Bettors are chomping at the bit for the return of their traditional wagers, but it’s going to be a much different landscape amid COVID-19 with no fans in the stands, according to sports betting industry experts.
Bettors will get an early start when NASCAR resumes May 17 at Darlington Raceway and the PGA Tour re-launches June 11 with the Charles Schwab Challenge in Fort Worth. Neither of those betting options, however, will rival the handle from the NBA, NFL, college football and even MLB.
Robert Davidman, a partner with the Fearless Agency marketing firm in New York who moderated a panel discussion on sports betting at the SBC Digital Summit, posed a question about the impact on betting when there aren’t any fans in a stadium to give a team a home-field advantage.
“I feel people will be so excited to have sports back (to have any worries other than those who like to tailgate and attend games),” said Jamie Shea, head of Sports Digital for DraftKings. “That’s the new reality. People love sports betting in the U.S. and they want to see sports played no matter how they see it. Yes, it won’t be as much fun not going to the stadium, but people have giant TVs at home.”
Keith O’Laughlin, a senior vice president of sportsbook for SG Digital, said he expects a strong return of sports betting and that bettors will gravitate to it no matter how it looks. “Whether you’re betting with your heart on your team, you’ll be excited to do it, and it will be back close to prior levels in two to three days,” he said.
Max Bichsel, vice president of U.S. business for Gambling.com Group, said some bettors who have gravitated to virtual sporting events can’t wait to bet on the real thing once it returns.
“They’ll go back to what they bet on and not in a matter of days, but a matter of hours,” Bichsel said. “The amount of deposits coming in will be astronomical when you identify the first ray of any major league sport in the U.S.”
Jason Scott, trading director for BetMGM, said he’s more tepid than others on what will happen.
“I think sports without spectators will reduce engagement,” Scott said. “They’re used to going to games and you have people with (rising) unemployment and less money. You’re also dealing with people being cooped up in their houses for two months, and I don’t think initially they will be sitting on their couch like they were. I think it will be a gradual comeback in total turnover than when sports ended.”
Betting-wise, the panelists wished they could offer wagering on the presidential election to make up for a lack of sports. Political contests are currently banned in states across the county. In April, it was up briefly in West Virginia, but was quickly taken down.
Jason Scott said the 2016 U.S. presidential election was the biggest betting event in the world. “The sooner we can break through and broaden our base, it will be fantastic for this country for wagering.”
Jamie Shea said as state regulators get more comfortable with sports betting expanding across the country, that could pave the way betting on elections. “We have to remember this is the infancy of this business nationwide, and it will take some time. But I believe we will get there.”
Max Bichsel said the demand is there; some of his company’s strongest traffic deals with the presidential race. Unlike even a boxing match scheduled in advance, an election betting cycle lasts longer, he said.
“You have a year to wager and with that duration, the odds are moving and there’s a potential for a hedge and having some different action,” Bischel said. “It’s the most exciting event you can wager on, in my opinion, but unfortunately, we are in its infancy in connection to sports wagering.”
