Unfortunately, the number of deaths is continuously increasing due to the spread of the coronavirus pandemic and people are very frightened of this disease. Everywhere is lockdown and all the things including sports activities have been stopped. This is why people are saving their incomes for any future mishap.
Using any phrase to describe this pandemic is very small as it has affected everyone so much. The global sports industry is reeling and about $450 billion amount got stuck due to this coronavirus. Different kinds of professional sports have been shut down. From soccer to horse racing, almost there is no sport going on, and because of this, the game of betting has been affected and stopped as well.
Last Tuesday, two major US-based sports industries got shut down due to the coronavirus pandemic and they are now facing major profit warnings. However, it has been announced that the Horse Racing Authority has canceled all of its meetings until the end of April. Moreover, till the worst of COVID-19 goes, there will be no such game on which betting can be done.
Betting On the US Sports:
The most emerging market country that is the UK has also closed all its sports and betting casinos and this way, it has cut off from the international markets. One of the most popular betting bookies, William Hillborrowed a lot of money from the UK to expand his betting casinos in the US and established himself in the casino market.
He has borrowed heavily in the last couple of years to expand his digital presence. But now, this pandemic has become a real trouble for him because he has to pay back all of the money and all the sports have been stopped and there is no betting going on.
Yes, almost every casino of the US has closed its doors due to the coronavirus pandemic and it seems like it will take a month to re-open as this virus is spreading very fast. Well, when your lucks down, your bets go wrong. William Hill and many other famous bookies that invested millionsofdollars in betting are in pain at the moment because they have a lot of debt to pay back now.
But track to that capability relies on retaining net deficit to less than 3.5 times the original operating revenue (before interest, surcharges, diminishment, and amortization). And at the end of the year 2019, the ratio was 2.4.
But what will happen to the EBITDA during the COVID-19? William Hill notified that it is possible to fall by 100 to about 110 million pounds that are total 40 percent of what analyst are expecting in the year 2020. Also, it is expected that the horse racing and other betting sports ban will be exposed until June and the NFL season will again resume in September.
According to betting.us, the recent research tells that 75 percent of the adults found in the US that are aged above 21, also says that the game of betting should be legalized and the approval rate of this legalization is about 90 percent. But all this will happen when the COVID-19 will go away.
However, we can just hope for the best and pray to God that this virus goes away. Only after that, people will be able to live their lives normally and happily. So, be positive, stay at home, and protect yourself.