UK Gambling Was Affected by COVID-19 since Gambling is one of the UK’s most successful yet unheralded industries. The Brits are famously open-minded when it comes to betting, and this fact is reflected in one of the least stringent betting regulatory frameworks anywhere in the world. Some of the largest and most powerful Online Cricket Betting ID companies are headquartered in the UK (and Ireland in the case of Flutter Entertainment, the gambling behemoth that owns both Paddy Power and Betfair).
This thriving industry faced a serious threat in the first few months of this year with the outbreak of the novel coronavirus and the chaos that has ensued. To gauge just what the prospects of the UK gambling industry are, we have put together this informative piece.
Early Lockdown Impact
In the days and weeks following the calling of an immediate nationwide lockdown, the UK gambling was affected by COVID-19 industry took an enormous hit effecting so many betting sites which is not covered by Gamstop, the same way that other industries tanked. Part of the reason for such a sharp drop in the share prices of the UK gambling industry’s massive plays was the immediate negative impact on sports betting markets when organized sport was canceled without any indication given as to when seasons would resume again.
But however bleak the future looked back in March, April and May, together with death and taxes, another thing that is certain in this life is that the house will always find a way to win. Fortunately for the big betting companies, most of them were able to survive on the slight uptick in the number of people who began passing their extra spare time at the online casinos that today form a part of every major betting company’s arsenal.
Since the crash, two things have happened that have brightened the prospect significantly for the UK betting industry. First, organized sport returned in a hurry, albeit behind closed doors. With so many months without the national pastime of watching and betting on soccer matches, the sports schedule was suddenly full to breaking point as sport’s organizing bodies looked to make up for lost time in order to avoid the potentially catastrophic consequences of a forced rebate of hundreds of millions of dollars to sponsors. This sudden feast of sport caused a rather predictable boom on the balance sheets of British bookmakers.
Choppy Waters Ahead
UK gambling was affected by COVID-19 , Despite coming out of the coronavirus either ahead, in the case of Flutter, or at worst, relatively unscathed, there may be some significant hurdles of a different kind to navigate for major British betting companies during the remainder of this year. The British government is set for a major review of the permissive 2005 Gambling Act, the act which is largely responsible for turning Britain into a paradise for the betting industry.
Concerns about the negative impact of the pervasive gambling culture on individuals and communities are likely to see gambling regulations tighten some time in the not too distant future. At a time of uncertainty regarding the possible postponement of the current sporting season, this move could not have come at a worse time for the betting industry.