The effects of the COVID-19 pandemic have hit the world’s major business markets, including the sports betting industry. During the first quarter of this year, March Madness was canceled, and other sporting events have faced setbacks. Although the NFL and NBA pushed through, ticket sales profits were no longer expected because they don’t allow audiences at the venue.
Like other industry sectors, the sports betting market has also faced unprecedented revenue loss this year. Huge restrictions are being placed while most parts of the world are under quarantine, which hinders sports aficionados from attending these events to wager. Despite online betting availability with books such as BetOnline, financial loss is still a big challenge because these sports have reduced their betting markets.
So, where do sports betting markets stand in this time of global health crisis? Do sporting events still make sense of continuing the league without audiences? How does this affect every bettor’s probability of winning in every risk they make? Let’s learn the positive and negative impact of the COVID-19 pandemic on the sports betting trade.
Admitting the fact that almost 80% of the world’s population are required to stay at home to avoid the spread of the Coronavirus, this still positively impacts the betting industry. With the help of technological advancements and generous online bookies, punters can gamble and earn at the comfort of their home.
Here are some of the benefits and positive contributions of the COVID-19 pandemic to the sports betting market.
Trends And Diversification
Because the betting industry has reduced the number of betting markets you can wager, this led to the rise of other online betting trends. Some bookies offer live bingo, scratch cards, slot machines, table games, and even poker. This might sound like a traditional betting game, but they play a significant role today, replacing sports bets.
Another diversified sport betting that you can play online is Daily Fantasy Sports. These are popular in the NFL, NHL, and NBA. In this sports betting game, you have a chance to form your dream team and compete with other fantasy players online. Once you do that, you have to find the fantasy category you must play and earn as much as possible.
Increase in Fantasy And eSports Betting Demand
Before the COVID-19 pandemic hit the world, many fans and bettors were going to the venue, witnessing the games and gambling on them. However, after it hit every industry sector, the fans are no longer allowed inside the field and are advised to bet online. With few sports betting categories provided by bookies due to the limited number of sports, another betting game comes in tremendous demand.
It refers to eSports and Fantasy games. Many bookies are now leveraging these types of virtual games so the industry won’t suffer. It will provide punters another opportunity of gambling and earn a considerable amount of money. Some of these bookies highlight live eSports and fantasy games with free streaming so you can gamble in real-time.
While online bookies are useful these days, contributing much to the positive impacts, the COVID-19 pandemic is a big hassle we all can’t escape. Aside from the huge revenue loss, some concerns related to increased gambling, video gaming, and mental health risks are dangerous to every punter.
Online Gambling Exaggeration
The rise of online sports books is advantageous to every punter because they can wager anytime and anywhere they like. But because of the lack of other activities, especially that stay-at-home rules are imposed, these bookies are prone to abuse. Many punters are taking risks, even on those unrealistic bets, not knowing they’re slowly losing money.
Mental Health Risks
Since bettors can access online bookies anywhere they like, this can lead to gambling addiction. That said, mental health issues are an immediate side effect that is dangerous once neglected.
Where Does the Betting Industry Stand At This Time?
Looking at the sports betting industry as a whole, it is still doing well in the market amidst the COVID-19 pandemic. The greatest challenge that this industry is facing is the revenues from ticket sales and the hype they get from the fans.
On the other hand, online bookies are great contingency plans to consider because, with the help of a mobile phone, punters can still gamble. Although you won’t see the games physically, the goal of sports betting is to enter a gambling game where you earn considerable bucks regardless if it’s a big or small league.
Every business suffers a loss of revenue, which is brought by many factors. However, with the problems caused by the COVID-19 pandemic, the sports betting market was immensely affected. When all of this is over, this industry will indeed get back up and find a way to earn what they’ve lost today.