The Sports Betting Industry is in crisis and betting companies dependent on this line of business is the worst hit in the gambling industry. The situation pushed best sportsbooks to turn to other sources of revenues to keep their online betting business afloat.
Sports Betting in Crisis Amidst COVID-19
Local and International Major Sports events are stalled due to the pandemic, including the March Madness Collegiate Basketball. The NBA,NHL, MLB, and Premier League Seasons are on suspension notice until the sports arena will be clear of the dreaded virus which reached up to 2,347,816 cases, 161,128 deaths, with 605,716 recoveries affecting 210 countries and territories around the planet as of April 19, 2020.
The best sportsbooks took a big blow from the suspension of the NCAA Collegiate Basketball March Madness. The sports gaming industry estimated the loss at $140 million on sportsbooks that weekend, according to the American Gaming Association. Following the pandemic impact is the meltdown of the gambling economy. It has an estimate of $43.5 billion in the process of the pandemic lockdown.
Best Sportsbooks Turn to Other Betting Arenas
The abrupt suspension of sporting events came after several states legalized sports wagering including Illinois and Michigan. Sportsbook betting platforms began innovative betting proposals on their sites just to keep the juice flowing. Bovada even resorted to a weather forecast to attract bettors. Betting line is to wager on prediction of the climate temperature in Jacksonville, Florida on March 18, 2020. The O/U is 83 degrees but eventually stopped after 2 days of proposing such betting prop.
Sports betting companies are on a chase for live events to keep the wagers rolling as online betting transactions plunge deep into uncertainty. A UK based betting services supplier said that its business is down 75% over 25 brands on its network. The name of the game for the best sportsbooks is conserving capital while wading it out through this pandemic crisis.
Other Betting Options
Bovada resorts to proposing political wagers like the odds of Hilary Clinton running for office as the Democratic candidate or Bernie Sanders doing the same. Props like the winner of the Presidential Elections, a Democrat or a Republican, who will be representing the Republican Party in the presidential elections.
European sites are taking in bet placements on reality shows and awards shows. The Game of Thrones TV show is sometimes in the offering even though it was a leaky proposition with the review clips in the current entertainment business dilemma.
The Oscars and the Democratic debates are on the props lines for punters to call the outcomes proposed by DraftKings. With Nevada Casinos closed, there sports events on the venue mostly on the futures in Australian Rules Football and Rugby, Major League Baseball Pennants, Turkish Super LIG Soccer, and World Series and Super Bowl Futures are on the mobile apps within Nevada.
Most physical sportsbook operators are under the pandemic crisis now. Nobody is visiting betting shops without the major sports events. The betting companies are going through financial hardships and they grab anything that is worth proposing to punters. Chris Bevilacqua, cofounder of Bevilacqua Helfant Ventures, and investment firm adviser for the sports and entertainment industries said these words.
Esports on the Rise Among Online Bettors
Online gambling providers are leaning on Esports in the absence of the local and international sporting events. FanDuel and DraftKings rely on the virtual fantasy business as the in-thing for punters and betting companies.
Current Spring NBA, NHL, and MLB are on the shelves due to the pandemic. Sports betting enthusiasts and betting firms are rooting for the NHL to break through after the lockdown.
“Hopefully in the fall with the NFL season, you’ll have new, innovative next-gen looking sports-betting platforms,”. “It all depends upon if everyone can stay healthy and if we have a season. There’s a lot of question marks.”
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Best sportsbooks betting entities are hoping to resurrect from the viral crisis. Further delays would be another disaster for the betting industry.
Betting companies would have laughed it off to indulge in something like esports on the betting platform under normal conditions. The scenario took a drastic demand on this arena for gambling and entertainment as an alternative event with major sports on hold.
Betting Option on Esports
This April, the Nevada Control Gaming Control Board (GCB) approved betting on four esports series to augment the dwindling betting options on competitive gaming. The pandemic calls for this type of betting options with the casino floors empty due to the virus lockdown. The overseer of the gambling capital of America already approved “Counter Strike: Global Offensive” ESL Pro League Season 11 in North America and Germany followed by an ESL Dota 2 event in NASCAR.
The biggest esports leagues opened this week with the League of Legends Championship Series in North America, the League of Legends European Championship, Overwatch League and Call of Duty League which was approved last April 16, 2020. Esports is growing steadily with an 18 to 34 age bracket demographics. Esports is providing intrigue and caution to casinos adapting the alternative online betting category. Betting casinos and odds masters are still in doubt of the new field on the market with uncertainties that include machines filtering players’ actions before results are put on play on screen.
Game Fixing on Esports
One of the issues concerning Esports on the menus of betting sites is Game Fixing. In China Wang ‘WeiYan’ Xiang, playing for the Rogue Warriors in the League of Legends Pro League was caught in the act of match fixing. Images caught Xiang talking about fixing two of their matches where his team won one and lost the other.
Riot Games, developer League of Legends suspended Wang and his team and fined the Rogue Warriors a whooping $420,000. Last year, the games developer also suspended the entire Dragon Gate team on the same offense that included illegal betting.
Following the rules set on the pandemic crisis, it is still best for online gamblers to stick to Esports in lieu of the suspended local and international sporting events until the problem finds a solution.