The COVID-19 pandemic has affected the lives of millions of Australians and brought financial hardships on thousands, including those involved in the horse betting and racing industry. According to the Australian Skills and Industry Committee, around 11,400 people in the country are employed directly in horse and dog racing. This number includes commercial horse breeders, bookmakers, race organizers, punters, jockeys, and fans, all of whom have experienced some kind of loss due to the COVID-19 restrictions on public gatherings.
Before COVID-19, there were several opportunities in Australia to bet on horse races like AJ Moir Stakes throughout the year but things changed drastically as the country went into lockdown. With public events being shut down, many in the industry got into a tight spot, and betting habits changed.
The Effect of COVID-19 on Bookmaking
When it comes to horse racing, bookmaking is a vital part of the industry and the Australian economy, employing thousands of people across the country. However, COVID-19 shutdowns across the country have directly translated into a decrease in the number of horse racing events that punters can bet on. This has led to significant losses for bookmakers.
Many bookmakers in Australia have been forced to close their doors for good. Bookmakers that are unable to adapt to the post-pandemic environment and are unable to meet the changing needs of the industry do not stand a chance at sustaining their business in the long run.
On-course bookmaking has also suffered losses. The prize money for several races like Darley Classic Stakes has been reduced by up to half because racing sponsors are currently trying to get back the money they’ve lost during COVID-19 shutdowns. The prize money numbers are expected to remain unimpressive until things get back to normal and punters are able to attend races like the famous W.S. Cox Plate in person again.
However, as several industries have adapted to COVID-19, virtual horse betting events have risen to prominence and presented a great opportunity for Australian bookmakers to acquire new customers using online channels. Virtual events have opened up the minds of bookmakers to the possibility of virtual horse races that have now become an important part of the online betting world.
Changes in Betting Habits
Horse race betting has always done well in Australia but the COVID-19 pandemic has also changed the way punters are placing bets. Traditionally, to place a bet on a horse, you’d go to a race and get in line to place your bet based on the data presented on tote boards.
Things are different now. Due to the COVID-19 restrictions, gamblers have now been forced to find ways to place their bets and win online. For this reason, many are on the lookout for authentic sites such as Palmerbet that offer a real-time betting experience with strategies and tricks for famous races, such as Cox Plate 2021.
Palmerbet is a licensed Australian online bookmaking site that offers a youthful and interactive betting experience for all punters, located anywhere in the world. Using Palmerbet, you can compare your odds of winning more easily, make swift payments with your debit card, keep track of all your betting slips in one place and gamble responsibly.
In the second half of 2021, physical horse racing events like the W.S. Cox Plate are expected to come to a halt, given the present COVID-19 situation in the country. Nonetheless, virtual horse racing and online betting are expected to soar with sites like Palmerbet that encourage responsible gambling with a commitment to great odds and great value.
The Future Outlook
While most stakeholders in the horse racing and betting industry have maintained a positive outlook so far, we can expect them to face significant challenges that may inhibit their growth and the growth of the industry. The changes in gambling habits and the sudden shift from traditional to virtual gambling have provided greater convenience but they have also added to the already-existing pressures of the gambling world. Only time will tell how horse betting survives amidst the COVID-19 pandemic that is still shaking large parts of Australia.