August 16, 2022 Breaking News, Latest News, and Videos

What Legalizing Online Sports Betting Will Mean For California

Online sports betting has become a very popular sports entertainment activity for the past few years now. Nowadays all the best online casino platforms are offering their services like sports betting epicenters as well, given the vast popularity that this wagering activity has amassed not only in the US but around the world as well. 

Given that this industry has proven time and time again to be one of the most lucrative and popular amongst younger audiences, it’s baffling that it has taken the US so long to finally legalize sports betting activities. But as time continues to go on and more and more states have either already legalized online sports betting activities or are well on their way to legalizing them, like California for example, we bring you a list of the benefits that legalizing online sports betting ventures will bring to the state of California once it’s fully legalized come 2022.

There Will Be An Automatic Boost For The Economy

While many people have taken their time to chastise sports betting activities, the fact of the matter is that sports betting has been going on for as long as sports have existed, and while the industry has managed to not only cement its status as one of the most important business models in the world of sports entertainment, they have managed to become a multi-million-dollar revenue grossing industry as well. While all that sounds amazing, the reality of the matter is that most of that money is earned by international online betting companies, given that in the United States, up until recently, online sports betting activities were deemed illegal. Of course, that didn’t stop American betting fans from getting their fix, taking their business to the previously mentioned international online betting companies.

Now, thanks to the realization that online sports betting activities can be more beneficial than harmful for everyday American citizens, states who have already legalized said ventures are starting to see the very positive economic results behind their actions. Given the massive influx of revenue that stems from taxation fees and consumer revenue streams that state governments have been able to collect from the newly welcomed online sports betting companies, this has automatically worked out as a perfect injection of revenue into the economies of states that have been badly hit because of the Covid-19 pandemic. Now, I might not be an economic wizard, but if welcoming one of the new flourishing industries into my state will automatically mean an immediate monetary boost, sign me up and slap me for taking so long to figure it out.

A Much Needed Initiative For Job Creations Will Get Going

One of the main ways in which the Covid-19 pandemic struck not only the American economy but the global one as well, was in how shockingly high the unemployment rates skyrocketed. While dealing with unemployment issues has always been something that has tarnished the functionality and success of different governing bodies, both local and national, thanks to new, up and coming industries, such as what the online sports betting industry is for the US, a whole new niche of employment options has surfaced. Of course, the states that have managed to benefit from said employment possibilities are those that have already finalized the legalization of online sports betting ventures, serving as perfect testimonials for all other states still battling through the motions of finally adopting online sports betting as a legal business undertaking. 

It is estimated that California’s unemployment rate is off about 7.5%, so in a way, legalizing online sports betting activities, it will not only open up a whole new job market for people who want to specialize in the world of sports gambling itself, but it will also benefit young professionals in the fields of digital design, advertisement, marketing, software engineering, and many other tech-related professions. Taking into account how difficult and competitive the job market is right now, especially with more and more new professionals hitting the streets looking for opportunities to either start or further their careers, having a blooming and revenue effective business endeavor like online sports betting activities be legal and functional in the state of California would automatically convert into better employment rates as well as a more prosperous economy. In summary, once online sports betting activities are legalized, it will be a win-win situation for everyone involved.

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