MCO - Why Online Gambling Stocks Will Surge in 2021
When the coronavirus caused nationwide lockdowns in March, state governments absorbed a tough financial blow, watching countless tax streams evaporate. Lawmakers' hunger for new income sources has opened the door for up-and-coming vice industries, like online sports gambling, to fill the void the virus has created in states' budgets.
Image source: Getty Images.
COVID-19 and its economic shutdowns have inflicted a cruel crunch on many states' finances. The Center on Budget and Policy Priorities found that on average, states will endure a 10% cut to their tax revenue in fiscal 2020, with a 20% shortfall looming in fiscal 2021.