Why fixed odds betting is exploding in Africa
A lot of topics in the news today majorly involve anything and everything to do with Covid-19. In the gambling world, this is no exception.
When the first case of Covid-19 occurred in November 2019, little did the world know that it would spread like wildfire and even less so affect almost every single industry on a worldwide scale.
The same can be said of the gambling industry. As Covid-19 spread like wildfire right around the globe, most countries started shutting down one by one with only essential services being allowed to conduct business as usual and gambling, is not an essential service.
Then and now
Betting has been around since nearly the beginning of time with records even indicating its existence in Greek mythology. Betting started out in a time where crude dice were made from animal bones and rolled. Over time various stakes were made on which number/s the dice would fall.
Through the ages, gambling evolved and today, gambling is a whole lot more modernized (albeit civilized) and a lot of it has digitalized as well. People are no longer bound by having to go out into the world to get their gambling ‘fix’.
The odds
There are three widely used means involved pertaining to the quoting of odds, these are:
- Fractional odds – which are common in horse racing which quote the net total which will be paid out to the winning bettor which is relative to the stake.
- Decimal odds which differ from fractional odds in that they consider that the person who bets has to part with their stake first before they can place a bet, and
- Moneyline odds which contain either a positive or a negative possibility pertaining to the figure quote. These odds refer to those on the straight-up outcome of a game without the consideration relating to a point spread.
The increase in gambling and Covid-19, where do these two run parallel with one another?
The widespread reach of Covid-19 has undoubtedly sparked an increase in the gambling industry, and fixed betting (especially online) has increased in Africa significantly since its landfall in the African-continent, the possible reasons for this can be seen below.
- A lot of people who are not part of essential services are quarantined in their homes
The entire concept of a nation-wide lockdown as seen in South Africa and several other countries, is to prevent the spread of the virus, and seeing that most people do not form part of essential services, a lot are at home.
People can no longer visit casinos and other venues that offer fixed betting. They cannot attend sports games or horse races. With our day and age, a lot of fixed gambling services can be accessed online, which still gives people access to indulge in gambling in the comfort of their own homes.
- Gambling providers’ reach has increased
People are spending a lot more time on the internet and companies that offer gambling services have taken advantage of this by upping their reach with an increase in advertisements.
- Economic stress and job insecurity
With the lockdown and thus shutting down of businesses, a lot of people who have not been retrenched are faced with having to worry about whether they will still have employment when lockdowns on countries are lifted.
There are a lot of people who barely have enough funds to make it through the month on a normal basis and financial stress has increased since lockdowns have been imposed.
People are seeking alternative means to try and guarantee income, but what a lot of people who have little to no experience in gambling, or fixed betting, may not realize is that gambling may come with gains, but it also entails significant losses as well.
- Stress-relief from credit providers may be misused
There are a lot of financial institutes and credit providers who are catering for their clientele during this time of financial crisis, meaning that people have more access to funds that they would have used to pay off debts otherwise.
This goes together with the previous reason already provided, in trying to attain other means of income in a time when job security is a major uncertainty to many.
- Gambling sites are upping the anti
Gambling sites provide beginners with step-by-step tutorials to get them started, beginners are also provided with “play money” which makes the transition into making bets with real money a lot simpler.
Gaming sites also use celebrities and testimonials to draw in more new players along with exciting and modern interfaces.
With things as they are right now economically right around the world, this is sure to be increased to draw in more people.
- Fixed-odd betting online has its advantages above conventional venues
Apart from reasons already mentioned, such as non-essential businesses closing due to lockdowns right around the world, the online gambling world offers what conventional casinos do not.
There are various online formats of internet gambling which allows for a variety of games that casinos may not and it is more fast paced.
Even though sporting events have been cancelled due to the pandemic, there are still e-sports presented during which fixed-betting can still commence.
- The ban on the movement and sale of liquor and nicotine products may also contribute
At first glance, it may not seem to some that liquor stores and outlets closing along with nicotine and related products being taken from the shelves in many countries may pose a risk in the increase of gambling and specifically fixed-odds betting.
But, when taking into consideration that many people do not drink or smoke recreationally or socially, but as a coping mechanism to deal with life’s stresses, this may be something worth considering.
The norm of habits indicates that when stopping one habit, one may pick up another. So, in the absence of liquor and nicotine products, people may start seeking another source in which to feel sated, which may very well lead to an increase in online gambling and fixed odds betting.
