Impact Of The Coronavirus On The Sports And Sports Betting Industry

The coronavirus pandemic has closed down huge sporting events across the globe for the moment, but with harsh implications for both bookies and gamblers. Now, many are turning to online gaming and gambling sites to bet on.

For instance, dominoqq is one the modern and fairly new versions of online poker that people could play, and is quickly moving on top of the industry of online gambling. Actually, when online casino owners check which games are popularly played, dominoqq frequently make it on the list.

Postponement, Cancellation and Suspension Of Sporting Events

Although gaming and gambling sites seem to be a great form of entertainment, many still yearn for live sporting events as it brings them a different thrill and rush. However, as the coronavirus has already hit more than 100 nations, almost everything has closed down in an initiative to uphold social distancing. Mass gatherings and assemblies were first banned by governments around the world, including sporting events as they draw in thousands of spectators together.

The NCAA, NFL, NHL, NBA, Champions League, Tennis Grand Slams, and the Euro 2020 have already suspended, canceled and postponed their events. If you check out betting apps, you would notice how empty it is than usual.

Economic Impact of Cancellations

The economic effects of the COVID-19 on global sports as well as on the sports betting industries will surely be massive, reaching billions of dollars when taking into account missed ticket sales, rights fees, closed casinos as well as wagers that will stay in bettors’ wallets. Moreover, many of those who have bought tickets and have already placed wagers on major sporting events are demanding refunds.

The industry of sports betting wherein 13 billion US dollars was betted on the previous has been closed ahead, the NCAA Men’s Basketball Tournament, which is one of the most profitable event. Gaming corporations, such as land-based casinos and sportsbooks, as well as draining stock value are contemplating on making an appeal for federal bailout. Similar to sports franchises that supply the materials and items for the lines they represent and advertise, the industry of gaming will have to wait.

Other Events Follow Suit

With majority of professional leagues still uncertain of when everything will be back to normal,  the Kentucky Derby have now also moved its historic slot which should happen on the first Saturday of May to the 5th of September. Moreover, the Euro 2020 soccer match have moved back a year, whereas others are expected to follow as well.

Most recently, the 2020 Summer Olympics have now officially been postponed, and would most likely be delayed until next year. Shinzo Abe, the Japanese Prime Minister, confirmed the report stating that he as well as the IOC had “100 percent” agreed on the decision.