How is Covid-19 Affecting the Betting Industry?
With the cancellation of March Madness, sports betting has suffered a major setback. Many sporting events that consumers bet on has been canceled. The industry is looking for creative ways to entertain customers due to the lack of live sporting events.
Some companies are trying to use less popular sport for betting like UFC and Japanese baseball that are still active. Many people turn to sports as a distraction, during a crisis like the covid-19 outbreak. Online gaming companies like FanDuel and DraftKings are launching betting pools around TV shows, politics, and news. Some companies are taking bets on horse racing, rugby, and Australian soccer.
How are Companies Dealing with Covid-19
Many companies are cutting costs and trying to keep their companies afloat. They are trying to find innovative ways to avoid laying off employees. Physical operations are in the toughest spots; it is because they have stadiums, casinos, slots machines, and restaurants that have been shut down. They lack customers and this will cause financial hardships.
Sport leagues and associations are turning to video game simulations and esports a form of sports that uses video games. Nascar will be having a virtual E-NascarI Racing Pro Invitational Series to replace the canceled series. They will have top competitors and broadcasters participating in the series.
Gambler Insider Gives its Insight on the Matter
Kevin Dale of Gambling Insider says that companies without an online presence will be hit the hardest. He says moving a mouse is less contagious than moving your feet. Online casino and sport betting for some companies might ease the financial damage. In the UK they may run the football games behind closed doors without an audience.
Many sport teams’administrators want sports games to be without their fans. Many popular team players don't want to play without the fans there. They think that having less popular teams can lead to big profits for sports betting.
Some companies use their online social media account to advertise new betting opportunities for customers. Casinos are advertising on Twitter to attract more online casino customers. Many people are concerned online gambling can become addictive; and that sport betting companies need to act responsibly and put customers before finances.
Some online gambling companies were asked to put a limit on the amount spent per day by customers for gambling. Therefore, Some were advised to talk with customers about what other things they can bet on. The COVID19 virus will present challenges to sports betting, casinos, and sports teams in the future. The outcome is difficult to foresee.