There’s growing support for gambling legalization across the US. Louisiana, Maryland, and South Dakota are the latest states to demonstrate their support for the industry—voters in all the three regions passed sports betting by wide margins in this year’s election.
Around the country, both legislators and citizens have been voicing their support for the gambling sector for various reasons. Easing COVID-19’s economic impact has been one of them. Can betting businesses, more so online casinos, help states recover economically?
Up to $400 Million in Added Revenue
Online casino sites could add up to $400 million to the economies of each state across the country. New Jersey casinos did it in 2019, helping the Garden State collect $482 million, a 61% increase from the previous year.
Of course, states aren’t equal, which explains why Pennsylvania garnered $316.3 million in the same period. To expound more, New Jersey has 30 casino sites while PA has twelve. Delaware and West Virginia much lower figures, $3.6 million and $10 million respectively.
If New Jersey is a benchmark of the revenue potential of online casinos in the US, there’s no reason more states shouldn’t permit the industry. By Garden State’s standards, America could gain $20 billion from the sector.
Eliminating Black Markets
America has an established gambling black market. At one time, it was so rampant that the mafia openly ran renowned casinos in Las Vegas. These days, increased regulation has helped reduced underground markets. But they aren’t entirely over.
Legalizing online casinos throughout the US could deal a big blow to the black market and offshore betting sites. Many of them don’t pay taxes to the US, anyway, and that’s money that could help ease COVID-19’s impact.
For a long time, threats from the federal government dissuaded a lot of foreign casinos from serving American citizens. But lately, the companies are back, accepting bets from players in numerous states.
The problem with offshore casinos is that have no licenses to operate in the country. And that means you’re not safe using their services. According to bestonlinecasino.com, the best online casino sites in the US have licenses in NJ or PA—two states where online gambling is legal.
Up to 2 Million Jobs
Although Atlantic City casinos have cut 5000+ jobs this year due to the pandemic, online casinos in the states have added over 20,000 jobs. Many of the new jobs are tech-related: developers, QA engineers, data analysts, IT security experts, UI designers, and chatbot experts.
Technology jobs also exist, from customer service and content producers to dealers and marketers. When you think about it, online casinos provide many of the jobs offered at Atlantic Casinos. As a result, people who lose employment at land-based casinos could get hired by Internet-based casinos.
The beauty of online casino employment is that the jobs aren’t affected by weather conditions or pandemics. To expound more, hundreds of people lose jobs at land-based casinos throughout the US during the fall—business is often down at the time.
With that in mind, not all states can license enough online casinos to employ 10,000 people every year. But even if they employed 1000 or 2000 jobs, they would help the states ease from the tremendous economic downturn caused by COVID-19.
Opening Door for American Casino Tech Companies
Nearly all of the leading casino game developers in the US are foreign companies. Amaya is based in Canada. NetEnt and Play’n GO are from Stockholm while Playtech and Microgaming are from the UK.
Legalizing online casinos in the US could provide a better environment for local developmental studios. Not only will they have a locally available market; but they will also have supportive local governments.
The presence of American software providers will add many benefits to states. The first benefit will be job creation. Then there’s tax, stimulating local economies and helping casinos attract more customers by setting new technological trends. In other words, the growth of American casino companies will boost the country’s economy—a much-needed boon in these trying times.
An Industry on the Rise
As we mentioned earlier, Americans are developing a new attitude toward online casinos. In the past, gambling was treated like a crime. And sure enough, betting online provided enough grounds for a fine or a few months in jail.
These days, people view online gambling as a fun past time for willing adults. As a result, there’s no shame accorded to people who join betting sites to bet their money on slots, poker, or blackjack.
Against that backdrop, legalizing online casinos will likely lead to a positive impact. The new operators will attract customers quickly because there’s a demand for their services. In turn, they will employ people, pay taxes, and stimulate economies, the sort of thing many states need right now.
Professional Casino Players
This might come as a surprise to some. But professional gamblers exist. And some of them make hundreds of thousands or millions of dollars annually. How is it possible to make profits through games of luck?
The thing is some casino games also require a small element of skill to win. Take Texas Hold’em as an example. Some people win even when they have worse hands than their competitors. That’s because they could bluff or read their opponents’ tells.
Blackjack, roulette, baccarat, and slots might not be games of skill. But they also allow you to use strategies to win. In other words, there are ways you can reduce the casino’s inherent advantage to break even.
Social Economic Responsibilities
Besides employing people and paying taxes, online casinos also donate to local charities. What’s more, they sponsor sports organizations or help with infrastructural projects. In many cases, these companies donate millions of dollars, which helps make a significant difference in society.
Of course, no state legalizes online casinos because they donate to charity. But these companies’ generosity is a small but important reason why they should exist. Charitable donations are particularly important in these COVID-19 times, whether it’s a small donation to a local pet rescue organization or sponsoring a struggle soccer team.