Let us just deal with the fact that the outbreak of Coronavirus last 2019 shook every country and even demolish various markets and industries from hospitality, travel, airlines, sports, manufacturing and even online gambling such as Mega888. Undoubtedly, every business of every kind was affected by the unprecedented turn of events.
Everything’s On Hold
As a result of this fatal virus, everything literally comes to a halt whether it is travelling or major sport events such as the MLB, NHL and NBA season. The Covid-19 pandemic has brought a massive blow to sports betting industry. In fact, numerous media agencies and sports betting firms that had been rushing to make the most of the industry are starting to cut cost just to keep ensure that their business will survive until things even out. Currently, they are seeking new ways that’ll keep the fans occupied and entertained as well while most of the sports world has been postponed indefinitely.
In the gaming industry though, the impact of the virus is pretty obvious. As a matter of fact, the Game Developer Conference 2020 or GDC has been overdue to summers. On the other hand, new dates are still to be announced, industry experts and analysts alike are forecasting that this is going to unconstructively affect the potential growth of the gaming industry in the following years.
Losses that Businesses Sustained during the Pandemic
Every March, the men’s women’s basketball tourneys of NCAA are able to accumulate over a billion dollars in bets. So much so that the tournament has been coined as the “March Madness”. As per the Action Network, instead of all that cash profiting Las Vegas bookies and whichever part of the world is legalized, 20 states on top of Washington DC legalizes sports betting. The thing is, because of Covid-19, the opportunity to earn billions of dollars in profit have just been missed from these bookies.
Profits Turned into Stone
In 2018, there were almost 8.5 billion dollars combined placed by gamblers on March Madness and this includes bets that came from over 47 million Americans. Together with the bet outcomes on the game, average fans fill out 4 brackets with a common entry of about 30 dollars.
Aside from that, as per the report released by the American Gaming Association, gaming operators in NJ contributed around 32 million dollars during the March Madness. Besides, Las Vegas bookies normally handles about half a billion dollars of sports bet every month.