Business

How This Industry is Helping the USA in Today’s COVID-19 Economic Downturn

The economic fallout of the current pandemic has already been significant, and the true extent of the damage done may take decades to fully come into focus.

Bricks and mortar businesses across many industries have been badly hampered by lockdowns imposed in most states.

And while plenty have been allowed to re-open, the caveats that customers have to accept when visiting are convincing many to simply stay at home rather than spending money in cinemas, restaurants and of course  casinos.

Thankfully the long term prospects for the economy are looking up, with the proliferation of web-powered services helping several sectors to not just stay afloat but actively thrive during the COVID crisis.

Here’s a look at how the best online casinos USA players can find at online-casinos.com are poised to provide the fiscal stimulus needed to jump start the nation’s finances going forwards.

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Perfect timing

The timing of the pandemic is arguably ideal for online casino operators, as more and more states are beginning to change regulations and start issuing licenses for gambling sites to exist legitimately.

While players had been using workarounds to get their fix in the past, such as playing on sites which are based in other parts of the world, the problem with this approach is that none of the tax revenues or employment opportunities created by this spending were staying in-state.

Instead overseas sites were benefitting from the proclivities of US players, while restrictive rulings were hobbling the chance of domestic operators emerging to serve customers on American soil.

The ruling passed by the Supreme Court back in 2018 to effectively give the go-ahead for sports betting in any states willing to embrace it was just one of the signs that strict gambling laws could soon be relaxed in other contexts.

Today, states including New Jersey, Pennsylvania and West Virginia are all blazing a trail by offering online casino games, online sports betting and online poker sites to residents.

Other states are slowly following suit, and this process may be catalyzed when the economic uplift provided by online casinos during the pandemic is experienced in full.

Refilling the coffers

The public purse has taken a pummelling in many parts of America because unemployment levels have spiked.

Even the businesses that have been able to keep staff on have been forced to change their operations to ensure both employees and customers can stay safe in this dangerous new era of ever-present infection risks.

Online casinos, of course, have none of the intrinsic issues facing their land-based equivalents because customers can play from the comfort of their homes at any time of the day or night.

This means that just as state and federal finances are being pushed to their limits, an influx of cash from web-based casino operators will be most welcome.

In New Jersey alone the online casino market generated in excess of $225 million last year, and it’s not just the taxation of this revenue that is assisting in refilling the coffers.

Any operators that want to get a license in the states where this type of gambling is legal must pay tens or even hundreds of thousands of dollars just to apply, on top of annual renewal fees that are payable indefinitely.

Pennsylvania has proven similarly well positioned to generate tax revenue from online casinos.

In the month of May 2020 it saw licensed operators pull in almost $60 million, of which $24 million went to the public pot.

Over this period players pumped over $1 billion in virtual coins through slot machines, another stunning figure that hints at the potential that this market holds.

Creating jobs

The other aspect of online casinos which makes them relevant to the post-COVID 19 economic recovery in the US is that they are able to create jobs in states that have been hit hard by rises in unemployment and other associated issues.

While there may not be the same roles as are available in land-based casinos, there are still plenty of positions that need filling. From customer support to marketing, sales and social media management, online casinos can pick up the slack where other industries have fallen short.

The other key to this comes from the fact that most states which allow online casinos to operate within their borders also require that they are tied to land-based brands.

This is helping to prop up bricks and mortar casinos that have seen their revenues evaporate overnight.

All of this means that online casinos, along with other digital-focused businesses like e-commerce start-ups, will form the new economic foundations that solidify the USA’s prospects going forwards.

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