Going back a full year, March of 2020 to be exact, nobody knew what would happen to the industry. The disaster that followed many prosperous years was not seen coming by absolutely anyone. On March 12, however, everything changed. And by change, we mean destroyed. The economy went down the drain because of governments panicking, and many people were affected in a grave manner by the pandemic. In this post, we are discussing the consequences and the effect that the virus had on the gambling industry.
Losing It All
Just as many individuals lost their normal way of life, sense of smell, or taste, so has the whole sports betting community. Imagine there is absolutely nothing to put your money on. And that’s exactly what happened in 2020. All the major- and minor events were closed, with the exception of one single country, Belarus. Spoiler alert, betting on the country’s events wasn’t fun at all.
For the very first time since the opening of many sportsbooks all across the US, we could be watching the 24/7 facilities close indefinitely. It’s not that they had no business to run, it’s that customers couldn’t even come in if there was a single event on the whole Earth.
Going Slightly Mad
When everything went to hell, some individuals decided it was time for the weirdest bets of their life. Have you ever had a feeling that the weather is going to be vastly different than that on your news forecast? Apparently, that’s betting material for some folks. Fifty-five Fahrenheit? Knew it, give me my hundred bucks. More or less.
Even more imaginative are the people who betted on the stock exchange. So is the Nasdaq going up or down in five days? What about the Boeing stock? Well, if investing in either of these would be done instead, a lot of money might have been earned. Got an interest in politics? Might as well bet on who’s going to take the Democratic nomination. Favorite TV show? No more or less than the main hero dying at the end of the season. If you firmly believe that, you may place your bets gentlemen because now there is a market for all kinds of dubious games.
Billions Of Dollars Heading Where Exactly?
We knew that the industry wouldn’t just die off immediately. When there is so much money involved, one can have a little patience. With bets just recently made legal all over the US, and hundreds of locations hiring and expanding rapidly just before the lockdowns, one could have hope. To comprehend the situation, you must consider all of the people involved in the process: from the odd-makers to the internet domains that are running the online charts, to the entire end-client the betting person himself. All of these people were asking the question: what is going to happen next, and when is that next?
Major sports went on a complete break that went on for weeks, and then months. Nobody thought that this is what would really happen. Absolutely everyone involved with the industry prayed that this would last only for so long. The promised weeks turned into months, and now we are over a year’s worth of regress.
Luckier Than Others
Some countries have had better in terms of their business. The Far East Country, Japan, is a great example of that. Yes, all of the public events were held without the spectators, and to all logical extent, that should have done it. But not a sight of decline could be seen: instead, people were betting even more money and assets this year. To get a full grasp on what happened in Japan read about public gambling at raceinjapan.com.
Still Hanging On
With Las Vegas’s casino closing, and even the mobile betting apps shutting down, one could not be further from any chance of recovery. The situation was so dire, that even simulated contests were proposed. Can you think of that as a reasonable solution? The response of the gambling community was this: we would rather wait than take part in all of this nonsense. And that’s exactly what happened. All further action was halted until everything “would return to normal”.
The whole circumstance has proven that betting will never be completely stopped by humans. As long as there is absolutely any matter to speculate on, we will. And dare I say, the industry will rebound with full steam and unmatched hunger as soon as we are able to. Another worthy consideration is how the pandemic affected gamblers mentally. We suggest reading a scientific article released by the International Journal of Mental Health and Addiction to educate yourself on the matter.