- Collegiate teams across the country are being cut as a way for schools to save money and make up for the huge losses caused by COVID-19.
- Sportsbooks will see fewer college events in the future due to these cuts, losing profits from sports bettors that enjoy college-level games.
MIAMI – College sports programs nationwide are being cut in a new strategy to ease the financial burdens sustained by the Coronavirus pandemic, but what effects will this have on the sports betting industry?
College football fans and sports bettors of the game need not worry as it’s been established that football is the most profitable of any sports program at any college in the country.
But less popular programs are being cut to streamline costs for the schools. The travel expenses alone are something that proves costly for teams that now no longer exist so the price tag goes away along with them.
The Pandemic Effects On Collegiate Sports
The University of Cincinnati rid themselves of the men’s soccer team and Old Dominion no longer offers wrestling.
Florida International University, East Carolina University, Central Michigan, Bowling Green, Old Dominion, and several other schools are slowly cutting programs to help with their deficits that are in the millions because of the pandemic.
Other smaller named schools are getting rid of bigger named sports like soccer and baseball.
Furman University announced the loss of their baseball and lacrosse teams.
Programs like tennis, track and field, and swimming are among the top sports being cut by schools.
These are events that legal sports betting platforms cover for college sports betting fans that will no longer be available.
More cuts are expected to take place at colleges from all over the U.S. The Coronavirus has now taken collegiate sports programs with it in its path of economic destruction.
Commissioners from the American Athletic Conference, Mountain West Conference, Mid-American Conference, Sun Belt Conference, and Conference USA came together to form an email that was sent to Mark Emmert, NCAA President.
The letter was a request for financial help and other suggestions to help solve the issue so that programs will not need to be cut.
“As you are aware, the COVID-19 pandemic and resultant economic turmoil has resulted in the direst financial crisis for higher education since at least the Great Depression. Among the financial challenges being faced include significant decreases in state appropriations, substantial losses in endowment value, and a downturn in philanthropic activity,” wrote the commissioners.
Both schools and sportsbooks took huge hits when March Madness was canceled because of the outbreak of COVID-19.
Across the country, colleges nearly lost a combined $400 million they would normally make off of the event.
The future of college sports is still up in the air. Come time for the seasons to begin, the number of bet at mobile betting sites will be that much smaller in the college category.
It may not show up majorly on the sportsbooks’ revenue sheets but these teams were just collateral damage in the financial crisis caused by COVID-19.
Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.