Although the coronavirus has locked people inside their homes, it has given the American gaming industry enough time to reflect on the opportunities that lie in the online sphere, helping them move forward into gaming. online casino. This change was a revolutionary event because it would allow the economies of the states to remain stable in the midst of the global crisis.
According to industry experts, now is the time for traditional casino owners to rethink their policies and jump on the online casino bandwagon. Because in-person gaming experiences at traditional casinos are at an all-time low, thanks to social distancing standards. Therefore, legalizing online gambling will help states in the United States recover from the effects of the pandemic sooner.
Currently, several states have legalized online gambling in the United States, including Pennsylvania, West Virginia, New Jersey, Michigan, and Delaware. Additionally, online poker is legal in these states as well as Nevada. In a few other states like Arizona gambling will soon be legal.
States where online gambling is not legal are losing revenue every day. In the absence of legal online casinos in their state, punters who wish to indulge in their favorite casino games will often resort to illegal online games, thus spending money on offshore books instead of casinos. where tax revenues benefit the country. Therefore, it is high time for state legislatures to consider legalizing online gambling.
Daily online gambling has been on the rise since the federal ban was lifted in 2018. However, since the pandemic, the numbers have been dropping, raising the question of whether land-based operators should join operators. in line. After all, it’s a growing trend right now: brick-and-mortar casinos aren’t getting any deals, which is a red flag.
Now more than ever, a growing number of states are looking for ways to finance education, environmental initiatives, health and transportation. Therefore, now may be the time for jurisdictions to take a closer look at how they can generate potential tax revenue through online gaming.
Brick and Mortar Casinos are Suffering
COVID-19, aka coronavirus, has had a significant impact on the gaming industry in North America. Many sports betting has had to be closed due to the postponement of several months of major sporting events such as the NHL, NBA and MLB. What else, March Madness has been completely canceled.
As people become more concerned with human contact and try to avoid being in crowded environments, land-based casinos are seeing their daily clientele drop dramatically. After all, with the cards and chips passing through multiple hands and multiple people playing at the tables or slots, it’s normal for punters to decide to stay away from casinos to stick to social distancing standards. Thus, physical casinos are currently in real danger as they must face a drop in their income until the pandemic subsides.
Many casinos across the United States have also informed their audiences that they will remain closed until the pandemic is over. For example, the Philadelphia-based Valley Forge Casino was closed for almost two weeks, the Rivers Casino Philadelphia took a temporary 14-day hiatus.
In most states, physical casinos have remained closed for a long period of the pandemic.
How will the United States react?
Online gambling is popular around the world, particularly in countries where it is legal. In the United States, when legal gambling options become available, states will surely be able to witness an increase in revenues. On the other hand, people living in states where online gambling is not legal will resort to offshore options.
Now, if you do a state-by-state comparison, online gambling has definitely been a godsend for New Jersey. The total amount of sports betting in the state for the month of February alone was $ 436.49 million, 68% higher than the figures for the same month last year. Additionally, mobile betting accounted for around 88.2% of the total sports betting market in New Jersey.
New Jersey currently imposes a 15% tax on online gambling, which translates into a big turnover. As a result, the state is now presenting itself as a source of inspiration for other states that have been slow to legalize online gambling.
There is no denying that the time has come for physical casino operators to jump online. In fact, many operators have already done so. In New Jersey, this includes Hard Rock, MGM, Golden Nugget, and Caesars Entertainment.
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