How Legalizing Online Casinos Could Boost the US Economy
Despite being one of the oldest forms of entertainment on the planet, gambling is legal in barely a handful of American states. Considering the vast scope for business in the nation, the fact that a simple game of cards is outlawed in most regions comes as a shock for many. With the demand for online gambling increasing exponentially within the last half-decade, the collective decision to ban a major revenue source makes no sense.
The global economy has been on a downturn for a while and with COVID-19 severely affecting the federal coffers, the race to legalize iGaming in most US states is on. But before delving into the legalities, it’s crucial to run an overview of the entire situation.
Online Gambling and US Legislations
Owing to the Wire Act, online gambling is illegal throughout the United States, save for five regions. However, the historic Supreme Court ruling of 2018 overturning PASPA encouraged states to regulate online gambling while encouraging organized sports betting through the regions. The move will not just fill state coffers but will also reign in the illegal betting industry, estimated to be worth over $150 billion per year.
As of now, online sports betting, casinos, and poker are available only in New Jersey, Michigan, Pennsylvania, Delaware, and West Virginia. Indiana, Iowa, Colorado, Oregon, Tennessee, Rhode Island, Montana, Illinois, Washington D.C, and New Hampshire only allow sports betting. While Nevada legalized online poker and sports betting.
How Can a Regulated iGaming Industry Boost the US Economy?
Regulating the emerging online gambling industry could prove to be a dark horse for the volatile US economy. As the demand for entertainment in the domestic market is on the rise, legalizing the industry could attract investors. The subsequent infrastructure would generate business and taxes, which would help boost the country’s economy.
Legalization would also create new jobs like the European market, which became a hotspot for activity during COVID-19 lockdown. If the US lawmakers are looking for inspiration, the success story from across the pond is a valuable lesson to remember. Although the US iGaming industry is quickly gaining prominence, mass legalization at this stage could further encourage investors and players.
Currently, operators in the US are not allowed to cater to residents outside their home states. However, in reality, a large population of gamers sign-up on off-shore platforms to practice their hobby. This isn’t the most secure option since off-shore operators aren’t legally obligated to fulfill their promises.
Legalizing online gambling would not only offer greater safety for the domestic players but also keep the business within the nation. Secured payments are the next most obvious benefit as that would help the government keep track of all activity within the industry. In fact, there are even online gambling platforms that collaborates with top-notch fintech companies, such as Boku casino sites.
Legal casinos around the US provide robust customer support and the US market would follow suit. However, with more options on the table, players will have to ensure greater responsibility while signing up, to avoid misadventures in the future.