COVID-19 hits sports bookies hard as the pandemic ensures professional sports leagues around the world are halted until further notice.
The Coronavirus (COVID-19) pandemic has decimated the world economy as we know it. Almost all businesses from mega corporations to local flower shops have seen their revenues freeze as world governments battle to do everything they can to halt the spread of the virus.
Sports leagues across the world have also been forced to either postpone their seasons whilst numerous sporing events, including Euro 2020 have been delayed until next year. Sports bookies have seen their revenues disappear due to there no longer being any professional sports for punters to bet on.The 2020 Summer Olympics in Japan has also been postponed until 2021.
Many sports bookies have turned to offering odds on online sports as they do their best to navigate through the treacherous times caused by the pandemic.
Where will sports-bettors go?
Online casinos are hoping that sports-bettors visit their sites for as long as professional sports are halted. Casinos are a natural pathway for sports bettors to turn towards, especially those casinos who are able to offer virtual sport casino games.
However, UK MP’s have had the same assumption and have implored UK casino sites to place a daily spending cap of £50 on players’ accounts. A group of MP’s which include former Conservative leader Iain Duncan-Smith have written to the Betting & Gaming Council stating how concerned they are with customers well-being during these uncertain times.
“We are deeply concerned that as we go deeper into this crisis, more and more people will turn to online gambling as a distraction,” wrote Labour’s Carolyn Harris, the Conservatives’ Iain Duncan Smith and SNP MP Ronnie Cowan.
Millions of people in the UK face an uncertain financial future due to the widespread loss of jobs instigated by Coronavirus. The government is hoping that online gambling firms do not take advantage of players who are potentially desperate and cannot afford to lose the money they still have. At the same time, due to the lock down in the UK, many irregular gamblers may be tempted to play more often due to having to stay in-doors for long periods of time.
The last major sporting event were the Cheltenham races. However, even this will have left a sour taste in bookies mouths as race favourite Al Baum Photo won back-to-back Gold Cups.