The harsh reality of the coronavirus has hit home for the sports betting industry. An optimistic outlook of minor downtime has rapidly deteriorated into a major health crisis that could keep live sports off the board deep into summer.
The highly profitable NCAA Tournament was completely lost and now there is talk of going right to the playoffs when the NBA and NHL try to resume their season. It is highly doubtful that the MLB regular season will come anywhere close to playing a 162-game schedule. Best case estimates might allow half the season to be played.
Major betting events like the Masters and Kentucky Derby have been moved to the fall. Even the secondary betting events that aid weekly cash flow have been pushed back several months or postponed in their entirety.
Building Business From Any Means Possible
By now, every private bookie has been able to assess their personal financial situation. Hopefully a strong football season and what was made from other sports the first two and half months of 2020 is enough to carry your bookie business over to summer.
Right now, the biggest opportunities to bring in regular weekly revenue are through a racebook for horse racing and an online casino. Real Bookies offers the right online gambling software solutions to build business for both from an existing base.
Shifting your energy to capitalize on live horse racing and online casino gambling is tied to shifting your entire mindset. If these two added streams of revenue were already a big part of the profit picture, your bookie business is way ahead of the game. It probably will not fill the entire void left by sports betting revenue but it can help you bridge the gap until some sense of normalcy returns to the world.
You should also be expanding your sports betting board with as many futures and props as possible. These will not pay any immediate dividends but having this kind of action on the board is a great way to continue to engage your customers.
Building Business From the Ground Up
If you never took in a dime from operating your own racebook or casino, it is not too late to employ the help of Real Bookies to get them started. Just as the online sportsbook software solutions have been designed to be comprehensive and turnkey in its application, the racebook and casino follow suit. They are already included in your overall pay per head package, so there is no added operational cost.
In the absence of regular live sports, your betting base is looking for something to fill the void. Horse racing would be the closest thing to live sports with some highly popular tracks such as Gulfstream Park, Tampa Bay Downs and Oaklawn Park still running daily cards on select days of the week.
Casino gambling is available 24 hours a day, seven days a week. Everything from slots, video poker to live-dealer table games provides a viable online betting alternative. Once again, this will not fill the sports betting void but it can help the overall cash flow issue.
Working on your racebook and casino now will bring in some much needed revenue. It is entirely up to you how hard you work this betting angle. However, keep in mind, these are two viable revenue streams that can keep paying valuable financial dividends long after the sports betting world has returned to normal.