As the coronavirus has swept across the world, the majority of nations have responded by going into lockdown. In most cases, the lockdowns started with the non-essential sectors, meaning that public entertainment venues like cinemas and sports stadiums were among the first to go. As each country eases out of their coronavirus measures, these venues will almost certainly be among the last to return to the public.
Sport is big business in many countries around the world, with football across Europe and cricket in India usually bringing in billions through live events that were set to take place during this coronavirus pandemic. It’s not just the teams that are taking the hit, though, as third-party companies like sports betting firms have also lost a great deal of their collective offering.
The example of the sports industry and the sectors that rely on it, such as online sports betting, almost coming to a halt is happening across several other industries around the world. To adapt to this long-term situation, it has been seen that India sports betting platforms have tried to pivot to continue to offer a service to users. However, even with these efforts, economies all over are expected to take a substantial hit.
The coronavirus’ impact on economies
Having originated in China, the impact of the coronavirus on businesses around the world was evident very early on. With China looking to put a stop to the spread of the coronavirus, industrial production sunk tremendously. Restrictions have hindered supply chains from China to major companies, with a similar impact being seen globally with the travel industry also sinking due to coronavirus restrictions. The reliance on international suppliers has put a tremendous strain on companies.
With lockdowns in place, people being rendered unemployed, and many stopping general spending outside of the essentials, advanced economies around the world are set to enter recession in 2020, according to the BBC. The UK, Canada, France, Germany, Italy, Japan, and the United States are all expected to go into recession.
How online sports betting is adapting to the coronavirus
As you would assume, all land-based sports betting has been closed down as a non-essential service, but via the internet, online sports betting services have been exploring new avenues to appeal to users. Major sporting postponements and cancellations, including that of the IPL, several tours, the Olympic Games, and world title boxing cards, would seemingly render online sports betting frozen.
However, as shown by the India sports betting platform JeetWin, bookies have turned to embrace and promote any sports still being played. This includes some football, tennis, basketball, table tennis, ice hockey, and eSports. Virtual sports are also becoming increasingly relevant to the sports betting industry.
Before the coronavirus outbreak, virtual sports made up around 13 per cent of bookmakers’ profits in 2019. With sports betting companies reporting net winnings being down by as much as 60 per cent around the world, the platforms are leaning on offering a superior virtual experience and more expansive markets on ongoing competitions.
Despite innovative pivots, economies are already taking a hit, but the grim forecasts can worsen if jurisdictions lift lockdown measures too soon.