More States Approves Sports and Online Betting As Virus Continues
Major sports events of countries around the world were postponed or canceled because the coronavirus threatens people in a large group. The revenue from sports and gambling declined mainly because of the government-mandated quarantines and lockdowns.
Reports of the increase in searches and subscriptions in online gambling platforms circulated the internet. People found refuge in online gambling like casinos because they don’t have actual sports and gambling venues to visit.
As government measures loosen due to prolonged economic inactivity, sports operators started to make a noise of continuing operations.
Sports slowly resume schedules as virus continue to spreads
Sports activities in many countries remained shut down while the virus still threatens everyone. Some sports operators decided to gamble and resumed schedules despite the threat of the virus. Recently, European soccer and Asian baseball resume games. NASCAR also started their races.
Other sporting events revealed their plans to resume. In two weeks, PGA Tour will start their golf games while the NBA and NHL revealed their plans to continue their seasons. Chris Krafcik, a managing director with Eilers & Krejcik Gaming, said that the virus would accelerate the expansion of sports betting and online casinos in the next 12 to 24 months.
The director also said that both activities provide states, whose economies have been massively disrupted by the outbreak, the opportunity to capture new revenue immediately in the form of upfront license fees, and over time through taxes. Eilers & Krejcik Gaming track sports and internet betting legislation in the US.
Analyst: Sports betting generate just a fraction of 1% of most states’ budgets
An analyst from the Associated Press said that sports betting do not guarantee huge revenue for states. The analyst revealed that taxes on sports betting would generate just a fraction of 1% of most states’ budgets if they met their estimates, and many states fell far short of those projections.
However, many believe that even a small revenue boost from sports gambling could help states with idled economies as tax revenue disappears. More than 18 states in the US licensed sports betting while four allowed internet gambling that offers online casino games, slots, and poker.
Online sports betting are gaining momentum as the virus continues to scare people from going outside their houses. Recently, Virginia and Tennessee gave the go signal for sports betting to operate. Two tribal casinos in North Carolina offer sports betting.
The state plans to pass a bill allowing the industry in the whole state. Washington and Oklahoma will soon regulate sports betting if approved by federal authorities and regulations are in place.
The novel coronavirus caused paved the way for sports betting to go mainstream. The industry attracts gamblers because of its accessibility, wherein gamblers can place their bets at any time of the day and anywhere they are.
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