Sports Betting Industry Suffers Revenue Loss but eSports Register Gain
Many business segments are facing tough times due to cornavirus pandemic but market experts suggest that we might see more pain in near future. Only the companies with strong balance sheet will be able to survive the carnage caused to economy by coronavirus and the lockdowns. Sports and recreation industry has faced a major blow as all the major sports events have been postponed. Sports betting industry is losing millions as sports events have been delayed. IPL, Olympics and major football events have been postponed until further notice. As more people stay at home during COVID-19 pandemic, eSports industry has been gaining market share.
The rising interest in eSports events suggests that online betting providers and platforms will soon come up with better options for online users to try their luck to place bets on outcomes of these events. More and more users are joining the eSports bandwagon as they stay at home during CIVOD lockdowns. While eSports are gaining ground even before the pandemic, the growth after the pandemic would be even faster, as per industry experts.
Sports betting companies will have to bring in change in their strategies in order to deal with the economic loss caused by COVID pandemic. Many companies have launched country-specific portals. Many big casino operators from Western Europe have started online casino operations targeting Indian market.
Online betting, sports betting and online casino demand has been rising in India in the recent months. Indian online users don’t have that many options but the choice has been rising gradually. In India, the laws regarding online gambling and casinos aren’t clear and this is the reason many of these companies operate from other countries. To make the matters more confusing, Indian government hasn’t even banned online casino. If the government moves ahead and legalizes online betting, sports betting, iGaming and online casino in India, it would be a major revenue generating industry. Many countries in Western Europe have legalized online betting and casinos and the local governments are generating decent revenue.
Indian government had banned trading in cryptocurrencies (that ban has been recently revoked by the Supreme Court of India). While supporters and haters of cryptocurrencies debate over their legitimacy and real value, the trading in cryptocurrencies has been rising steadily. So, that leaves the Indian users will limited options to try their luck with betting.