What Happens To Gambling When Sports Shut Down?

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What Happens To Gambling When Sports Shut Down?

November 16, 2020, by Nedim Maric

Sports

What If Sports Shutting Down? What Will Happen To Gambling Industry?

Sports are the raw material that nurtures the sports betting business. When sports stop, for whatever reason, gambling is significantly impacted. In some respects negatively and others positively. The gambling business did not escape to global pandemic effects. As the sports industry stops, gamblers disappear from both sportsbooks and online gambling sites. In this case, the famous saying that the house never loses can change.

However, when sports shut down, new gambling alternatives appear. Below we will review the changes in the gambling world following the global pandemic.

How Gambling Changes Due To The Shutting Down On Sports?

The suspension of sports competitions left a great void in sports betting. How much have bookmakers lost due to the coronavirus crisis? These are many millions of dollars that companies in the sector lose and that the different states fail to earn through taxes. Traditionally, in March and April, the volume of bets placed by users increases. This is a period in which many competitions enter decisive phases. Such is the case of the NBA playoffs, the Champions League final rounds, and the last dates of many soccer leagues.

In this sense, the emotion and importance of each match increases, which generates greater interest in bettors who increase their investment in predictions. Now, that is a tremendous amount of money that was lost. In Spain, punters are estimated to spend € 7.5 billion a year on sports betting. Of this amount, about 380 million represents a net income for sportsbooks. In the United States, the state with the most extensive betting market is New Jersey. According to PlayNJ.com, sportsbooks in that state lost about $ 370 million in March alone.

New Betting Options During The Sports Shutting Down Era

This scenario has made the betting options have changed. Even though the sector has stopped invoicing a large part of its sales, people are still betting. In this sense, there has been a boom in types of bets that previously had no relevance. Many sports bettors stay active in previously unknown sports. Such is the case of table tennis in Ukraine, soccer in Belarus or Nicaragua, and ice hockey in Russia. Likewise, virtual casinos have become one of the fastest-growing options. Gamblers, in search of entertainment, are interested in virtual casino games. Among them are slot machines, roulette, and blackjack.

On the other hand, big sportsbooks like Bwin, or Bet365, have kept in business through electronic sports. These have been the great winners of this confinement situation.

According to a report by EveryMatrix, the number of esports bets that grew this year went up to forty times. This increase occurred between a time before the pandemic start and the middle of last April. The most popular esports have been those that emulate soccer and basketball; FIFA and NBA 2K. In conclusion, we can say that although the gambling industry suffered stagnation, it can recover quickly because as each sport reactivates, profits will resume immediately.

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