The coronavirus pandemic has had a negative impact on the world of live sports as well as the sports betting industry. Experts in the industry believe that the recovery from this pandemic could bring about a major surge in states that offer sports betting.
There are currently 18 states in the US that have legalized sports betting, and 11 of these states have authorized mobile sports betting. Industry leaders expect both of these numbers to increase as states try to bring in additional revenue to aid in the relief.
The SBC Digital Summit took place last week, and the final day of the event focused on Sports Betting in America. Several major players in the industry were a part of the panel, and they were in agreement that expanded online gambling will come as a result of this pandemic.
Not only will mobile sports betting be increased throughout the country, but more states will likely legalize online casinos. New Jersey, Pennsylvania, and Delaware are the only three states that currently offer online casinos. Las Vegas allows customers to play poker through an interactive platform, but all casino gambling is done on-site.
States will be looking for different ways to increase revenue, and taxing the gambling and sports betting industry is a great way to accomplish this. Industry experts have also cautioned states that they need to set some regulations before legalizing anything.
Another major factor in an increase in online gambling is the fact that more people are getting better with technology during this pandemic. Online shopping has become the new norm, and a new generation of people are discovering the power of technology.
This will likely be a slow-moving process, and lawmakers throughout the country will have to create legislation to expand gambling. Many states will be forced to create a constitutional amendment to get a new law. Regardless of the process, industry experts are expecting a major change and growth after the pandemic.
Illinois, New York Could See Major Changes
The state of Illinois opened up its sports betting industry just days before professional leagues began to shut down. There was only one casino open at that time, but two other locations were set to open the following week.
Illinois will allow casinos to offer an online sportsbook, but there are some restrictions. The coronavirus pandemic will likely force lawmakers to rethink their plans to bring in more revenue to aid in the relief from the pandemic.
The sports betting law has also placed companies such as DraftKings and FanDuel in the “penalty box,” and they are not allowed to apply for a sports betting license for 18 months. Even though these two companies might continue to be shut out, there is reason to believe that other online betting companies will be allowed to apply for a license.
New York is another state that would benefit from mobile and online sports betting being offered. Governor Andrew Cuomo did not include mobile sports betting in his budget proposal for the next fiscal year, despite plenty of pressure from lawmakers.
Sports betting in New York is currently limited to the casinos that are located upstate, and that makes it hard for many residents to get in on the action. Financial experts have informed the state that they are leaving plenty of money on the table by not legalizing online sports betting.
Governor Cuomo believes that a new constitutional amendment is needed to launch mobile sports betting, while other lawmakers disagree. Even though the proposed budget will likely be passed without the inclusion of an expanded sports betting, lawmakers are using this time off to come up with new legislation.