The COVID-19 pandemic has changed the world as we know it, especially for sports fans and sports bettors. If all things went well, we would have made our way through the NCAA March Madness and waiting for the European soccer season and NFL drafts. However, with sporting events canceled, global sports betting volume could have declined by as much as 2/3^rd.

Leaders are bleeding

According to accounts offered by global sportsbook executives, the markets could have contracted by 60 to 70% due to the pandemic. The leaders attending the SBC Digital Summit virtually from around the world discussed the difficulties faced in the last six weeks. Panelists on a session dedicated to discussing the cancellations of sporting events provided a truly grim picture of the industry.

According to Alexander Martin, the chief executive of SKS 365, the company’s betting volumes have declined by 60%. SKS 365 is one of the largest providers in Italy, which has been hit hard during the pandemic. He said that his company, alongside a number of its peers, relies heavily on soccer as the no.1 sporting event. However, this activity has been shut down because of coronavirus concerns. Some low-level leagues are still being played in Nicaragua and Belarus, but they cannot help sportsbooks match their previous volumes.

Other firms discuss their woes

Serbia-based MaxBet CEO Minja Bolesnikov said that his platform experiences anywhere between 65% to 70% drop on average. Austrian gaming company Interwetten CEO Dominik Beier said that the first two weeks of the shutdown i.e. the second half of March gave everyone a big shock. There are some events where they have been able to offer bets in April. He also noted a significant increase in live betting and said that it typically accounts for about 70% activity on their platform but has since grown to more than 90%.

The US is going through similar issues but their figures will be out later as American executives join in a separate panel later this week. Operators have been reporting an increase in virtual sports contests and esports wagering, which are commonly available in Europe. But obscure events, like Russian table tennis, bring new challenges for operators as well as users. Setting odds and deciding volumes is generally more difficult in these contests. Meanwhile, the size of the stakes has also decreased by half, creating more troubles for the operators.