Breakingviews-US is the promised place for online gambling

Men will watch the match after betting on the FANDUEL Sportsbook at the 53rd Super Bowl LIII in East Rutherford, NJ, February 3, 2019.

Hong Kong (Reuters Breaking View)-US online gambling is one of the better bets in 2021. After a painful pandemic, stakes will be a welcome source of taxes throughout the United States. According to a company estimate compiled by Bernstein, the potential market for internet sports betting could be worth up to $ 23 billion, double the annual gaming revenue of Nevada casinos. Websites and old-fashioned casino companies are trying to keep their winnings in their pockets.

Online gambling stores face tricky odds in the United States. A 2018 Supreme Court ruling allowed the state to legalize sports betting. However, federal wire law still complicates some ventures by limiting gambling across state boundaries. With many of our activities in New Jersey, Pennsylvania, and Delaware, only a handful of states have seized opportunities with online sportsbooks.

A few of them enjoy the wind and rain. By October 2020, New Jersey sports betting totaled $ 4.1 billion, with virtual gambling accounting for more than 90% of October’s bets, according to PlayNJ analysts. Like other home entertainment, digital sports betting attracted viewers when Covid-19 was attacked and is on track to increase by about one-fifth worldwide in 2020, Fitch Ratings said. Estimated in November. There is room for further growth. New habits can take hold, and legitimate options can replace illegal habits.

More states can also plummet. With the typical tax rates and accelerating growth for internet gambling in the mid-teens and above, it’s an opportunity to replenish their financial resources. Online casinos are stigmatized, but in a country of football, basketball and baseball fans, sports betting may be more plausible. Massachusetts is discussing the inclusion of online sports betting in its economic development bill. Ohio and New York are also considering this idea.

Dublin-based betting giant Flutter Entertainment has invested $ 4.2 billion to increase its stake in US-based sports betting site FanDuel, relaxing US rules as “the only biggest market opportunity” today. did. A fellow investor, Media Group Fox, has secured the option to raise his stake. Meanwhile, casino operators are overcoming concerns about preying on face-to-face business. MGM Resorts International and Caesars Entertainment are built online, and Wynn Resorts launched online sports betting in the third quarter. After the tax collector has reduced the tax, shareholders can split the jackpot.

-This is the 2021 Breakingviews forecast. Click here to see the details of the forecast.

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Breakingviews-US is the promised place for online gambling

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