A report conducted by 888 Holdings has revealed a shift in interest towards online casino and poker events, as the threat of Coronavirus looms over the sports betting industry. Delays in conducting sporting events have been the major cause of this transition.
However, the group has revealed that its current average year-to-date revenue has risen by 18%, until March 18, on a year-to-year basis.
The constant disruption of sporting events until September might cost EBITDA quite dearly as sports betting fans shift their focus away towards online casino and poker. If this trend continues, then the annual total revenues might be less than $10m; unlike 2019, which accounted for sports betting for 16% of the total revenue.
The report states that both the verticals of sports betting and casino gaming has recorded an increase in its daily revenue by 24% when compared to that of 2019. An increase of 20% was observed in customer acquisition for B2C business as well.
The annual results of 2019 were published after a delay, followed by this update on the report. The delay was caused under the request of the Financial Conduct Authority (FCA) for a 2-week postponement, as a measure against the Coronavirus threat.
Major events such as the English Premier League and UEFA European Football Championships have been delayed in the wake of the rising toll of deaths due to Coronavirus.