The coronavirus pandemic has had a tremendous effect on the sports betting industry. When it was announced that March Madness 2020 would be cancelled followed by the NBA suspending its season, sportsbooks everywhere went on high alert.
While we are still not free and clear of the virus just yet, things are looking up as the NBA, NHL, and MLB are all set to return to play in late July or early August. A number of other sports and leagues around the world are either playing already or scheduled to resume play soon.
With betting boards starting to fill up, the sports betting industry will soon be back on its feet and roaring again. The latest numbers showed that the industry brought in 908.9 million U.S. dollars in revenue in 2019.
That is a strong foundation, but will the industry continue to thrive? Expect sports betting to experience some changes.
Decline of Physical Locations
With all of the social distancing guidelines and, in some areas, mask mandates; expect consumers to shy away from going to brick-and-mortar sportsbooks. Small sportsbooks in a physical location will likely be a thing of the past.
Online sportsbooks will continue to prosper with their low overhead and economies of scale in the industry.
Sports Betting Baby Boom
With so many people having been in – or possibly still in – some form of lockdown or quarantine, people have flocked to the web to pass the time. With so many baby boomers among the population, expect a rise in the age of the typical sports bettor.
Now that boomers have brushed up on their digital skills, many have found the excitement of online casinos and sports gambling to be addicting. It’s something online sportsbooks can capitalize on in the near future.
E-sports Continues to Rise
The fastest growing niche in the world of sports was eSports, and that was before COVID-19 put a halt to sports around the world. The coronavirus shutdowns around the world only helped to further promote E-sports.
In the post-COVID-19 world, look for betting on Esports to continue as they are the perfect sport in the new socially-distanced lifestyle.
Since we are not out of the coronavirus woods just yet, it is a great time for sportsbooks to set their long-term goals. Advertising is cheap right now and sportsbooks can take advantage of it to help their growth in the long-term.
Oftentimes in economic downturns, businesses will cut back on their advertising spending. Sportsbooks with their mind on the future will see this as an opportunity to capture some market share.
Content Is Still King
One thing that will likely never change is the idea that content is king. Your sportsbook is only as good as its content and in a post-COVID-19 world your content will continue to drive traffic back to your website.
At some point, players are going to be looking to get back to their normal sports betting. Those players who you continued to come back to your website for engaging content will eventually come back and start making bets.