COVID-19 pandemic has impacted every aspect of our lives and dramatically changed it. There has been an effect on the gambling and sports betting world because of the pandemic. There has been an overall increase in sports betting but has this increase been because of COVID-19?
Even though many sporting events saw a halt and lockdowns meant fans weren’t able to attend live matches, the global sports betting industry was worth $203 billion in 2020.
Diversification and Trends
As the world was shifting to remote spaces, so did casinos and bookmakers. Online sportsbooks were offering live deals, including online sports betting. When many live sporting events were postponed or canceled, bettors shifted to online sportsbooks and casinos. All sports betting sites offered virtual sports as well, where punters could bet on.
This trend has only continued to increase, and now, virtual sports are the future as a lot of betting sites offer incredible virtual bets with great profits for sports bettors to bet on.
Increase in eSports and Fantasy Video Sports Betting
In 2020, because of lockdowns and restrictions, eSports along with fantasy video sports provided punters and sports bettors various opportunities. This continued the interest in sports betting.
As all eyes were on the fantasy sports gaming options and virtual sporting events, more and more online sportsbooks used this as an opportunity to provide even more various betting options on these eSports and fantasy video sporting events instead of live events.
Concerns
Even though game developers, sportsbooks, and betting providers saw huge benefits because of the COVID-19 pandemic, certain concerns also arose. Increased gambling and video gaming meant mental health issues.
Those who were always betting saw significant losses, too, and were affected severely by them. Betting platforms have become wary of this and have become more responsible when it comes to their services and how it affects people.
However, the betting industry has seen huge success during COVID-19, and it will only experience an increase in sports bettors. While you continue to boost your bankroll, don’t forget to take breaks and bet safely.
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