With the outbreak of COVID- 19 pandemics, most live sports have come to a stop. Sports betting in the beginning of 2020 has been dealing with the turbulence of COVID-19 since most significant events like college-basketball, the premier league has been canceled while the fate of others, like the NBA, NHL, and MLB seasons is yet to be decided.
The storm seems to strike hard against sports betting firms.
After confronting the significant market loss, bookmakers and sports companies have nodded their heads to offer their customers virtual sports like football matches and horse races and slots, bingo, poker, and casino games instead. As time has changed, the current forecast regarding sports betting appears to be devastating. Sports-betting companies and the media businesses have started cutting costs as long as the sports stop lasts, with a prime purpose to keep their businesses out of debt. They are looking for better alternative plans to continue supplying gambling, and they are focusing more on casinos and gambling games.
* The Belgian betting officials lately announced a deposit limit of €500 a week on local sites. On the other hand, the Spanish government restricted gambling promotion to a 4-hour window from 1:00- 5:00 am, while Latvia has forbidden online gambling until coronavirus lockdowns are lifted.
* Virginia Governor Ralph Northam has come up with a bill revision that would legalize sports gambling in the state. The amendments introduced in the bill include a change in the amount operators need to pay for sports betting licenses. The flat fee of $250,000 could now be changed to $50,000 for inquiring each principal in the business.
* There is a significant drop in the revenue of Indiana’s sports betting market as reported by the Indiana Gaming Commission (IGC) with the figures amounted to $187.2m wagered in February descended to $74.8m in March.
* In March, the major US sports leagues and other huge sports events around the globe, have decided to either cancel or postpone events due to the deadliest coronavirus breakout.
* The most trusted and distinct Colorado property has been approached by the gaming firm Jacobs Entertainment and casino operator to announce the launch of sports wagering at the Lodge Casino in Black Hawk through the largest sportsbooks in America named SuperBook. It will provide appreciable services to the customers like Mobile Wagering, Players Loyalty Club, Sports Book Consulting, Promotions, SportsBook Design.
* One of the top stories from last week is the prodigious event, FanDuel Sportsbook launch that quickly reversed the course of election betting initiated in West Virginia. In each of the two weeks preceding March 21 and March 28, Sportsbooks managed to have less than $1 million in handle, making them the dark weeks in West Virginia sports gambling history due to the availability of fewer sports left for betting amidst the world lockdown.
* Michigan's original plans to start online gambling the very next year were changed and rescheduled. Rep. Brandt Iden, the one who proposed the bill legalizing online sports gambling last year, clearly said, ‘everyone should be working to establish the online section of the puzzle paced up and running.