There are currently hundreds of people, government officials, and professionals advocating for online sports betting. Out of 50 states, 24 have signed on for online sports betting. Of course, more are expected to join the growing list of states that have already legalized the practice. Virginia is just one example. In 2019, Virginia officials passed multiple gaming laws, one of which made sports betting within the state legal. The second gaming bill legalized brick-and-mortar casinos.
While some Virginians voted against the state’s casino referendum, the majority supported the idea of land-based casino operations in the state. What is the driving force behind online sports betting in the United States? Find the answer to this question and much more in the article below.
Meet High Demand
While sports betting was still illegal in many US states, consumers found a way to place wagers on the World Series, Super Bowl, and NBA tournament. Some have even gone so far as to participate in illegal underground sports betting rings. Whatever the case may be, sports betting offers many benefits, including the main benefit, a real money-winning opportunity.
Who does not need a little extra cash right now, with the coronavirus looming overhead? The United States has millions of part- and full-time workers surviving on measly unemployment benefits. While the federal government has pitched in an additional $300, combined with the state average of $400, unemployment benefit recipients are still barely able to make ends meet.
As the demand for online sportsbooks and situs judi bola continue to grow, state officials knew there was no other choice, but to join the online sports betting public exhibition.
The growing demand for online sports betting will never be met unless all US states are onboard.
Concerns Of Lost Revenue
Online sports betting revenue predictions show as much as $11 billion per year. This is a lot of money that will be lost if federal and state officials do not take action.
The threat of state-earned revenue leaving the economy is enough to urge some lawmakers to take action. So far, approximately 24 states have legalized online sports betting. These states include Arkansas, Delaware, Nevada, Oregon, West Virginia, Tennessee, Montana, New York, Colorado, Illinois, Iowa, Indiana, New Hampshire, New Jersey, Mississippi, Michigan, Pennsylvania, and Rhode Island.
Other states – Washington, Virginia, Maryland, North Carolina, Louisiana, and North Carolina – are the most recent to join the online sports betting coalition. States that have introduced bills to no avail include Massachusetts, Vermont, Maine, Connecticut, Hawaii, Texas, Oklahoma, Kansas, Nebraska, Kentucky, Montana, Ohio, North Dakota, Minnesota, Florida, South Carolina, Georgia, California, and Wyoming.
Wisconsin, Idaho, Utah have even broached the online sports betting topic. These states are expected to lose out on the opportunity to significantly increase their revenue by millions each year. Sports betting proceeds for each state is expected to increase the economy by at least $100 million.
The State of Tennessee reported online sports betting revenue of $131 million in November 2020. Just imagine how this much money could improve your state economy, especially with the COVID-19 virus looming overhead.
Protection For US Economy
There are so many risks involved in e-commerce. Consumers oftentimes forget they have little to no financial protection when shopping online. In fact, some put it in the far corners of their mind, putting them at a high risk of fraud. There are currently hundreds of unofficial websites on the World Wide Web. Many of these websites offer a decent selection of products, such as attire, home goods, edibles, herbal supplements, footwear, electronics, and appliances.
Every e-commerce store increases the selection of available products for consumers. This is great and all but many consumers forget the risk involved in shopping online. Well, the same thing can be said about consumers and online sportsbooks.
There are currently hundreds of sportsbooks online and many more affiliate sports betting websites. Many consumers cannot even differentiate between a legitimate online sportsbook and an affiliate sports betting website. The main difference is sportsbook websites are actual sports betting platforms while affiliate websites act as a bridge between consumers and the legitimate sportsbook sites.
As state officials gear up to tackle the online sports betting agenda, American consumers are saving money to put toward their first wagers.