09/17/2020

SoFi is committed to fighting racism, standing in solidarity with all of our communities, providing space for open dialogue,
as well as taking action as informed allies. We are donating $1 million to organizations that empower people of color and their allies.

footballs on yellow background

NFL Draft in the Wake of COVID-19



The Longest Time-Out

Like the rest of the United States, the world of sports is on a COVID-19-induced pause. As fans yearn for nonexistent sports content to distract them from the global pandemic, the financial toll is mounting. From owners to athletes to food service workers, the economic web of American sports is vast. Economists estimate that the sports industry adds $71 billion to the US economy every year.

The NFL draft is scheduled for today, and while Americans are clearly hungry for sports to start up again, it’s not clear if public health is ready. In a Seton Hall sports poll conducted with Braun Research Incorporated, 70% of respondents said that if social distancing continues into the fall, NFL games should remain on hold for the safety of players and fans. 72% of those surveyed said they wouldn’t feel comfortable going to a game of any kind before a coronavirus vaccine is approved. Just 12% said they would go if the league could ensure proper social distancing measures.

Game Plans

The NBA has talked about using a Las Vegas hotel to isolate players for practices and games, but that won’t be a viable option until they can get coronavirus testing. The MLB has discussed a similar plan, floating the idea of an isolated baseball season in an Arizona desert.

The NFL has more time to make a plan than the other American sports leagues, as the season isn’t scheduled to start until September. The off-season, however, has been significantly altered. All public events for the draft have been cancelled, and the whole event will be held virtually for the first time in history.

As the NFL and College Football decide how to handle the impending football season, the CDC recently predicted that the coronavirus could surge again in the winter.

“There’s a possibility that the assault of the virus on our nation next winter will actually be even more difficult than the one we just went through,” CDC Director Robert Redfield said in an interview earlier this week. “We’re going to have the flu epidemic and the coronavirus epidemic at the same time.”

A winter wave of COVID-19 could prove disastrous for the football industry, as it would potentially impact the end of the coming season and the beginning of the next one. It’s not yet clear how an altered season could financially impact the NFL, but losses would involve ticket sales, television contracts, and more.

Betting on It


As the first round of the NFL draft approaches, sports fans are anxious for something to watch. Their attention seems to be turning to the draft itself, and the sports betting market is ready.

Tonight’s first round is expected to be the most actively bet upon NFL draft in history . The coronavirus is largely to thank for the increased interest, but so is the relative novelty of betting on the NFL draft. “We’ll do probably more than 10 [times] what we did last year [on the draft],” said John Sheeran, Director of Trading for FanDuel, in an interview with ESPN.

Now, the sports economy will just have to wait to see whether games can be played in the fall.


Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
SOSS42301


All your finances.
All in one app.

App Store rating

Download on the App Store Get it on Google Play

ABOUT SoFi SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing, and protecting give our more than one million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. For more information, visit SoFi.com. Want an easy and convenient way to manage your financial life? Get the SoFi app. For iOS and Android.


TLS 1.2 Encrypted
Equal Housing Lender