The American Gaming Association has estimated that $43 billion in overall sports betting handle was lost in the first two months of the COVID-19 pandemic.
“The gaming industry in the U.S. has been disproportionately affected by this,” noted Casey Clark, the senior VP of the American Gaming Association. “There aren’t any casinos open. So we have seen more than 650,000 people out of work since this started.”
On the other hand, there is hope that just as fast as the industry came to a standstill, so too will it grow in the coming months in a post-corona era. 19 states already have legal, regulated and active sports betting in one form or another, and others are on the path to reach that point.
The situation is such that several states are planning to allow legal sports betting in the coming months. These include Virginia, where licensed sports betting operators will be allowed to open on July 1st.
Other states such as Oklahoma, Washington and Tennessee are currently tied up in legal wranglings and bureaucratic red tape, but are moving forward towards legal sports betting.
Local governments believe that sports betting could give them the boost they need to kick-start their struggling economies.
“As states return to some semblance of normal and look at increased budget shortfalls, sports betting gives them an opportunity to do something about that,” said Clark.
With a hold on most leagues, players have very few markets to bet on, although horse racing has continued mainly uninterrupted in most states. Casinos that own horse tracks have been more fortunate than those without, as they were able to benefit from a steady stream of income, even during the tough corona months.
Individual states are reporting on massive losses in March compared to February 2020.
| STATE | Loss in $ | Loss in % |
| New Jersey | $187.9 million | 36% |
| Nevada | $141.2 million | 72% |
| Delaware | $3.8 million | 45% |
| New Hampshire | $8.7 million | 59% |
| Pennsylvania | $131.3 million | 60% |
| Mississippi | $10.7 million | 69% |
