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UK government survey highlights falling betting companies

UK government survey highlights falling betting companies
"The 30 betting companies that participated in this study claimed to have seen their revenue drop by 100% since the UK joined quarantine on 23 March."
by Academia   |   comments 0

The UK Government recently conducted a survey through the Department of Culture, Media and Sport (DCMS), during the period from 23 April to 22 May, noting that betting companies recorded a 50% decrease in revenues compared to 2019. As we know, this is the result of the strong impact that the pandemic has had on all sectors of work in the world.

Through this, the survey revealed that several betting companies are at an impasse, whether or not they can withstand this disruption in the sectors caused by the pandemic, despite a large amount of information that says the revenue was eliminated by the recent lockdown.

Although it was not revealed the scale on which companies fell in relation to their revenues, it was suggested through this study that the sector that suffered the greatest impact was the physical operators of the sectors.

The 30 betting companies that participated in this study claimed to have seen revenue drop by 100% since the UK joined quarantine on 23 March, compared to the previous year. Another 14 companies reported that revenue fell between 50 and 99%, while on the other hand, eight companies reported that revenue had dropped by only 1 to 49%, varying from sector to sector.

Despite this information, two betting companies stated that revenue has increased year on year.

Operators, on the other hand, reported having depended on government assistance during this period, with around 32 operators stating that between 75 and 100% of those involved during the quarantine period in the country had granted licenses. Three said they had ceded the license between 50 and 74%. Finally, 20 companies said they had not applied for a license.

However, 37 companies reported that they did not take any similar measures to reduce this, while 19 stated that they adhered to ways to protect their jobs during this period.

After several companies had taken plans and projects to temporarily mitigate the impacts, the operators underline that they would be able to continue with the business in three to six months. However, nine companies reported that they could only secure business for up to three months during quarantine. However, five companies said they would not know how they would remain in the market for this time, while two companies said they would have stopped trading in this period.

For the time being, gradual improvements are expected from betting companies after the reopening of some physical bookmakers in the UK, as was the case with the UK bookmaker who reopened last week after three months of stoppage.

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