Business may be looking for a way to cash in on the newly-minted legal sports betting industry. It’s quite the interesting turn of events. With the iGaming industry slated to completely overhaul the devices it uses, businesses stand to benefit. Perhaps it will be the high-tech ventures that feel the positive effects first, with casinos putting a strong emphasis on electronics and mobile solutions at the moment.
Resuscitating the SMEs
Lawmakers met in Cleveland with iGaming leaders to discuss how the legalization of sports betting can have positive effects across various industries. One of the points on the agendas was the so-called sin tax.
There were representatives of multiple bodies, including Doug Reed from Spectrum Gaming Group who argued the case for horse wagering, which is one of the most contentious points across the whole of the United States. Mr Reed’s concerns were two-fold. He pointed out that wagering on the outcome of horse races has been complicated due to restrictive complications. On the other hand, the sport itself had been in decline, Mr Reed elaborated.
As cited by Reuters, Mr Reed has pointed out that multiple measures will have to be adopted if the US wants to retain some of the industry’s sectors and see them return in full spate. He spoke about “experimentation,” which will be necessary in order to revive the industry.
The Legal Dominos Fall
Meanwhile, six states have pushed for the legalization of sports betting and have succeeded. Estimated 19 U.S. States more are in the waiting room, working on their own solutions for the legalization of the segment. Ohio just passed their bill last Thursday, which will give the state teeth in carrying on.
Why is everyone so excited about the prospect of developing businesses off sports betting? It’s quite simple in fact. The black market is estimated to have reached the staggering $150 billion, which is definitely a saliva-inducing sum.
Beyond that, business will be met with other difficulties should it try to restore horse racing to its former state of glory. Other hurdles abound, including the meteoric rise of electronic sports well across the United States.
One of the interesting developments of the recent years is that consumers have grown acutely aware of the pitfalls of all things that go hand in hand with gambling. Whether it’s casinos, poker, or races.
For instance, video slots, despite their popularity, are increasingly called “one-armed bandits,” a reference to the fact that the house always has a substantial edge, and most gamers end up losing more than they win.
With this in mind, it’s quite possible to assume that lagging businesses will stand a fair chance of turning a profit of the freshly-legalized segment. Casinos will now consider adopting sports betting arms en masse and even apply for licenses to make sure that they can carry out the activities on the premises of their facilities.
It’s exciting to witness the profound change that’s taking place across the United States right now, and businesses small and big stand to benefit from it.