The COVID-19 pandemic has had a significant impact on the sports betting industry. With the cancellation or postponement of many major sports events, sportsbooks have been forced to shift their focus to alternative markets such as esports and virtual sports. In this article, we will take a closer look at the numbers and see how COVID-19 has impacted the online betting sports industry. According to a report by H2 Gambling Capital, the global sports betting market is expected to drop by 11% in 2020 due to the pandemic.
The report also predicts that the market will not recover fully until 2023. This drop in revenue can be attributed to the cancellation or postponement of major sporting events such as the Olympics, Euro 2020, and the NBA playoffs. However, the report also highlights that the shift towards online betting has increased significantly during the pandemic. With physical sportsbooks closed or with limited capacity, many bettors have turned to online betting platforms.
