The current war is very limited to Ukraine territory so most the games will not be affected in case the tension extends. During world war 1 & 2, they tried to move the venue on other place then cancel later since the war is spread in Europe so if they try to continue sports during ww1 -2 then there's a high chance sports will continue to show the world that life will goes on despite the darkest hour. Cancellation of sports will just that Russia is successful in destroying in EU.
We'll hope that the war will not widen and hopefully stop though we're not the affected areas, however, looking at the civilians being affected in this war is heartbreaking. Many people are worried about what could be the possible conflicts this war may go beyond and hopefully would not going to result in WW3, we all don't want it. Currently, I couldn't think about what should I do in my betting activities because I would rather focus on saving money to you know prep for whatever consequences may happen when this war widens. Though I am sure the betting and gambling industry in areas that are not directly affected by the war will continue operating.