Gambling and Sports Betting News March 13, 2020: Sports Betting Industry Dealt Big Blow

Written by:
C Costigan
Published on:

Here are today's headlines in the world of gambling and sports betting as they happen - Friday March 13, 2020.

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Sports Betting Industry Reels as Sports Pause Indefinitely

Thursday was likely the worst day in the history of sports betting.  Nearly every league cancelled their upcoming events, postponed seasons, leaving all but a few UFC bouts and obscure foreign soccer matches in which to bet on (yes, there is still betting on American Idol and politics).

The stock market crashed this week. Sports betting stocks crashed harder, writes Christopher Smith of AL.com.

Whereas airlines still have a trickle of flights, opportunities to bet on sports have vanished almost completely, he notes.

There are no Mark Cubans publicly vowing to take financial care of low-level workers like ticket writers at Las Vegas casinos. And there’s no one who’s going to finance professional bettors, whose wagering options are tenuously limited to MMA and a few obscure foreign leagues.

The most important weeks between the Super Bowl and the start of football season have vanished. Worse, nobody knows when sports will resume.

“It’s our busiest week of the year,” John Murray, executive director of the Westgate SuperBook in Las Vegas, told ESPN.

“It’s a big concern, but every sportsbook in the country is in the same boat. There’s nothing we can do to control it. We’re just hoping for the best, while keeping the safety of our guests, our staff and everyone involved our No. 1 priority.”

In Vegas, the loss of March Madness is estimated to cost the books, collectively, $100 million in handle.

Smith notes that, for leagues that cancel rather than postpone, sportsbooks are grading all futures bets and most season win total bets as “no contest,” returning hundreds of thousands of dollars to customers. Because there was so much parity in college basketball this season, most sportsbooks were in position for nice cashes on their futures bets with little liability.

Very Informative Article so Read More Here


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- Aaron Goldstein, Gambling911.com

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