New Jersey sportsbooks are reportedly at risk of losing ‘tens of millions of pounds’ per month after the coronavirus pandemic put a stop to all major sports approaching the summer.
Most mainstream sports competitions in Europe have been suspended with no certain return date. The Premier League is on hold until at least April 3 while the top soccer divisions in Italy, Germany, Spain and France have no certain return date as things stand.
Horse racing was the latest sport to be delayed as a result of COVID-19, with most major sports in the United States—such as American football, basketball, baseball and ice hockey—out of action.
The Evening Standard cited figures from Flutter Entertainment—which own Betfair and Paddy Power, among other betting companies—which estimated earnings for 2020 will drop by approximately £90 to £110 million as a result of the coronavirus.
The Champions League and Europa League have also been suspended for the time being, while UEFA announced its decision to postpone Euro 2020 by 12 months, with the Copa America and African Nations Championship following suit, per Reuters.
Flutter Entertainment chief executive, Peter Jackson, said:
“The challenge currently facing our business and the industry more widely is unprecedented in modern times. Our focus, first and foremost, is on protecting the welfare of our employees and our customers and we will leave nothing to chance in this regard.”
COVID-19 had more than 193,000 confirmed cases as of Wednesday, March 18, and resulted in more than 7,800 deaths, per CNN.