Now that the world is slowly beginning to realize the importance of social distancing, many sportsbooks are reopening their online betting sites. With the world shifting to digital modes of communication and a premium being placed on the ability to conduct business remotely, the reopening of sportsbooks has become a distinct possibility.
“There’s no question that the world is a different place now,” said Joe Gooden, assistant professor of business administration at the University of Nevada, Las Vegas. “There are a lot more people working from home, and a lot more people are engaging in activities that were once reserved for leisure.”
The number of registered sex offenders in America has risen to 820,000 – the highest level since 2007. Given that more than half of all American adults now live in a state that has legalized online gambling, it’s no surprise that many bookmakers have hopped on the opportunity to cash in.
Why Are Bookmakers Reopening?
Even prior to the pandemic, online betting sites had experienced a boom in business. According to statista.com, international sports wagering was valued at US$16.9 billion in 2020 and is anticipated to rise 6% year from 2019 to 2025.
In the U.S., both Nevada sportsbooks and online wagering parlors saw their markets grow by 28% and 27% respectively from August 2019 to April 2020.
The demand for online gambling is clear. In the United Kingdom, 451 million people are reported to play various games on their phones. In France, that figure is 719 million. Further afield, across Latin America, the Middle East and Africa, the demand for mobile betting is predicted to grow 21% year from 2020 to 2025.
The Pros And Cons Of Reopening
While the impact of sportsbooks reopening will vary from one state to another, depending on the severity of the pandemic in each area, there are definite advantages to having so many options for bettors.
In the most positive scenario, having more than one sportsbook increases competition, forcing the proprietors to offer better services and promotions in order to entice customers away from their rivals. This may also lead to lower odds and more favorable betting conditions for consumers.
However, given the current climate, it’s important to look at the implications of having so many registered sex offenders around the world, especially now that so many bookmakers are opening back up. Even if your state and local laws allow for online gambling, you may not want to be investing in a bookie that is legally bound to keep taking part in illegal activities. When it comes down to choosing a betting site, you want to make sure that you’re playing on a legitimate platform.
The Difference In Legality
Depending on where you live, the legality of online gambling varies. In most states, internet gambling is totally unregulated and therefore totally legal. However, in places like New Jersey and Pennsylvania, online gambling is considered a form of gaming and is thus treated as a hobby rather than a full-blown professional activity.
In Europe, where online gambling is highly regulated, there are limits on the number of online sportsbooks that operators can own. However, since the introduction of the GDPR, the European Union’s 2018 data protection law, operators no longer have to hold a physical location in order to provide services to individuals within the EU.
International Wire Transfers To Avoid Cash-related Flows
In the wake of the pandemic, international wire transfers have become rather than international credit cards. Banks are no longer able to meet the demands for credit card processing due to extreme overload, and many are choosing to waive the 3% to 5% charge for international wire transfers processed through their networks.
This has allowed many bookmakers to reopen with the ability to accept payments from any country in the world, at least initially. For example, bet365 recently added countries such as Spain, Italy and Portugal to their list of accepted countries. They have also established a UK office and are now able to offer customers in the United Kingdom the chance to place bets on a range of sports.
What is crucial at this point is that as restrictions are gradually being lifted, more and more bookmakers are choosing to engage with players from all over the world. While the ability to wager from anywhere in the world is appealing in theory, playing on unfamiliar territory makes for a risky proposition, especially since many countries’ gambling laws differ from those of the United States.
Since the majority of online gambling activity takes place outside of America, you may want to consider a United States-licensed bookmaker, which must adhere to the same regulations that govern traditional sportsbooks. In some cases, such as Nevada, this may even entail opening a sportsbook account and making a deposit, prior to being allowed to place bets. In other words, with the exception of Puerto Rico, which offers some of the world’s most luxurious betting opportunities, legitimate online betting sites are few and far between.
More Ways To Place Bets
Thanks to technological advancements, sportsbooks can now offer customers more ways to make wagers. Increasingly, operators are choosing to innovate and develop new ways for gamblers to engage with the sport. This makes even the most basic of betting activities, such as placing a straight-up wager on the winner of the next race, that little bit more exciting.
For example, bet365 have launched bet on Instagram, a feature that allows users to place sports bets on their favorite football players. Similarly, 888Sport have introduced a feature that lets users make deposits via PayPal, while Parlay.eu now offers customers in the UK the ability to use cashless options, such as Apple Pay, or to make deposits via transfer or check. In time, more and more sportsbooks will be introducing new ways for customers to engage with the sport and place bets.
Increased Innovation And Productivity
With more and more Americans working from home and being able to spend more time with their families, the need for remote work has increased, too. Instead of commuting to a job, many gig workers are able to utilize the internet to perform various tasks, including checking football scores, for small businesses across the country.
In addition to this, businesses that provide essential services during this time, such as food and fuel delivery services, have seen an increase in demand as people are unable to leave their homes. These gig workers can now supplement their income with online gambling, as they become an indispensable part of the economy while also providing a safer alternative to busy consumers.
Overall, the impact of the pandemic on the global economy is difficult to predict. Many industries have been disrupted as a result of the pandemic, with workers losing their jobs and companies going out of business. However, given the opportunity presented by technology to work remotely or via gig work, the ability for these industries to bounce back faster than others is evident.
As restrictions are gradually being lifted, more bookmakers will be opening their doors to worldwide clientele. However, given the risks inherent in remote work and online gambling, the industry is still in its infancy, as far as online presence is concerned.