Listen to the article
It’s no secret that 2020 has been one of the toughest, and most complicated, years of the last 20 years. The global economy is currently in a recession, the tourism industry in many countries has been reduced to ashes and people have spent so much time at home this year that they have likely taken to a few new hobbies. For many people, sports betting is this new hobby but even the sports betting operators felt the pinch as sporting leagues, and tournaments, came to a grinding halt earlier this year. For many people who don’t know much about this industry, the continued success and even growth, in some cases, can be quite confusing. Here’s how sports betting operators managed to stay afloat this year, and which of these measures is likely to stick.
Products
Many betting companies that focus mainly on bookmaking and sporting events have become known exclusively as sportsbook operators. However, there is a range of other products offered by operators which have turned out to be highly profitable. These extra products and offers such as Online Casino, Poker, Scratch Cards made sure that sportsbook operators have become the unsung heroes of the industry this year. The absence of major sports leagues, championships, tournaments, with even the Euro Cup and the Olympics being cancelled, left many sports bettors with no form of entertainment and let them to an increased use of niche products. In other words, sports fans who had nothing to bet on started playing at the Online Casino of the respective brand trying out their Slots, Blackjack or Roulette offer. Thus, Casino Products, e-Sports and other game varieties were at the forefront of the profits made by the betting industry in 2020.
Related: Cash Out Betting: What Should Bettors Know About Cash Out?
Fantasy Sports
Fantasy sports betting has been around for a few years but originally catered to a more niche market. As a result of the postponement of conventional sports, many bettors showed interest in fantasy sports betting for the first time and have enjoyed it so much that they have opted to continue playing. Bookmakers began to take advantage of this gap in the market and provided the best odds. Fantasy sports betting involves a completely different concept from the way in which normal sports betting is conducted as the outcomes of the games are not bet on. Instead, players create a fantasy sports team and compete against each other to try and win money. Gambling entertainment companies such as DraftKings, which provide daily fantasy sports contests, and BetAmerica are well-known for providing the best bettor experiences for this competition.
E-Sports
Electronic sports, or e-Sports, have also been around for a few years but have only recently become popular as a mainstream betting event. Once again, the lack of conventional sporting codes prompted bettors to try their luck with this gambling niche. E-sports were initially widely enjoyed by the gaming masses of the world and appealed more to those who play, or are interested, in multi-player video games. The advent of games that could be live-streamed further expanded on the popularity of e-Sports and has even resulted in a few players using their talents to become professional video game players. Bettors will then place wagers on the outcomes of missions, or teams, on these multi-player internet games. DraftKings has revolutionized this market by creating fantasy e-Sports competitions but for bettors looking for a more authentic experience, bet365 offers e-Sports bets as it was intended.
Online Casino Games
Besides the exciting alternatives to sports betting, bettors also participated in a lot more casino-style gambling this year when sports were postponed. The continued success of many sportsbook operators has been greatly attributed to online casino gaming. A vast array of casino games such as table games, online slot titles, progressive jackpots, and live casino games are available for every kind of player to enjoy with popular sports betting and casino operators such as the Kindred Group, GVC Holdings, and MGM Resorts International who have become known for their premium quality of online casino offerings. Sports betting companies, who had already developed this aspect of their business, diverted their attention to their online casino offers, promotions, and loyalty programs to keep bettors entertained during the long months of the sports shutdown this year.
