November 16, 2021 (Investorideas.com Newswire) Online gambling, especially sports betting, has made a lot of headlines recently. A lot of that has to do with the sudden rush of US states that are legalizing gambling in many forms. Some are just putting forth sports betting, while others are allowing table games to be played outside of casinos. Online casinos are a great pitch: they are the most convenient way to play popular table games while also offering cheap slots for the more casual gambler. Sports betting is also posting huge numbers for the states that have already legalized it, giving others the incentive to legalize it and bring in that revenue.
But why is 2021 the year of online gambling? Well to tell the truth, 2020 was also a big year for online gambling. One big reason is a recent Supreme Court repeal of a federal prohibition on gambling. That act allowed states that aren't Nevada to expand their gambling and sports industries. Then, of course, the pandemic made it crucial for every business to adjust to an online-only model. Gambling had an easy time of it, as many of the games are electronic anyway. It's easy to get slots running on an app, and the game even benefits from the fun animations and addictive nature of a touchscreen game. Card games can be done over video chat just like every work meeting these days, and sportsbooks apps allow fantasy football to be bigger than ever.
So is online gambling a good investment? Absolutely. It was one of the few businesses to not only survive, but thrive in 2020. And it's just getting started as many states have yet to even put their betting platforms into practice. Online Sports Betting will be legal soon in NY, and that's bound to be huge. New York City is full of passionate sports fans, but New York's current laws prevent any sports betting outside of casinos. Casinos are upsate, leaving all those NYC folks with no way to bet. Once online sports betting is introduced to the millions of NYC residents in 2022, revenue numbers are sure to skyrocket.
@timseymour @jimcramer big day for New York online gambling pic.twitter.com/VnpWraAUuP- JustTradingHoy (@JustTradingHoy) November 4, 2021
It's worth noting that online gambling is an industry that can create many opportunities for investors. It's a fast-growing, tech-based scene, which means it will need a lot of things in the next few months. There will need to be more servers, tons of security, and a great need for developers/designers. Any investors working in those spaces would be wise to throw their resources into online gambling. Just the NYC aspect alone is sure to bring in a lot of money and need a great number of people playing their part.
The states that have already legalized online gambling and sportsbooks are showing huge numbers. And while states aren't investors per se, they do engage in profit sharing with the tribes and casino corporations. One great example is Michigan, which only started this year. Despite only just adopting online gambling, its summer revenue figures exceeded those of New Jersey, a state that has had legal gambling for a long time. This shows how fast growing the industry is, and that more profit is yet to come the more people become aware that online gambling is legal in their state.
We'll see just how successful online gambling is during Super Bowl Sunday 2022. Many states have worked hard to have their online gambling platforms in place just in time for this event, a huge wager for many sports fans. Those who watch online gambling spaces should see huge betting pools and a large uptick in participation. The Super Bowl is always a big betting day anyway, but the addition of so many online gambling platforms will allow people who can't usually gamble (like NYC residents) the chance to play. Expect to see record numbers of bets and gambling revenue from the big game.
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