section_path: Gambling and betting
section_name: Gambling and betting
paragraph_text: Gambling and betting
  
  According to the American Gaming Association, the industry will be hit by losses up to $43.5 billion in economic activity in the following months. Some projection was that the sports gambling industry may lose $140 million alone in the fourth weekend of March (21–22 March 2020) on lost NCAA basketball tournament bets. Gambling companies are eager to shift customers from retail into online casino and poker games to fight the loss of revenue due to the cancellation of sports fixtures and the shutdown of betting shops. Gambling groups increased the advertising of online casino games and play on social media.Some argue that virtual racing, as well as draw based games, are also proving popular. Some software betting providers have specially designed campaigns promoting online betting solutions to attract betting companies.Long term consequences to the betting and gambling industry might be: Death of small retail operators and providers, increase in M&A, more focus on online, innovation in online meaning that even the existing products like the sportsbook will pay closer attention to obscure sports like soap soccer or quidditch and more prominent spot for virtual games online.
  
  In Macau, the world's top gambling destination by revenue, all casinos were closed for 15 days in February 2020 and suffered a year-on-year revenue drop of 88%, the worst ever recorded in the territory.