Can US States Benefit from the Legalization of Sports Betting?
Sports betting is not a panacea for ailing state finances but the additional revenue collected from different states will prove some help for sure. The argument can be understood.
Even in the present, the illegalized sports betting industry still generates billions of dollars each year.
According to CNBC, $150 billion is used to bet illegally on different sports betting contests in the US. This means the states are in short of a significant chunk of that revenue and the sports betting is happening despite all of that. The states will have a different benefit from legalizing sports betting.
Mobile Betting Has Not Been Endorsed in Full but Things Have Started to Change
With most states voting for the sports betting legislation, the issue of allowing mobile betting or not is still a perpetual source of division.
Presently, mobile betting is allowed across the US, but only in a few states. While in New Jersey and Pennsylvania, you can bet remotely from any place in the state, in other states, you are only allowed to make mobile betting if you are at a land-based sportsbook in person.
In terms of real growth for each state’s sports betting industry, mobile wagering holds the biggest potential. Sports fans may be reluctant to go to a land-based sportsbook in person but about 80% of them are more ready to bet via a website or an app
Particularly with COVID-19 safety protocols and restrictions, there are fewer sports fans who want to be physically present in a sports betting lounge.
Online Betting Is the Next Step in Sports Betting
The COVID-19 pandemic has given prominence to the online sports betting market.
Casinos and sportsbooks in Las Vegas as well as all other parts of the country are now finding the opportunity to enable online betting in order to increase healthy standards, and facilitate mobile betting as a whole.