It’s fair to say that the betting industry has been struggling in recent months.
With all of the disruption and chaos that the world has been enduring lately, there are certain industries that have been suffering the most. Many have had to cut members of staff and completely change their approach in order to stay afloat, and many have lost out on an immense amount of business.
Small businesses have been particularly affected by recent months, too. While global businesses and industry giants have been able to fall back on
While the betting and gambling worlds are known for being resilient and quick to adapt to change, it’s undeniable that there have been certain impacts on this industry. If you’re involved with gambling, gaming or sports at all, you’re bound to have seen the impacts when looking to play your favorite games or watch your favorite events.
Sports betting in particular has been impacted in the last few months, which is exactly what we’re going to be taking a look at today. Here at NJ Gambling Fun, we’re passionate about gambling and sports betting, and we think that it’s vital to take a look back at the last few months and how they’ve affected our industry.
Cancellations and postponements have been detrimental to sports betting
One of the main developments that has taken place in recent months is that many sports events and tournaments have been cancelled, and many have been postponed as well. Most notably, the Olympics and Paralympics have been postponed– which is absolutely historic. It’s been a very turbulent year for sports events organizers.
This has, in turn, caused a lot of issues for sports betting companies. Having a lack of events and tournaments has been understandably tricky for sportsbooks and bettors to deal with. It’s led many to struggle with finding things to place bets on, and has encouraged bettors to look at less popular sports for content, like table tennis.
Huge losses have been reported in the sports betting industry in NJ and beyond
A factor that cannot be avoided when looking at sports betting in the last few months is the sheer amount of losses and drops in profits that have been reported by companies within the sector. This is understandable, of course, as it has been such a volatile year for the sector. The losses in March alone were astronomical, let alone for the rest of the year.
On a more positive note, the sports betting industry is sure to see a positive bounce back once things return to normalcy around the world. The sports betting industry has been on the rise in recent years, with many people moving to have it legalized and accepted more around the world. It’s becoming more and more popular as time goes on.
Many workers have been put into uncertain circumstances
Something that has a detrimental effect on the sports betting industry is that the staff who work in it have been put into uncertain circumstances. While many have been put onto furlough leave, many have lost their jobs as well. It’s an uncertain, scary time for so many people around the world, and it has been causing a lot of distress in the community.
It is worth noting that there are measures from the government that have been put into place to protect workers, and that sports are now starting to come back- meaning the industry can begin healing now. We will hopefully be seeing a return to the norm as we head towards the end of 2020, so staff and business owners can feel more comfortable.
Customers are moving towards other betting types
While lockdown measures have been in effect, many customers have been moving towards different kinds of sports betting. More specifically, customers have been flocking to online sports betting games, as we noted previously. It does make sense, as it is an easy and quick way for people to get their fix while staying in their homes.
However, there are some issues that are arising with this rush to enjoy online sports betting. To be more specific, experts are concerned that people with betting problems or gambling addictions might end up falling into worse habits. As pointed out here, some people may be using gambling as a form of escapism right now- which has the potential to be dangerous.
There are two sides to every store and it’s important to note that the popularity of online sports betting has been great for some people. However, it is absolutely important that we put resources in place right now to support those with compulsive habits while they are at home, as this could be a dangerous time for them.
To sum up
Generally speaking, it’s been tricky for betting and gambling companies recently. This is completely understandable, of course, but it’s important to talk about it as fans so that we know where the industry stands. It’s not entirely possible to predict where we will be as a sector by the end of the year, but it’s important to remain hopeful.
After all, this is an industry that has had to deal with a lack of legalization, social stigma and a whole lot more. The gambling world – and sports betting in particular – is incredibly resilient, and it is full of hard working, creative minds. There are countless independent businesses and industry giants who will be able to get this sector through 2020.
We’ll be watching on with great interest as this year progresses, as there is the potential for a lot of great developments in the gambling world. Some states may be more open to legalizing sports betting and gambling, for example, and some companies may decide to form interesting partnerships for stability. It’s going to be an interesting year, that’s for sure.