Depending on sports betting to fill the dips in the economy due to the COVID-19 crisis

Little needs to be spoken about how the COVID-19 crisis has affected the industrial sectors. Businesses are quickly shutting down and no one really knows what plan of action to resort to. A global pandemic of this scale has never been dealt with in the last century. And this has, therefore, left people on tenterhooks. The entire planet is waiting for the miracle vaccine to show up so that normalcy can be restored. And though the trials are underway and some of these results are quite promising, it will still be a long time before the world gets a vaccine. And that is why, industries right now are only seeking for alternatives to stay afloat. Countries have started relying on unconventional means amidst the pandemic to fill their coffers. Something needs to be done lest the world economy shall be far beyond repairs. 

Speaking of unconventional ways to keep the economy from sinking, countries have started resorted to sports betting to raise revenue. Now how far this method is going to show positive results is debatable. And we shall look into the dichotomy of opinions by experts on the same further into the article. But before we do that, let us look into the positive side of this idea to raise revenue for the states. 

The Promise of Sports Betting:

Betting on sports might not be an ideal source of revenue for the states of countries, but it shows tremendous promise in these odd times. And when we look at it objectively, legalizing sports betting everywhere has many other benefits as well. One of the most important advantages that we need to consider over here is that of minimizing the crimes related to betting. 

Betting on Sports Can Help the Economy to Recover

What we all need to think about right now is the ways in which states can improve their financial health. Many countries already had to face the problem of a dwindling economy even before the pandemic hit. However, with the crisis at large right now, the state funds of countries are outright blown apart. And that is what so concerning. Countries need more funds to sustain and to treat their citizens. This can only happen when there are alternative ways to fund the economy. Betting on sports happen to be one of them. And not just betting, legalizing casinos can help in this direction too. 

Some online casinos for USA players are already considered legal, and this step has contributed largely to the growth of the Nation’s economy. And therefore, other countries that have not already legalized gambling and betting might want to follow suit in the wake of the pandemic. Legalizing betting can help fill the state treasures because the taxes that are associated with the casinos are extremely lucrative. Last year, commercial casinos generated over $10 billion as revenue from gaming taxes. Legalizing betting, thus, seems like the only logical option right now.

Legalizing Betting Can Help Minimize Frauds and Crimes Related to Gambling of Sorts

Another added advantage of the legalization of betting is that it states can have greater control over the entire affair. This means that states can oversee how people are going about betting and can control related crimes. Fraudulent betting sites can be brought down, and the ways in which the money flows can also be checked. Illegal fixing attempts can be brought into the light and the criminals can be brought to book. Legalization of sports betting can bring in more transparency in betting. Plus, it can also help raise revenue in the most legal way possible. The amount of state control on betting shall increase and this shall maintain more dignity in the affair.

But Why Do Some Believe that Betting Shall Not Solve the Economic Crisis?

Like we mentioned earlier in the article, some people still believe that betting on sports shall not be of much help to the economy. And they have solid reasons to corroborate their statements. Some experts say that though depending on betting might lead to a bump in the economy, it is only momentary. Betting on sports cannot provide a long-term solution to the economy, and especially not during the pandemic.

When you think about it, the arguments make sense. Not many people are enthused about gambling and betting now when the world is reeling from unemployment. People barely have jobs and enough money to provide for their families. There is, therefore, not much room to indulge in the finer things in life or entertain oneself with betting. Most people do not want to take up that risk of losing more money in an economy as such. Therefore, though sports betting might only be successful enough to fill in the temporary dip in the economy, it is not a permanent solution.

The Final Decision on Betting:

States are at a crossroads and sooner or later, they have to come at a final decision regarding betting on sports. However, the decision is quite challenging and cannot be gone through with in a fluke. There are several factors that need to be considered while deciding if betting must be legalized. There are reports to wade through and numbers to crunch to understand whether betting can act as a good enough solution to help the sinking economy. Therefore, it might take the states of a few countries some more time before they reach a final solution.

Conclusion:

Betting on sports has served as a crucial form of entertainment for many years. Plus, gambling in its many forms has contributed to the economy of many countries. Therefore, now might be the right time for countries that have not yet legalized betting, to make a final call about the same. The process might take a long time. But once the figures are carefully analysed, a decision can be reached at that will benefit the economy in the long-term. Till then, one can only hope for the vaccine to magically show up.