For all the rapid spread of legal online sports betting across the United States in the wake of the global pandemic, there’s still been little action and few moves across the nation by State Houses legalizing online casino gaming.
However, the question needs to be asked if perhaps all states have fully considered the potential positive economic benefits of a fully legalized, licensed and regulated online casino industry. Without a doubt, there are many state budgets that could benefit from the state revenue cash injection.
In the wake of the economic down turn related to the global pandemic, let’s take a closer look at the economic and other benefits.
According to a 2017 Oxford University study, the fiscal impacts of a legalized online casino gaming industry consisting of state, local, and federal tax influence could be expected to exceed $8.4 billion should a majority of states legalize online casino gaming.
Gaming and Technology Benefits
In the U.K, where online casinos are is commonplace, the online casino betting industry doubled its size over the past five years and is responsible for up to 70% of UK’s casino gaming market.
Online casino betting applications available across all devices create a convenient gambling experience for customers and create jobs for developers, administrators, customer support staff and mangers alike.
It is anticipated that the online casino betting market in the US will most likely become the world’s largest once it becomes legal across most states.
Increased State Tax Revenues
The increase in funds to the state budget bottom line will be the primary motivator for some states to finally legalize online casinos in their respective jurisdictions. Instead of losing tax money to neighboring states that allow online casinos, legalization will let each state to enjoy more profits over time. As the number of states that permit online casino betting increase, those remaining closed to the idea will eventually jump onboard to avoid losing tax profits and potential state tax revenues.
Technology Assists In Providing Assistance For Those Requiring Help
In reality, there will always be those players that can’t practice responsible gaming and unfortunately go overboard. Online casino gambling sites are complete with A.I. powered problem gambler detection software providing a level of assistance for those that require it. Once it is legalized, online casinos will roll out help solutions that will be beneficial for many people.
With more responsible gaming potentially taking place, state budgets will be able to budget less on housing, welfare and food stamps, and have more money to spend on education, health, fire and police protection, infrastructure and parks and gardens.
Smart Job Creation
Online casino legalization will create jobs in smarter sectors in the economy. Game developers, coders and tech savvy customer support staff roles will be created and move people out of harm’s way of further pandemics and diseases and into flexible and smarter roles that should be possible to undertake from home in the most part. As a result, the impact of the child care and public transport sector could also potentially gain relief.
Safer Betting Platforms for all
Legalization will promote better spaces for online casino betting. Instead of placing bets via illegal wagers, people will go to a legal, licensed and regulated online casino that players are allowed to go to. Arguably, more people will become interested in online casino gambling as a safer, cleaner and more enjoyable space to place their wagers under the full discretion of their state behind them.