How big is sports betting? Here’s how much money is lost with the coronavirus.
Every March, billions of dollars are wagered on the NCAA’s men’s and women’s basketball tournaments.
The nickname, March Madness, isn’t just for the pulsating, buzzer-beating action on the court but also for the stress-induced swings every sports gambler feels during every game they’re sweating.
But instead of all that money profiting Las Vegas sportsbooks and anywhere else gambling is legalized — 20 total states plus Washington D.C. have legalized sports betting, according to The Action Network, following the Supreme Court’s lifting of a federal ban on the activity in 2018 — there’s a whole bunch of revenue missing from those sportsbooks due to the novel coronavirus strain, COVID-19.
The disease has caused a worldwide pandemic with countries such as Italy and Spain going into full quarantine, while limits on large social gatherings is being recommended from both the U.S. Center for Controlled Diseases and Prevention and President Donald Trump.
In Florida, Gov. Ron DeSantis announced Tuesday that bars and nightclubs were to close for 30 days, while restaurants would have capacity limits in a move to help the Sunshine State battle COVID-19.
The virus also grounded sports to a halt as the NBA, NHL and MLB suspended their seasons last week and the NCAA canceled March Madness for its men’s and women’s basketball tournaments.
The decision to nix March Madness means $8.5 billion in total wagers made from approximately 47 million Americans is not happening as it does every year, Sports Illustrated reported.
In total, Nevada sees $500 million per month wagered on sports betting, according to Sports Illustrated.
On the heels of sports gambling market becoming virtually non-existent — there are still some sports played around the world — through America’s major sports leagues as well as the PGA Tour, NASCAR and others suspending their seasons, the ripple effect was felt at Vegas casinos.
MGM Resorts International, Caesars Entertainment Corporation and Sahara Las Vegas all laid off employees, the Las Vegas Review-Journal reported.
Nevada Gov. Steve Sisolak froze gambling in the state for a month effective as of Wednesday, according to the Associated Press. New Jersey, New York and Connecticut closed their casinos, as well as movie theaters and gyms, on Monday, according to NJ Advance Media.
Two South Florida casinos, Calder Casino and The Casino at Gulfstream Park, voluntarily closed Monday, the Herald reported.
This story was originally published March 18, 2020 at 11:53 AM.
