The Effect of Coronavirus on Online Betting
Posted by: Hilbert Mayer
Coronavirus pandemic is affecting businesses across the world, and people are staying at home under lockdown. This is an attempt to contain the spread of the virus and ensure the safety of people. Many businesses are experiencing hard blows by having to completely stop offering services to their clients and others shutting down completely. However, betting companies, especially the online betting industry, seem to be doing much better at this time. This is because they are using other means such as poker, slot machines, online casino games, and bingo to continue earning and stay afloat. The effect of Coronavirus on online betting is only going to get worse with the ongoing global lockdown.
A lot of people are at home without much to do due to the situation at hand. Therefore, this gives people more time on their hands. Causing them to result in online gambling as a form of distraction. Other factors that are causing a dangerous rise in online betting during the Coronavirus crisis is that regular sporting events are not available. The situation is getting out of hand since the people who gamble regularly, are increasing their online betting activities.
Effect of Coronavirus on Online Betting
Online betting has come under scrutiny since some businesses are making millions during this global crisis time. Some people criticize the companies for preying on the gullibility of people who have a problem with gambling. This is because with regular sports not available people are now placing bets on things in which they do not understand. It is worse with people with gambling disorder since they will bet on events that they cannot estimate their outcomes. They, therefore, end up losing their money.
Many major sports events such as baseball, football, and horse racing have been canceled or postponed indefinitely due to the Coronavirus pandemic. There are, therefore, limited live betting events to place bets. People are now looking into other different ways of earning money, which are much riskier and addictive. These include events such as virtual sports that are computer-generated, online casino games, and slot machines.
Virtual Sports Betting
Virtual sports events such as FIFA Football Tournaments and virtual horse racing are becoming more popular and are promoting online betting during this Coronavirus pandemic season. These types of online betting are quite risky since they are computer-generated. This means that the odds of a particular team winning are not as easily predictable as with regular sporting events. People who gamble on such events, therefore, continue to lose money. The disadvantage with such kind of virtual events is that they happen around the clock, thus earning the bookmakers’ companies lots of money at the expense of the bettors.
These virtual methods are riskier because they have lower odds for bettors to win their bets as compared to the real events. For example, the bookmaker posts the odds of winning a particular game shortly on their site for a short duration of time before the virtual horse racing begins. This time slot does not provide people with enough time to make an appropriate decision on the right horse to wager on. People cannot study the horse’s form, their previous track record, or even compare its stats with the other horses. This is because the information just appears on the screen for a few minutes, that is barely enough. This means that people go about placing bets blindly.
Virtual events’ primary goal is providing people with opportunities to place bets. These opportunities are more frequent compared to real sports events. This is because the games are computer-generated, and the winning bet depends largely on random numbers. These are similar to casino games slots, which is what gives them their high rate of addiction.
Here at BetNow, the effect of Coronavirus on online betting can be seen that the only available events to bet on are virtual sports. Online betting companies are raising the stakes higher to earn more money. This is at the expense of the people with gambling problems since they always have many opportunities to place bets. The reason for concern mainly results from the fact that these new opportunities do not provide the bettors with fair odds of winning. This is because the odds are stacked in favor of the bookmakers causing people to lose money.
There have been reports on some governments trying to help people from the effects of online gambling. The aim to achieve this is by setting up limits on the amount that each person can spend on gambling. This is to protect people with gambling disorders. From losing everything they own and on some level from losing their lives. Some governments are also looking into reviewing the rules and regulations governing online betting companies. They are also trying to block advertisements from TVs and radios, which trigger people’s lousy gambling habits. These actions will go a long way to protect people from exploitation during the Coronavirus crisis.