The novel coronavirus crisis took the world by storm in early 2020. Forced stay-at-home orders and global shutdowns caused several economies to lose billions of dollars.
Despite all the chaos, the sports betting industry experienced massive success. In a world without sporting events, this success seems quite surprising but with gamblers confined to their homes, it makes total sense. With nothing better to do, more and more people were trying their luck at online sports betting.
However, the world has recently raised concerns about the increased gambling problems, particularly in high-risk online gambling settings. The migration from land-based to online sports betting has been convenient for many people in the betting industry but we cannot ignore its negative impact.
In this article, we will discuss how sports betting has changed due to COVID-19 restrictions and shed light on the popularity of virtual betting.
Online Gambling and the Risk of Addiction
Businesses of all types in Australia have been influenced by COVID-19 in different ways. Some businesses have experienced a higher demand for their products or services and others have faced extraordinary circumstances.
Land-based gambling operators have had to close their doors to limit the spread of the virus, while the licensed online sports betting Australia industry has been affected directly by the suspension of sports events, leaving them in a vulnerable position.
However, now more than ever, people are turning to online means of entertainment to keep themselves occupied and sports betting is one form of entertainment that is easily available. The demand for virtual betting has increased since the beginning of the COVID-19 pandemic but so have the risks. Hence, several Australians are looking to betting sites like Palmerbet to fulfill their gambling needs.
Palmerbet is a licensed Australian online bookmaking site that offers an interactive betting experience for all punters, located anywhere in the world. Using Palmerbet, you can compare your odds of winning easily, make swift payments with your debit card, keep track of all your betting slips in one place and gamble responsibly.
Unfortunately, the market for gambling products is mostly made up of illegal players so many Australian punters do not have the level of security and player protection that Australian licensed online gambling operators like Palmerbet offer. In the past, we have seen many punters denied their payouts or their deposits forfeited or lost. When this happens, gamblers feel that their habit is no longer a means of entertainment, which becomes problematic. They get caught up in irresponsible gambling habits and are at risk of addiction.
The potential for people to become compulsive gamblers has grown during the COVID-19 pandemic which is why the sports gambling industry is making efforts to promote responsible gaming. Some virtual betting sites are providing tools that block gamblers automatically if they use their sites very frequently. This helps curb compulsive behaviour.
The Regulation of Online Gaming – A Viable Alternative?
Outside Australia, the regulation and licensing of online gambling have been viewed as a solution to gambling problems. Gambling is merely a means of entertainment for which there is a huge public demand. It can raise revenues for the government but government policies should take the harmful social effects of gambling into account.
A regulatory approach can provide players with harm minimisation mechanisms, protect the funds they deposit and win, limit advertising to appropriate hours of the day, provide players with the opportunity to refer complaints to a regulator about any wrongdoing by a licensed operator, combat money laundering and terrorism financing and enforce law breaches against licensed operators.
In certain countries, the regulation and licensing of online gambling activities after COVID-19 has been effective in eliminating illegal offerings. Regulations ensure that locals can gamble in a much safer environment.
Yes, COVID-19 has resulted in greater demand for online sports gambling sites, but Australians are still at the risk of fraud and addiction. It is only with regulations and licensing that this risk can decrease substantially so that people across the country can bet on important sporting events, like the Victoria Derby 2021 and Victoria Oaks, from the comfort of their homes.