How is the sports betting industry dealing with the coronavirus?

It's no surprise that the coronavirus has worsened the economic condition of the world's major industries. At the time of writing, the official number of coronavirus cases has reached 5,609,578 and the number of deaths has reached 348,318. Although the number of people who have fought and recovered from the same number is 2,386,321, we cannot really ignore its huge impact. These are only preliminary death counts as it takes time to process and collect death certificates. 온라인카지노 

The graph below shows the registered cases of the coronavirus worldwide. And these are the world's major economic contributors. There is also no doubt that these numbers are those that have been registered, while there are millions of cases around the world that are not yet registered. So this pandemic is just the beginning that has already torn half the world apart. 안전한카지노사이트

Image source: CNBC

WHO Director General Dr. Speaking at a press conference, Tedros Adhanom Ghebreyesus said: “the virus will be with us for a long time, at its headquarters in Geneva, “make no mistake, we have a long way to go”. This is a clear sign that the virus will persist for a long time and so will its impact on the economic health of countries.

Many countries, such as India, had already anticipated the impact of the pandemic and imposed lockdowns at the right time, while countries such as the US did so weeks after it had already claimed hundreds of lives in states.

The result of the blockade has led to the loss of many medium and small scale industries while other industries are still struggling to survive. Industries such as sports gambling, whose revenue generation is directly proportional to sporting events, and bettors who then bet on results have been fundamentally affected. The absence of sporting events made these industries helpless and hopeless. There is no such industry that has escaped the blow of the new coronavirus.

The impact of the coronavirus on the sports industry

While there were reports stating that the industry would take off in the US in 2020, the rampant boom collapsed all the reports and statistics that were done earlier in 2019. It adversely affected the sports betting market, resulting in a failure to generate high revenue. According to an analysis conducted for ESPN, canceled sporting events will cost at least $12 billion in revenue. Some lower-level sports organizations say they will be lucky to survive the pandemic, while the industry has already faced hundreds of thousands of lost jobs and more. Global television networks such as ESPN, NBC and many other sports channels were directly affected by the sudden disappearance of sporting events. Empty stadiums that were once packed with people cannot be ignored. From stadiums to recreational gaming centers, everything has been closed due to the still ending pandemic. Product launches, ad launches that were planned with sporting events suddenly stopped.

The State of the Sports Gambling Industry in the Covid Situation

For people who take up sports gambling just as a pastime to fill a void, this may not be a big deal, but for players who have their primary source of income from sports betting, it can be a big loss. Not only bettors, but also operators face a huge loss as they have to pay GPR, which is normally in the range of 10-23% of generated revenue. Even in this global health crisis, operators are required to pay a fixed amount when they have no income or resource and thus are bankrupt. Although there are operators who have adapted virtual betting, online casinos are on the smallest verge of collapse, but others have been crushed drastically.

So where is the sports gambling industry headed?

Like the rest of the sports gambling industry, it was not prepared for the impact of COVID-19 and is struggling to adapt without sporting events and tournaments. While many other areas where betting already existed have come to the fore such as weather betting and much more, there are several other areas that we are still grappling with including topics such as TV shows, political elections and much more. 카지노사이트