Since early this year, the COVID-19 pandemic has taken the world by storm. The pandemic has not only affected the typical way of life but also put a standstill to the sports industry with major sporting events including the March Madness stalled.
An Overview on the Online Sports Betting in USA
Online sports betting in USA was legalized in May 2018. New Jersey, Pennsylvania, Colorado, Indiana, Nevada, Iowa, West Virginia, Rhode Island, to name a few are some of the legal online sports betting hotspots in the USA.
Typically, the months of March and April are believed to be the thriving period for online sports betting in the USA with the majority of the live sporting events right from NBA to NFL.
Fans make wise bets on teams and players to win huge bucks. In fact, there is a myriad of sports betting apps and sites where hundreds of sports enthusiasts place bets based on their intuition and insights. Nevertheless, online sports betting in the year 2020 witnessed a huge setback not only in the USA but around the world.
What was the effect of Coronavirus in the online sports betting industry in the USA?
A case study on the impact of coronavirus on sports betting in New Jersey, USA indicated a drop by 58.3% in March 2020 when compared to the same period in 2019.
Moreover, the money wagered in online sports betting during March 2020 was only $187.1 million, which was quite low when compared to $372.4 million in March the previous year.
Similarly, Indiana sportsbook operators witnessed a 60% drop compared to last year with $187 million during March 2020.
Experts predict a loss of close to $43 billion with some of the crucial live sporting events including Major League Baseball, NBL, NHL, etc. were either cancelled or postponed in March.