The COVID-19 pandemic has had a significant impact on the sports betting industry. With the cancellation or postponement of many major sports events, sportsbooks have been forced to shift their focus to alternative markets such as esports and virtual sports. In this article, we will take a closer look at the numbers and see how COVID-19 has impacted the online betting sports industry.
According to a report by H2 Gambling Capital, the global sports betting market is expected to drop by 11% in 2020 due to the pandemic. The report also predicts that the market will not recover fully until 2023. This drop in revenue can be attributed to the cancellation or postponement of major sporting events such as the Olympics, Euro 2020, and the NBA playoffs.
However, the report also highlights that the shift towards online betting has increased significantly during the pandemic. With physical sportsbooks closed or with limited capacity, many bettors have turned to online betting platforms. In fact, online betting is expected to grow by 12% in 2020, with an estimated revenue of $27 billion.
Esports has also seen a significant increase in popularity and betting activity during the pandemic. With traditional sports on hold, many sportsbooks have started to offer odds on esports events such as League of Legends, Counter-Strike: Global Offensive, and Dota 2. In May 2020, the esports betting market reached a record high of $14 billion, according to data from Esports Insider.
Virtual sports have also seen an increase in popularity during the pandemic, with many sportsbooks offering virtual versions of traditional sports such as football, horse racing, and basketball. The virtual sports market is expected to grow by 30% in 2020, according to a report by Technavio.
In conclusion, COVID-19 has had a significant impact on the sports betting industry, with the cancellation or postponement of major sporting events leading to a drop in revenue. However, the shift towards online betting has increased significantly during the pandemic, with esports and virtual sports seeing a surge in popularity. As the world adapts to the new normal, it will be interesting to see how the sports betting industry continues to evolve and adapt to the changing landscape.
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