties, but I feel the second wave will affect a lot more people.
So if you are a full time gambler then in this current crisis you should only approach gambling if you are confident enough that you can make a profit, otherwise you could end up losing a lot more than just money.