September 26, 2020

What legalizing online sports betting could mean for California

The benefits are immense: More jobs, dynamic economically.

Special to California Business Journal.

The movement to legalize sports betting has been sweeping the globe as of late, and with good reason. Legal sports betting is one of the most popular forms of betting nowadays, with countless gamblers across the world enjoying their favorite games on their computers, mobiles and tablets. As Forbes points out, this industry is showing no signs of slowing down.

However, not everyone wants to play ball with online sports betting.

The regulations and legislation surrounding this type of betting are inconsistent across the world, and amongst the States of America- despite the landmark Supreme Court ruling. While some states like New Jersey have embraced this form of gambling with open arms, not every state has made the jump yet.

One state that is on the verge of fully legalizing online sports betting is California, as noted by Fox Business. The discourse surrounding this topic is splashed all across the internet right now, with plenty of people vehemently arguing for it and many arguing angrily against it.

Today, we’re going to be going over what this legislation could mean for the state.

What benefits are there to legalizing online sports betting?

To start off on a positive note, what benefits are there to legalizing online sports betting? The benefits are immense, and some of the most important ones include:

–The legalization will create more jobs. One of the main benefits of legalizing online gambling is that it will offer more employment opportunities, within gambling companies, digital design companies and marketing agencies. This is fantastic, as it will help existing workers to further their career and offer more opportunities to unemployed individuals. There are also remote UX agencies.

 —It will offer a boost to the economy. A benefit that many online gambling-friendly states have experienced is a massive influx of revenue into the economy. This comes from consumer revenue and taxing online gaming companies, like DraftKings.

DraftKings have just announced that they’re going to go public this year, which is brilliant news for the sector as a whole.

Enforced regulation means a safer gambling environment. This is one of the most important points. Strict legislation and laws means that fraudulent companies will be caught out, and gamblers will be protected more.

Are there any downsides to legalizing online sports betting?

One of the main arguments against legalizing online gambling is that it will draw more people into compulsive gambling and full-blown addiction. There will certainly be a higher risk of this, and as a result, it’s vital that companies step up to protect their customers.

A benefit that people are hoping to see with the legalization is the improvement of aid systems for addicts who need support. This is certainly something to bear in mind and bring to the attention of gambling companies.

To sum up

As you can see, there are some fantastic benefits that come alongside the legalization of online sports betting. Here at the California Business Journal, we’re fiercely passionate about supporting the great state of California, and we can’t wait to see where this debate goes as we move further into 2020.

In terms of the economy, employment rate and protection of gamblers, the move to legalize online sports betting is incredibly positive. More regulation and enforcement of laws on any topic leads to a safer environment, and should help to minimize any fraudulent activities or unsafe gaming opportunities.

If you’re looking to read more local news and developments in the glorious state of California,  take a look here.

 

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