Almost thirty years ago, former New York Knicks player and New Jersey senator Bill Bradley started an anti-sports betting crusade that led to the creation of the PASPA Act. The former legislator believed sports betting was a threat to athletes everywhere and deserved to be banned.
Future of Online Gaming 2020
Fast forward to 2018 and the same state Bill Bradley served helped strike off the PASPA Act of 1992. Under the new laws, every state can legalize sports and casino games freely. New Jersey, Delaware, Pennsylvania and several other jurisdictions have already legalized the sector.
And in this year of the pandemic, more states in the US and countries worldwide are expected to legalize iGaming. Here are seven compelling reasons.
2020 will go done as one of the worst years for many countries. That’s because it brought dozens of industries to a halt. It cost millions of people their jobs and placed governments in economic deficits they won’t recover soon.
But amid all the havoc of COVID-19, the online gaming industry remained steady. It retained all its employees and continued to stimulate economies. In the UK, the BBC published a report in May that showed online casinos were growing in popularity at significant rates.
In contrast, the Guardian showed that casino players were spending more time and money doing what they love the most. In the US, both New Jersey and Pennsylvania also reported increased revenue from iGaming businesses throughout the lockdown.
With that in mind, countries where online gaming is legal made millions of dollars in one of the only thriving industries in 2020. That’s money they can use to boost their declining revenues or to complete infrastructural and educational projects.
As mentioned, 2020 not only affected the economy of many countries but it also robbed jobs from millions of people. But guess what? COVID-19 didn’t take away jobs from online casino and sprouts betting employees.
Online casino managers, dealers, customer service staff, marketers and programmers are still working. In fact, there’s a demand for these positions now that new online casinos keep cropping up.
All the same, more states and countries globally will want to create job opportunities for their citizens. And the iGaming industry is ready to provide employment if supported by authorities fully.
In case you’re wondering, remote gambling employs over 100,000 people in Britain. In the US, the industry has the potential to employ over one million people. And globally it could add up to 50 million jobs.
Online Casinos Grow Year on Year
Although it’s not clear how many online casinos are in the world, experts estimate they exceed 5000. In the UK, there are over 900 online casinos, sports betting sites and bingo apps. That’s Britain alone.
Malta, one of the most popular remote gaming regulators, hosts another 1000 online casinos and sportsbooks. Most of the other operators are based in the Caribbean, mostly Curacao and Antigua and Barbuda.
That said, new online casinos pop up for various reasons. Some of them want to provide faster payouts or bigger bonuses. Others promise to help you win more by featuring high-paying games.
On the flip side, you can avoid Gamstop on these casinos. For the uninitiated, Gamstop is a free service designed to help people self-exclude from online casinos. Unfortunately, most people find it challenging to get back to gaming once they sign up for the service.
To provide an alternative, there’s a need breed of gaming sites that don’t work with Gamstop. Most of them are safe and secure. What’s more, they hold licenses to show they are genuine.
All the same, the increasing number of online casinos worldwide means there’s more acceptance of the industry. And that could also motivate more countries to legalize the sector.
Perhaps the biggest motivations for countries to legalize online gaming is the tax income they can receive. Britain generates over £3 billion from online casinos and sports betting sites every year through taxes.
Although it’s a tiny fraction of the UK’s annual tax revenue, it’s enough money to sponsor infrastructural projects. Surprisingly, some countries have the potential to generate much more money by taxing iGaming businesses.
The US is a prime example. New Jersey, a state that has legalized all gambling forms, generated over $400 million last year. If all states were to make a similar amount through taxes, America would add $20 billion to its annual budget.
Logically, not every country can make $20 billion from online gaming businesses. But even if it amounts to $500 million, it’s an amount decent enough to cushion the budget deficits caused by COVID-19 this year.
Cushion Against Future Economic Downturns
When COVI-19 is over, most governments will want to center their economies on industries not easily affected lockdowns. And that makes the iGaming industry a prime target. Not only is it safe from most pandemics, but it can also cope with any disruptions.
Indeed, most online casino employees are still in quarantine like everyone else. But they are not locked at home doing nothing. They spend their days working just like they would if there was no lockdown.
That said, the iGaming sector has proved it checks the entire list of governments want from a legal industry. It can create jobs, stimulate an economy and pay tax. What’s more, it can also provide fair and safe services and also protect players from gaming harm.
In other words, there’s no reason why online casinos and sports betting sites should be illegal. Some people might think they are harmful. But they have tools to protect everyone. Additionally, they can be regulated to ensure that only safe business operate.
Although 2020 has been a terrible year for businesses, governments and people worldwide, it has shown why it’s necessary to legalize iGaming operators. They represent a booming multi-billion industry.
And amid the economic downturn caused by COVID-19, a multi-billion industry that can save the economy is what the world needs. Indeed, legalizing online casinos comes with the benefit of tax income, jobs, and growth for towns and cities.
HussaiN is a full-time professional blogger from India. He is passionate about content writing, Tech enthusiast & computer technologies. Apart from content writing on the internet, he likes reading various tech magazines and several other blogs on the internet.