When it comes to the coronavirus pandemic, it’s hard to think of a single sector or industry that has not been affected. Every industry around the world – from makeup and beauty, to education and finance – has felt the strain of this overwhelming situation. Businesses have had to shut their doors – or even go bankrupt, workers are on furlough leave and customers are staying home.
Some industries have been succeeding more than others, though. Sectors with digital leanings, like app development or digital marketing, have found it relatively easy to adapt to new ways of working. Other sectors, like hospitality and food, have found it much more difficult to find ways of working in a way that keeps their employees and customers safe.
The impact that the pandemic has had on small businesses and independent creators as a whole cannot be understated, either. Independent companies, artists and freelancers have been put under immense strain to make ends meet in 2020.
To put it simply, it has been a difficult year for everybody as a result of the pandemic.
Here at NJ Gambling Fun, we specialize in sports betting, online casinos and gambling as a whole. As we’ve been observing the impacts of the coronavirus pandemic, we’ve noticed some interesting impacts on the sports betting and gambling world, relating to legalization, the economy and progress as a whole.
In this article, we’ll be going over the impacts of the coronavirus pandemic on sports betting in particular, looking at how the future of this industry could change as a result of 2020 and considering the impact that it could have on the United States as a whole.
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What we cover
How has the coronavirus pandemic disrupted the gambling world?
There have been a number of changes to the gambling world that the coronavirus pandemic has brought on. One of the biggest factors that has changed in 2020 is that physical casinos and betting shops have had to be closed, as a result of the virus. And, as a result, they lost a ton of money! Many traditional casinos are having to think on their feet to adapt to these new circumstances.
In turn, many businesses have had to put their workers on furlough leave or completely change their working styles. The financial impact has been immense. For example, Atlantic City in New Jersey is one of the biggest gambling hubs in the world, and was recording incredible revenue statistics in the last quarter of 2019. This, of course, has now changed dramatically.
What impact has the pandemic had on sports betting?
While some traditional casinos are struggling to keep afloat in 2020, online sports betting companies have found themselves in a different position. As some of you may know, sports betting is legal here in New Jersey – and we have a great selection of online sports bettors – yet it is not fully legal across all of the States.
Aside from the changes listed above, there has been a particularly interesting impact on sports betting in recent months. As noted in this handy CNBC article, the CEO of Penn Games, Jay Snowden, recently went on record to say that the coronavirus pandemic could speed up the time that it takes to get sports betting fully legalized across America.
During his interview with CNBC, he described how sports betting could provide the boost of tax revenue that the United States is desperately looking for right now. He does make a fair point- legalized, regulated sports betting would be a wonderful resource to keep states afloat this year. So many other revenue streams have been cut short recently, after all.
He’s not the only CEO to go on record saying this, either. DraftKings CEO, Jason Robins, spoke with CNBC as well, noting how state officials were right to focus their attention on the pandemic and how to solve it quickly. Jason did, however, encourage state officials to be open to the idea later down the line, and to consider the impact that legalization could have.
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What effects could legalized sports betting have?
It’s not just a boost of tax revenue that legalized sports betting could have, either. States who opt to legalize sports betting could see the creation of many more jobs and employment opportunities in the gambling sector.
Additionally, legalization can lead to stronger regulation and management of malicious practices within the gambling world. In the states where sports betting is not legal, there is less of an ability to manage how people are gambling. Legalization arguably offers better protection for vulnerable gamblers and gamers, too.
All in all, the move to legalize sports betting nationwide raises some interesting points of contention. It’ll be fascinating to see where we end up by the end of 2020.
Overall
As you can see, the coronavirus pandemic has had a lot of impact on the sports betting world, and on the economy as a whole even as casinos are trying weather the storm. 2020 has been an unprecedented year, with plenty of twists and turns for industries all around the world. Small businesses and independent creators all around the globe have been struggling to mitigate the impacts of this pandemic.
It’s been interesting to observe the impact that the pandemic has had on the sports betting world. While sporting event cancellations and postponements have made sports betting quite difficult in 2020, the rise of virtual sports and new betting methods have been wonderful to see.
It’s going to be fascinating to see whether sports betting gets legalized in more areas across America as a result of the pandemic, too. As the previously linked article states, legalized sports betting statewide could have a fantastic impact on the economy as a whole. This is a story that our team is going to be following with great interest.
Want to read more articles like this? Looking to learn more about the world of gambling and sports betting? We’ve got you covered.
