Now You Know Why You Need to Be Ready
for Everything
With what has happened in 2020 - you
should now understand why you absolutely need to be ready for everything that
can happen. As a business owner, having multiple back-ups plans is necessary.
The coronavirus (COVID-19) shutdown the
sports world for months.
We’ve been slowly getting sports back the
last couple months, but we’re far from back to normal.
The good news for bookmakers is that
major US sports are almost back. MLB is back this week and the NBA/NHL will
resume play by the end of the month. That’s welcome news, as volume has been
down across the board in 2020. It’s hard to generate action when there are no
major sports.
Bookmakers have done their best since
COVID-19 to release more betting markets.
Your PPH provider was likely putting up odds
for KBO (Korean Baseball), video game simulations and eSports. The one segment
of the market that has seen growth in 2020 is eSports.
If your pay per head bookie isn’t offering a
bunch of eSports markets, you’re missing out. A lot of sports bettors have
turned to eSports. While the betting action on eSports is likely going to drop
once major US sports are back, there are going to be some players that continue
betting eSports.
Tips for Preparing for a Downturn in Business
Here are some tipsthat we want to
share that’ll help you prepare for a downturn in business:
● Cash
Reserves: You never know when business can drop
drastically. Maintaining a year’s worth of expenses is a good idea when you
operate your own business.
● Always
Adapt: Despite betting volumes tanking this year
because of COVID-19, there are still thousands of bookies staying afloat by adapting.
If you’re with a pay per head that refuses to adapt to the changing industry
then you need to move to a more professional service.
● Expand: If you were a bookie that had a decent percentage of your income coming
in from the online casino, you weren’t nearly as impacted during the pandemic.
It’s always a good idea to diversify your business by promoting the casino and
racebook more aggressively.
Preparing for the Future
Well, it looks like major sports are
going to be back soon. As long as there isn’t a huge second wave in the
fall/winter, sports should be good to go. There may be no fans at the games,
but everyone's itching for sports to come back and with everyone at home,
they’ll want to place some bets.
Millions of Americans are going to be
looking for bookies the next few months. This will be the first time that the
NBA/NHL playoffs and the NFL will be on at the same time.
This is a one in a lifetime marketing
opportunity for bookmakers.
You should understand why it’s important
to prepare for everything now. On the bright side, it looks like business will
be picking up any day now and hopefully the rest of 2020 goes smoothly.
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