During the last few months, under the influence of the COVID-19 pandemic, the betting industry has been at a loss, as almost no sports events were played. Events such as the English Premier League, the Indian Premier League, the NBA, and even the Olympics, were cancelled or postponed.
Not many people thought that we would go months without any sports events. As a result, some events, like the NBA, are currently held without an audience, and with strict medical and safety protocols. A similar situation occurred with the EPL that was postponed for three months until it recommenced in June and finished in July.
Consequently, people have been wondering how the betting industry has copped with this loss? Without sports events, the best sports betting sites have suffered immense losses that have to be compensated somehow. For that reason, US betting sites have taken a page out of UK betting sites’ book and started offering many non-sport bets. In the UK, betting on politics has been present for more than ten years.
Although it’s legal to bet on politics in the UK, the USA does not have clear laws about betting of this kind. That doesn’t steer clear of the fact that most popular bets in this country have been on politics, with a considerable focus on the fast-approaching presidential elections in the USA. The market has been opened to more bets since PASPA (Professional and Amateur Sports Protection Act) was overturned by the Supreme Court of the United States in May 2018.
Other than politics, the betting industry has introduced many different betting options. Even though sports have been paused, other events have continued to play and progress. UK-based bettors can wager on reality competitions, TV shows and specials, as well as many other television-related events.
With that in mind, betting on sports has dropped by 80% compared to last year, while betting on politics has risen by 20% in March 2020. Now that many sports events have recommenced, it’s left to see how the politics betting sector will react, as many punters will surely return to betting on their favourite sports events.
However, many experts claim that betting on politics will prove to be a lucrative sector of the betting industry. Although it is challenging to predict how the industry will act in the years to come, experts are optimistic. With the 2020 presidential elections underway and Trump at the forefront of the race, the industry is expected to see an increase in political bets.
The previous elections in the US were huge, as they significantly differ from European elections and the lengthy parliamentary processes. For that reason, many European punters, along with American punters, wagered on the 2016 elections. The same outcome is expected with the 2020 elections, with many claiming that all records in the politics betting industry will be broken.
Some even claim that the 2020 US elections will be the most significant market trade of the year, as many sports events were postponed. What aided that assumption is the fact the Olympics Games were cancelled after many sports betting industries prepared for it to be the biggest market of the year.
Even with this periodical halt to sports betting, the sports betting industry’s trajectory is still predicted to increase in the next few years. Statistics have shown that the industry is estimated to grow over £4,5 billion by 2025. Interestingly, this number could be even higher if more states decide to legalise local sports betting venues and sites.
The most substantial possibility is that both betting sectors will continue to grow in the future, as more people have now experienced the thrill of wagering on politics. It’s only unclear if the politics betting sector will have sufficient growth compared to sports betting.
For now, enjoy the fact that some of your favourite sports events are back and visit https://www.betopin.com/ca/ where you can find the best sports & casino sites to place a wager or two!