Since the onset of the pandemic, things have not been the same around the world. It has caused devastating economic and social disruption, with millions of people losing their jobs, closing their businesses, and staying apart from friends and relatives. Many industries that depended on social conventions suffered the most as people are forced to stay at home to reduce the risk of contracting the novel Covid-19 virus.
One of the industries that have taken a massive hit due to the effects of the pandemic is the sports betting industry. Covid-19 led to the cancelation of major sporting events across the globe, meaning the business of the best bookies took a major hit. For instance, Euro 2020 and the Japan Olympics were postponed to 2021. Other sports such as horse racing continued behind closed doors, however, the majority could not continue as a result of financial difficulties.
Lower league teams faced a lot of difficulties such as finances due to quarantine procedures placed in some states and the many restrictions involved. Because of that reason, the number of markets and sports reduced. Even though the pandemic hit the sporting industry hard, major tournaments and leagues returned hence bettors had odds to place on. Virtual and eSports are also available on some top betting and gambling sites. The impacts that the pandemic influenced online bookmakers are discussed below in this article.
Positive impacts
The pandemic influenced some positive impacts on the online betting business. An increase in virtual sports and fantasy betting and diversification are some of the positive impacts the pandemic brought.
Increase in eSports and Fantasy betting sports
Due to the restrictions and lockdown, many sports were put on a hold. Because of that reason, most bettors shifted to the eSports and fantasy video which was the only opportunity for them to place their bets. A new trend of daily fantasy and virtual sports was noticed by online bookmakers. Because of the trend, they decided to include them in their betting options for bettors. On various fantasy and eSports video sports become the best place for gamblers to place their wagers instead of live events.
Due to the pandemic, the movement was restricted hence bettors were forced to stay locked in their homes. Because of that reason, they had no option but to opt for online gambling although some leagues and tournaments had been put to a standstill. After online bookmakers noted the trend that was the only option for regular bettors.
Diversification and Trends
Casino gamers were offered by online bookmakers due to the pandemic. Bingo, poker, table games, scratch cards, and slot machines were made to be live in most sport betting sites. Bettors had to look for other options because live games had been canceled and postponed.
Virtual sports were many for sports fans to place on because the only option available was casino games. The pandemic made the online bookmakers to diverse from the normal live games to eSports and casino games. Profits were made due to the increase of customers due to the innovation of the online casino software.
Increase In Bettors
Online bookmakers had to record an increase of gamblers because most people had a lot of free time. Even those who had no interest in the sports betting industry were forced to learn due to the impact of the pandemic on the economy. Because of the increase in bettors, most online bookmakers made a lot of profits. Gamblers also made a living out of the bets there placed on.
Online bookmakers had an increase in bettors because most people had been locked from their jobs; hence, they were free to do nothing at home. Online bookmakers had the opportunity to expand their strategies on how to accommodate their customers.
Negative Impacts
Although the pandemic brought positive impacts to online bookmakers, it also came with negative impacts. Some of these negative impacts include:
Health risks
The pandemic brought a health risk to sports gaming hence there were restrictions made affecting the industry. Bettors were also at a risk of mental health and other illness that may be caused by staying at one place looking at screens of their mobile phones and laptops. Boredom due to the fewer gambling opportunity outside your home due to lockdown may lead to an increase in health risks.
Increased gambling
Virtual gaming increased hence gamblers had to make a loss for the industry to make profits. Online bookmakers were also at the risk of making losses due to the consistency and increase of gamblers in the industry. Those who had lost their jobs had to opt for online gambling to earn an income.
Economy
The pandemic made the economy deteriorate hence affecting online bookmakers. Some of the online betting sports had to be closed due to a lack of funds to finance the progress. The economy also affected the bettors hence they had to stop placing bets making the industry make losses. Due to losses and taxes made most online bookmakers had no option but to leave the sports betting industry.
Conclusion
During the pandemic, a sector that has made the best out of it is the betting industry. The rise in bettor has been experienced continuously. Online bookmakers had made profits and players out of the pandemic period.
For online bettors, you need to seek help where you need it and responsibly place your bets. Your bankroll will be boosted and your gambling experience will be enjoyable.
Disclaimer:
- As per the Public Gambling Act of 1867, all Indian states, except Goa, Daman and Sikkim, prohibit gambling
- Land-based casinos are legalized, with certain guidelines, in Goa and Daman, as per the Goa, Daman and Diu Public Gambling Act 1976
- Land-based casinos, Online gambling and E-gaming (games of chance) are legalized in Sikkim under the Sikkim Online Gaming (Regulation) Rules 2009
- Only some Indian states have legalized online/regular lotteries as per and subject to the conditions laid down by state laws. Kindly refer to the same here
- Horse racing and betting on horse racing, including online betting, is permitted only in a licensed premise in select states. Kindly refer to the 1996 Judgement by the Supreme Court Of India here and for more information
- This article does not endorse or express the views of Qrius and/or any of its staff.