Well-known betting company William Hill has invested a lot to extend its arm to the US betting market. But given the current situation, this plan is stalled and worse. This house’s stock has more than halved since February 2020.
Also struggling is 888 Holdings. The company that owns 888Poker has warned its shareholders about a high revenue decline. The natural reason is due to the cancellation of various sports events. It should be noted that sports betting accounts for nearly 16% of their revenue.
Shares of Flutter Entertainment, which owns betting company Paddy Power Betfair, were down 15%.
FSB Technology recently announced that sports betting on 25 brands in its network has dropped by 75%. “We never imagined the day we would not have any live sporting events for business.”
The US is the “outbreak” of the world’s COVID-19, and leagues such as the NBA, NHL and MLB are of course frozen. NCAA’s cancellation of March Madness for men’s and women’s basketball leagues means that there will be no more $ 8.5 billion of the approximately 47 million Americans betting on the event every year.
Online casino solution
Facing this situation, businesses have had to turn to online casinos. Most former gamblers rarely gamble online but can now feel comfortable using this form. They can stay at home and log in to play their favorite betting directly.
In addition, most online casinos accept cryptocurrencies (a medium of exchange much like government-issued currencies, using a secure encryption algorithm) to facilitate payment.
Most bettors have now turned to slot games (a slot machine game) and other classic online gambling, which are much risky than sports betting.
For the time being, bookmakers can still choose to play their favorite online games. However, if the situation persists, even online casinos will be difficult to survive. This is because the low revenue will slowly reduce the ability of players to participate with real money.