COVID 19 Can Help Sports Betting LegalizationJune 13, 2020 Matt Speakman
The new coronavirus has tremendously changed the world. The borders have been closed and people are forced to practice social distancing for their own safety. Many industries also have suffered the consequences as their activities have been either canceled, reduced, or postponed. That is also the case with sports as well.Most sports activities remain suspended as a result of the outbreak of the new coronavirus known as COVID 19. However, European football and Asian baseball have restarted their activities, NASCAR has gone to the tracks again, and the PGA Tour prepares to restart its tournaments in a couple of weeks.
The major leagues in the United States, including the NBA and NHL, are planning to restart their seasons as well.
The virus will accelerate the expansion of online casino and sports betting in the next 12 to 24 months, according to Chris Krafcik, an executive director of Eilers & Krejcik Gaming, which tracks online and sports betting legislation in the United States.
Nevertheless, sports betting obviously would not save the economy. In fact, an analyst from the Associated Press found last year that sportsbook taxes would generate just a fraction of 1% of most state budgets if they meet their forecasts. However, many of those states fall far short of those predictions.
In addition, considering that the budgets of many states now look like steaming craters on the floor in the face of a shortage of tax revenue in a largely stagnant economy, even a small boost in revenue is still better than nothing.
Sports Betting Is Slowly Taking Over the US
So far, 18 states and the District of Columbia offer sports betting, and four allow online betting, which includes casino games, gaming machines, and virtual poker.
Additionally, Virginia and Tennessee have approved sports betting but have not yet started. North Carolina allows two tribal casinos to offer them and is considering passing a bill that would extend them statewide.
The state of Washington authorizes sports betting at tribal casinos once they meet the rules, and Oklahoma has allowed two tribes to do so, subject to approval by federal authorities.
Louisiana, Massachusetts, and Ohio are realistic candidates for the legalization of sports betting this year, Krafcik said.
On Thursday, California lawmakers promoted sports betting as a way to help the state budget tackle a $ 54 billion deficit. The country’s largest state is considering a referendum on the issue for November.
Illinois Could Approve Internet Gambling by 2021, says Krafcik
Krafcik noted that Illinois could approve internet gambling by the end of the year, at least partially, for the purpose of recovering tax revenue lost during the pandemic.
“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.” – stated him while talking about sports activities and betting.
The United States is already planning to restart the gambling resorts as well. Just a few days ago the Governor of Nevada announced that they will reopen the casinos on June 4th, however, they will imply strict measures in order to ensure the safety of their customers.