The Covid-19 pandemic has been very good for some industries. While a large number of markets have struggled to survive, not everyone has found the pandemic to be crippling. Take the gambling industry for example.
The betting.co.uk review of Betfair finds that this industry has done quite well. With so many people sheltered in their homes, they have been looking for something to do and have found that gambling is the perfect distraction. Some even won some money, helping to improve their financial situations during a very difficult time.
Those countries that have legalized online gambling have found that these markets are doing very well. People are looking for something to do. While some have found interest in online shopping, others have turned to online casinos to help them pass the time. This proved to be a brilliant strategy implemented during the 2010s where a lot of casinos turned to online offerings to attract customers.
Several countries, including Poland, Sweden, and the United Kingdom, offered the opportunity for online operators to apply for a license to offer their services in the country. Now, they are reaping in the profits in substantial numbers.
Not All Are Reaping the Benefits
While many markets are doing quite well, there are several that are trying to figure out what 2021 is going to hold for them. The sports betting market has been crippled by the pandemic. With most sports and leagues shut down, people had nothing to bet on, and this left many markets struggling where sports betting is a big deal.
Countries like India, Nigeria, Spain, and others have suffered mightily. Football and cricket leagues are big business for the sports betting market, but all of these leagues were shut down for much of the summer.
Even in the United States, the sports betting market has been crushed. While it is starting to rebound slightly as baseball, basketball, hockey and now football got going, the short-term impact on these markets could be overwhelming. Many casinos have closed their doors, and that may be for good. If they did not have an online casino option to provide income during the early stages, it may be impossible for them to reopen.
Politics to the Rescue
With most sports leagues shutdown until recently, the sports betting industry was in serious trouble, but politics may be the white knight. It is the United States elections that are diving many markets.
While the 2016 presidential election drew lots to place wagers on the Clinton-Trump election, this year’s battle is expected to be even more profitable for betting markets offering to accept wagers on who will be the next president of the United States.
Right now, the markets show Biden likely to be the winner over Trump, but they believed that back in 2016 as well when Trump literally shocked the world. The markets do not seem as confident in that prediction any longer, however. A significant number of oddsmakers are changing their odds to even predict that Trump will be re-elected, a very likely eventuality.
Besides the presidential race, there are several other key state and federal races up in the air, including whether Republicans will continue to hold the Senate and if Democrats can maintain their lead in the House. This is opening the door for those betting markets offering to take wagers on these outcomes the opportunity to make some serious revenue, despite the current health conditions.
The Impact Globally
The impact of the pandemic on sports betting markets globally looks like it will depend upon three factors: support from the national government, online casino options, and alternative wagers. For those markets where these three things were not in place, the betting market in those countries could be in serious trouble.