It is hard for gamblers located in the USA to get access to the best gambling companies. This is due to the licensing restrictions in place across most US states. Things are gradually changing as regulators and lawmakers in most states are now looking to legalize some form of gambling activities. With COVID destroying the economy, states will need to find new revenue streams to balance the books and it makes sense to legalize gambling to help bring in much needed money for states.
One of the sectors that has been hit hard by the economic fallout of COVID are land-based casinos and sports betting shops. All casinos across the USA were forced to shut their doors to the public for the lockdowns that have and are still taking place. It has cripled the finances and forced many to shut their doors permanently.
One of the most popular USA betting sites PointsBet has reported record turnover since sports has returned. If you have not come across it before make sure to read this excellent PointsBet review online. Most punters have turned to online betting options during the lockdown. It has forced a number to use illegal platforms due to gambling restrictions in place in their state. That is valuable lost tax revenue that has been missed out on due to a ban on betting so hopefully that changes soon to project the gambler along with increased state revenues.
Land-based and online sports betting establishments have both been badly hit during the pandemic. All sports were at one point unable to take place which meant that there were no betting options these companies could present to punters.
Even when land-based casinos are allowed to open, there are strict social distancing rules in place that means the establishments are only capable of producing half the amount of revenue and profits. It makes it infeasible for most to pay the vast overheads associated with running a casino establishment as the operations require a higher footfall rate to cover these expenses.
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While the land-based gambling establishments are still struggling to survive, there has been a boom in online gambling in the USA during COVID. Many used the stimulus checks they received from the Government to place bets. Many are gambling for the wrong reasons, however, as they are trying to make money to survive as they have lost their jobs and income. Gambling should only be done for fun and trying to make a living from it is a surefire way of financial disaster for most.
Final Thoughts
The gambling industry like many others is going to be completely transformed by the COVID pandemic. Most companies that are land-based will be forced to close down and for those that do survive, their next couple of years are going to be a battle of survival. Companies like PointsBet will continue to grow over the next few years, as they are catering for the new gambling economy which will be based completely online.
Now that a vaccine has been found for COVID, it will take the next year to distribute it worldwide before things can go back to normal with regards traveling and social distancing. We are entering a new era of post COVID and in the gambling sector, those that transform their businesses models to suit this the fastest will be the ones leading the way over the coming years.
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