It has not been an easy period for many companies, with bookmakers being no different. The Covid-19 pandemic saw sports across the globe postponed, rescheduled and even cancelled in many cases, negatively impacting the number of bets placed significantly. However, this is just one of a number of concerns that the betting industry must overcome in the near future, with stricter regulation, the integration of technology and player trust being just some of the potential problems which must be overcome.
Betting Regulations
Betting sites must work hard in order to ensure that they meet all legal requirements, with the fact that regulation keeps bookies in check holding them accountable at all times. The Gambling Commission is the top authority in the UK, who help to fend off any potential risks to punters, with stricter sanctions for those who fail to deliver in this area potentially coming into play.
The Impact of Covid-19 on the Betting Industry
Betting is just one of many industries that has been impacted by the Covid-19 pandemic, with a huge number of sporting events having been cancelled, leaving bookmakers struggling to stay afloat. Brand new betting sites might be effected the most, with some brands like Bet4Pride and MoPlay no longer being active, while online casinos are unlikely to have felt the pinch so significantly. A number of competitions and tournaments have returned over recent weeks, including the English Premier League, however this is unlikely to be enough to stop other bookies heading in the same direction as the names already mentioned.
Integration of Technology
In order to compete in the modern market, betting sites must ensure that they are at the height of their power when it comes to technology, whether it be through offering live streaming or offering a mobile app. However, integrating such features is not always easy, with keeping up with the leading names in the business being expensive and something in which not everyone will have the capability to do.
Destructive Issues
Brands will have to factor Covid-19 into future plans undoubtedly, however there are a number of other potential destructive issues that could have a significant impact on the industry as a whole. Perhaps the biggest is the negative view of gambling overall, with many viewing this pastime as the devil and something that should be regulated in a much stricter manner. We have already seen the use of credit cards being banned for gambling purposes in the UK of late, with organisations working hard in order to ensure that the promotion of responsible gambling is not neglected.
On top of this, with news surrounding fraud and online scams regularly having a negative impact upon the industry. As such, it has never been more important for providers to ensure that their security measures are as efficient as possible, whether it be surrounding encryption or firewalls.
Meanwhile, the number of bookies receiving negative feedback surrounding payouts is increasing, with such platforms quickly moving onto blacklists. Many punters have experience of winning money, only to find out that they cannot get their hands on it, which is one of the biggest disappointments in the industry today.
Bottom Line
It is likely that the betting industry will find its feet once more and meet its undoubted potential in the long-term, however there are undoubtedly some important factors that need to be followed closely and acted upon. The government and gambling authorities will play a major role, with the legality of different types of betting, having a drastic impact upon the future also. However, should those in power have a more positive view upon this pastime, we could well see the betting industry go from strength to strength, which will come as good news for online bookies.
