A year has passed since COVID-19 became a pandemic globally. All aspects of our lives are affected by this pandemic. Some aspects have a very bad impact, on the other hand, some aspects have a good impact like in the entertaining sector. Many people want to entertain themselves because they get bored during the lockdown. They seek some activities that don’t have any risk to go outside, enjoyable, and can increase their income too. One of the popular businesses during covid is sportsbooks.
Sportsbook business was already known before the pandemic, generally, you can wager on various sports competitions including football, baseball, golf, ice hockey, soccer, horse racing, boxing, racing, and mixed martial arts. Nowadays, all of the bets are processed online. A trusted guide that you can access is Smartbettingguide to know more about bets and what kind of sports competitions are suitable for you as a beginner or professional
How It Is Change
There were many big competitions that were planned to be held during the pandemic such as March Madness, Olympics, European UEFA Football Championship. Those events were postponed or even canceled because of the massive infection of COVID-19 all over the world and then became pandemic. From March to May, the forced lockdown in most of the countries also affects traditional casinos. The physical properties can’t be operated, all the employees were dismissed, hence the income decreased 85% up to 100%.
The big events that we have waited for also can’t be held because of forced lockdown and many players of the competition have a positive COVID-19 infection. It affects the sportsbook industry because football betting was the most popular sports betting.
The competition such as golf or table tennis mostly still can be held, but if the players are detected with COVID-19 infection, the competition is still held but the player can’t attend it. So, the bets must be refunded to the bettors. The cancelation of the competition also affected the sports brand that stopped because of the events canceled.
During the COVID-19 pandemic, the sportsbook industry was affected. There is a shift from those big events to e-sport or we can call it shifting from the old physical version to the new digital version. The transition actually already happened before COVID but the pandemic made the faster transition permanently.
The participation of the sportsbook business during the COVID-19 pandemic has increased up to 90% from the same month last year. One of the popular e-sports nowadays is poker. Additional features such as gaming products, business strategies, balance sheets, and legalization momentum are kind of supporting sportsbook business that is growing stronger due to the pandemic.
What Change
During the pandemic, The sportsbook industry must shift to become a digital version of betting which is all the process from beginning till the end using the internet and can be accessed by participants online. The digital version provides transparency for the process which allows regulatory oversight in an industry that desperately needs it hence it can save customers money.
From the players’ point of view, over two-thirds (68%) of players said that they are now more comfortable making online sports wagers because the digital version is more convenient and enjoyable.
In addition, two-thirds (65%) of players said that they are planning to do all their sports wagering online in the future and there is also consideration of increasing the frequency of betting more than 2020.
Conclusion
The change from physical to digital version was already happening before COVID-19 but the pandemic made the transition faster. The online version of the sportsbook industry is promising even though the pandemic is over because the players are already more convenient with the online version than the old ‘physical’ version.
Interesting Related Article: “Why Offshore Sportsbooks Are Out Performing Land-Based Betting Shops?“
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