Tag: COVID-19 lockdown

US States Realize Online Sports Betting Potential after COVID-19 lockdown (part 2)

 

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.

US States Realize Online Sports Betting Potential After COVID-19 lockdown (part 1)

 

The lockdown due to the Covid-19 pandemic has paralyzed most of the United States for six months, especially the brick-and-mortar businesses. On the other side, that has expedited the push for online businesses and sports betting is not an exception.

There are different reasons behind the move. Some lawmakers have showed safety and health concerns while others were more realistic to the falling revenues for the state and looking for alternative sources of funding.

With the federal government stepping in to offer relief funding, states have pointed out that the best way to control the situation would be to find more money, therefore, sports betting comes in.

Legislative Push for Sports Betting Starts in 2020

Sports betting leagues have been able to return, while the future of most sports betting competition was a big question for most of 2020.

All NFL franchises has come back to play, even though the American Gaming Association (AGA) expects that there are only 33.2 million sports bettors this year, below the 40 million who placed a bet during the 2019/20 season.

Meanwhile, both the NBA and NHL have been able to resume their seasons. They have transitioned into the playoffs and shaved off a number of teams.

The return of sports events has been a success, particularly amid a global health pandemic. Although all organizations enhanced safety measures and protocols, many athletes have chosen to opt out of playing this year. And legislators from across the country have been pushing for the introduction of working sports betting legislation.

The state of Massachusetts is one of the first states to have tried and introduced sports betting. However, it will have to do some things before the legislation can pass the State Senate, objected to language involving collegiate sports betting.

In July, the state of California also resumed the legislation push for the Sunny State’s sports betting industry. They are doing things to put the question up on the November ballot.