(STL.News) If we look back at 2020, it is definitely the year that we all want to forget. At the start of the year, we all heard of a mysterious virus that was rocking the streets of Wuhan in China. By March and April 2020, we were all locked at home, as PMs everywhere announced national lock-downs and asked the public to stay indoors and only exit households for essential reasons. All of this did have its toll on businesses and even gambling.
We have seen businesses move quickly to an online operation, and undoubtedly some of the most prominent online businesses did surge. However we feel that 2021 will be the year of online casinos. As the US moves to regulate further sports-betting and having this available in more starts, it feels that 2021 will be the year when we all forget about going to the around the corner betting shop, and all our sports betting will be held online.
2020 was not a good year for trade and businesses worldwide. Many companies closed their doors, many people lost their jobs, and the US economy faced massive issues. Many states across the US have recorded a 10% loss on their tax revenues, however this is set to increase back to 20% in 2021. At least we all hope they do. Just to put some figures in the mix to put you in the picture, California’s figures are set at 54.3Billion $. Florida at $16 billion and New York state at $14.5 Billion.
So how does gambling come into the mix?
The US loves sports betting. If you stop your average American on the streets, they will tell you that they will never miss a game for the NFL or the NBA, or at least they follow a specific team. Now let us all remember that the US is currently in the process of having sports betting legalized in many more states, and this could be the answer to saving the US economy.
Online sports betting and gambling is not available in every sate as yet. For example, you would need to go to a local betting shop in person to effect a bet in New York state. On the other hand, in New Jersey, you can gamble and place a wager online whenever you please. As we write this article, you can bet online legally only in 7 states across the United States of America.
If you are a player that lives outside of the Garden State, you would need to go physically in New Jersey and wager online via an IP address located in the state. If you aim to become one of the best casinos in the US, you need to make sure that you set up home where gambling is legal and wagers are accepted online. Let us all remember that with Covid-19 is still with us, and it would be a little bit impossible to make your way to a land based casino and gambling shops. After all, lock-downs are still in the process, with many states listing high rates of infections and closure of shops, including betting establishments.
If we look at some of the figures that New Jersey has recorded, in June 2020, the state took a total of $165 million in wagers. During the month of July a whopping $315 in betting wagers were recorded, a much bigger jump than the previous month. This translates into 9.5% of tax and revenue share being taken away by the tax man. So, will gambling save the future of the US economy as a whole? After all, this is money that will be going to the state, not the state of New York. Sports betting and also casinos are the future and this is the only way that economies that recover and flourish from the overall impact of a world pandemic.
As we start the new year, the hope is that one of the best casinos out there, the ones that we all love to visit start taking sports betting legally. The US will continue to implement policies and laws to make sure that many more states will enjoy and legalize sports wagers. This is how the US economy can flourish.