How Is College Sports Betting Being Affected By COVID-19?
For many college sports fans across the US, simply taking part or just watching sports isn’t enough. Many people also enjoy placing bets on sports, hoping to make a profit from staking money and taking a gamble. The Coronavirus has resulted in loads of sporting events at US colleges being delayed, postponed or even cancelled outright. Thankfully though, lockdown restrictions are gradually being lifted not only in the US but in many countries throughout the world. Some matches, competitions and tournaments are able to resume, but it’s still going to be a while before college sports can get back to how it used to be before the pandemic. Let’s have a look at how the world of sports betting is being affected.
Taking A Hit
The sports betting industry relies on real-life events for punters to bet on. If the number of events goes down, this is going to result in online sportsbooks and land-based betting sites losing revenue. During the pandemic, the number of matches, races and other sporting events that have taken place has plummeted. Therefore, both online and offline betting companies have taken a huge hit. Third-party sites to do with betting such as BetCompare.com, which lists and compares the best sports betting offers, will have seen a decrease in visitors, too. As things start to get back to normal, these sites should bounce back and be packed full of special offers for punters to claim.
There are two things online sportsbooks have to their advantage that have helped them survive the pandemic. The first is the fact that they don’t have as many overhead costs as their land-based counterparts, such as leasing and staffing. The second is that most online sportsbooks offer hundreds of casino games and these aren’t dependent on real-life events. Online casino games haven’t been affected by the pandemic at all. In fact, the number of players has probably gone up with so many people stuck at home and unable to go out. Some people who before the pandemic would bet on sports have now switched to betting on casino games instead.
The Future of Sports Betting
Over the last few years in the US, a growing number of states have started legalising online gambling. Though it’s only legal in a fifth of the country’s 50 states, there’s every chance that in the near future, whatever happens with the Coronavirus, more and more states will make online gambling legal. Sports, in general, will gradually resume and the sports betting industry should soon start to thrive again.
However, when it comes to college sports, this particular area of the wider sports industry may take longer to get back to normal. If social distancing measures remain in place and teaching is done online instead of in-person, fewer students will want to go to college. For many, going to college is about the overall experience. The academic side is important, but things like moving away from home, meeting new people, joining societies and playing college-level sports, are all part of the package. If students cannot get the full experience, many will postpone their studies for a year or even not go at all.
Throughout 2020, there will likely be fewer college sports events across the US, even if restrictions are lifted. This shouldn’t have too big of an effect on the sports betting industry, as there should be lots of other events for punters to bet on instead. Those who enjoy betting on college sports may have to wait a while before the number of matches gets back to what it was before the pandemic. While college sports betting has taken a hit from the Coronavirus, it’s not completely gone and will eventually come back.
