As the coronavirus pandemic has started to shut down all major events in the US, and people are being encouraged to avoid any type of gatherings, it’s obvious that they will increasingly go online to get their fill of day-to-day social interactions and entertainment. Online gambling is expected to be the biggest gainer from the current lockdown and is already showing a promising trajectory of growth.
Recently, Phil Murphy, the Governor of New Jersey announced closures of many fitness, entertainment and social services in the state, as well as Atlantic City casinos. However, he emphasised during his press conference that online gambling operations will continue.
The present situation comes as a blessing in disguise for the global online gambling industry. Online casinos everywhere are already witnessing a spike in iGaming activities. Hence, for entrepreneurs who had been thinking of starting their own online gambling ventures, this could be the best time to take the plunge.
A surge in business for online poker and online casino portals
Online gambling is expected to make significant gains with people locked inside their homes and physical casinos not operating any more. For instance, Italian web-based poker rooms have been getting large amounts of traffic, more than they have got in the last 5 years combined.
On the other hand, there’s ample reason to believe that the same might not be the case with online bookmakers. Betting on sports events can’t occur if none of those is happening. UFC which had earlier decided to push forward with its fights has finally cancelled its next three events. In fact, the majority of the sports events all over the globe, including eSports competitions have been suspended indefinitely.
All these developments have left sportsbooks with hardly anything to offer to their clients. Soccer games continue to happen only in Turkey. Even though it has been announced that National Rugby League (NRL) and Australian Rules Football (AFL) will go on in Australia, one can never be sure if this will be the case as time goes on. Futures betting options are nevertheless available for sports leagues that are yet to begin, for instance, NFL and MLB. But on the whole, there’s a lot of uncertainty across the sports betting industry.
States might get serious about legalizing online gambling
As of now, not a lot of states provide online gambling services in the US. Only 10 provide at least one kind of online wagering, with many more having online gaming or sports betting portals in the pipeline. There is a possibility that Covid-19 shutdown, drying up revenues of almost all brick-and-mortar setups overnight, could expedite the passing of online gambling legislation in various states. However, it’s highly unlikely that such legalisation and setting up of legal portals will happen in a very short timeframe. It normally takes governments several months, if not years, to put online gambling websites into operation.
Hence, in times like these, offshore gambling portals, which have in fact been aggressively going after the US market all along, might witness a huge surge in business.
Contact Fast Offshore
If 2020 was the year you were considering setting up an online gambling company or online casino then we suggest you move quickly to take advantage of the current situation. Fast Offshore offers a range of turnkey solutions for operators looking to incorporate an online gambling company in a range of jurisdictions. We can assist with incorporation, licensing applications, bank account opening, payment service providers and more. As many other businesses are set to suffer in the wake of the Coronavirus pandemic, the time is now for online casinos. Contact us today to discuss your options.
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