COVID-19 Continuously Pulling Down The Sports Industry

The global pandemic originated from Wuhan city in China has infected almost every corner of the world. Around 118 countries are currently affected due to the Coronavirus, and it is continuing to increase the number of cases in these countries. There’s no doubt in asserting that COVID-19 has suspended the normal life and largely affected different industries. Lives have come to a standstill due to the widespread of this disease. 

As social distancing is the only way to mitigate the widespread and decrease the number of cases, people are compelled to stay at home and postpone all sorts of commitments that require gatherings. Among all the popular industries that are currently affected by the Coronavirus, the sports industry is one of them which is suffering intensely. The social distancing measures taken to limit the spread of the virus has made a significant impact on the sports fixtures. From the sports media to the athletes, every aspect of the sports industry has been shaken. 

As the Coronavirus sends its shocking waves around the world, the sports industry is feeling the tremors. Killing thousands of people, COVID-19 turned into a global pandemic within a blink of an eye. As the global economy is plunging and industries are shutting down, the sports sector is also facing humongous losses. 

COVID-19 has affected the sports calendar by canceling all the major sports events, leagues, and activities that were scheduled to happen this year. It is only the first quarter of the year, and the sports industry is already under losses. It cannot be asserted that the rest of the year would be crucial to claim back the lost glory as the condition is getting severe every day. 

Many important sports events have been canceled so far, including the much-awaited Summer Olympics, which is also the most-watched sporting event. Over the past few years, the sports industry was mounting up its global value. Back in 2018, the industry managed to hike up its global value to $471 billion. With the clean hit from Coronavirus, everything has tumbled down like Lego house. 

There three primary income sources for the sports industry: broadcasting, commercial, and match revenue. Each income source has been drastically affected as people are not allowed to form clusters and engage in group activities. Each income source is inter-connected and creates a combined revenue for the sports industry. 

With the cancellation of sports events, people are not able to find any entertainment source during this isolation phase. People are confined in their own homes and searching for ways to keep harmony and peace. There are plenty of ways in which people are coping with the loss of their sports events. One of the ideal entertainment sources that are being popular these days is online casino games. According to reports, major casino platforms are bringing offers and bonuses to the table for attracting more people into their platforms. People are entering the world of casinos in large numbers, and it has become a recent sports attraction for people who are searching for some enthralling activities.