Three Major US Sports Leagues to Lose $7.9bn in Ticket Revenue Amid COVID-19 Outbreak
The global sports industry suffered a tremendous hit in 2020, with many professional leagues across the globe suspending their seasons and thousands of sporting events being canceled amid coronavirus outbreak. Although some countries managed to continue their sports seasons, the United States has been grappling with the recent spike in COVID-19 cases, causing a new hit on the entire sports industry’s recovery efforts.
According to data presented by SafeBettingSites.com, the Major League Baseball, the National Basketball Association, and the National Hockey League, the three major sports leagues in the United States, could lose up to $7.9bn in ticket revenue amid COVID-19 outbreak.
Los Angeles Dodgers` Ticket Revenue to Plunge by $200 Million
The TicketIQ data estimates revealed the MLB faced the most significant ticket revenue loss based on the market value of the tickets available for sale across all events that have been postponed or canceled. Statistics show the professional baseball league in the United States could lose $5.1bn in ticket sales amid coronavirus pandemic.
Los Angeles Dodgers top the list of the US baseball clubs with $200.1 million in ticket revenue loss. The profits of the Boston Red Sox, as the second team on this list, are expected to plunge by $180.5 million in 2020. New York Yankees ranked third with a $177.8 million revenue drop. St. Louis Cardinals, Chicago Cubs, and Washington Nationals follow with $153 million, $146.7 million and $109.3 million, respectively.
Washington Nationals, Houston Astros, Los Angeles Angels, Philadelphia Phillies, and Milwaukee Brewers, as the other five clubs on this list, are all set to witness less than $100 million ticket revenue drop.
LA Lakers, New York Knicks and Golden State Warriors to Lose $82.7 Million
More than four months after the COVID-19 outbreak forced the suspension of the season, the NBA season resumed in July in Orlando Bubble, where players live, practice, and compete in games at the ESPN Wide World of Sports Complex. This $170 million worth isolation zone has strict rules defined by the National Basketball Association to protect its players from the COVID-19 pandemic.
Although the NBA managed to continue the season, games without the viewers caused a costly financial hit to the leading clubs. The TicketIQ data showed that the lost ticket revenue for the NBA, including playoffs, is set to touch $1.7bn this season.
LA Lakers top the list of the NBA clubs with an $82 million ticket profits drop. New York Knicks are expected to end the season with a $46.1 million revenue loss, almost twice less than the LA Lakers. The ticket sales profits of the Golden State Warriors are forecast to plunge by $42.1 million this season. Toronto Raptors, Boston Celtics and LA Clippers follow with $32.9 million, $32.2 million and $31.9 million loss, respectively. Statistics show Philadelphia 76ers are set to witness the smallest ticket revenue drop among all NBA teams, with their profits falling by $23.5 million this season.
The National Hockey League, as the third most-affected sports league in the United States, is expected to witness a $1.1bn ticket revenue drop this season. Statistics show that Toronto Maple Leafs ticket sales profits are set to plunge by $42.2 million this season. Nashville Predators ranked second with a $20.6 million revenue loss. New York Rangers, Boston Bruins, and Edmonton Oilers follow with $19.8 million, $19.7 million and $18 million in ticket sales loss, respectively.
