Major sporting events, including the college-basketball betting frenzy known as March Madness, have been canceled. Others, like the NBA, NHL, and MLB seasons, are on hold.
For some sports betting and media companies the name of the game right now is cutting costs and conserving capital. "Everybody is hunkering down and preparing contingency plans to keep their businesses operating," said one industry advisor, who has advised multiple media companies that are moving into sports betting. "They're thinking through how to, frankly, preserve their employee bases and trying to avoid having to lay people off.
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