Written By: Cooper Young
Wisconsin legislature has recently teased the idea of letting the public legally gamble for collegiate and professional sports events in years to come. The Supreme Court recently overturned a 25-year statute prohibiting sports related gambling, allowing individual state chambers to decide whether they will allow sports related gambling. At this time, thirteen states have already legalized some form of sports gambling. Six more states are set to take steps of legalization within the year to come, with many other states eyeing up the idea.
This discussion all began in 2018, shortly after a landmark Supreme Court case. According to the Milwaukee Journal Sentinel, Supreme Court Justices ruled that a federal statute prohibiting sports betting outside Nevada by forcing states to keep prohibitions in their laws was unconstitutional. The court ruling allowed for states to broaden their individual gambling rights, including Wisconsin.
In order for sports gambling to be legalized in Wisconsin, there are numerous factors that legislatures must consider such as federal law, state revenue, and taxation. An Oxford Economics study estimates that if most or all states legalized sports gambling, it could generate a storage tax revenue of about 4.2 billion to about 19.6 billion annually. Nevada earned 20.3 million in tax revenue from sports betting. New Jersey also earned about 20 million in tax revenue as well. New Jersey also inherited over three times as much revenue from online wagers, hinting at several platforms that the transactions and trades could occur. Not to mention the estimated 150 billion dollar illegal sports betting industry that could be beneficially integrated if states such as Wisconsin were to legalize sports betting. With the nationally required 0.25% tax on gambling book keepers, it’s reassured that the government will get their share without discouraging individuals from participating.If sports gambling were to be legal, tribal groups would be able to establish methods of sports betting inside their casinos. This new surge of sports gambling would bring in a new demographic of gamblers that might have not partaken before. Ultimately more money and accommodations would be exchanged between the two parties and, even though little, would demonstrate economic growth and progress.
So the government decides to legalize sports gambling, how does that benefit those who don’t participate? Uses such as Health Programs, Social Security for those in need, Food and Agriculture are just a few ways that we could put that extra tax revenue to good use. Revenue could also be put to specific uses such as Elizabeth Warren’s proposed 80 billion dollar plan to increase conditions in underprivileged school. The uses for the increased revenue continuous-indirectly benefiting us all.
Although not much further progress has been made, those Wisconsin legislature in favor have been fighting an uphill battle. Numerous proposals have been cast and there is a scheduled hearing in November for furthering of the bill.
Agastya Asthana,
ReplyDeleteWhen I lived in England, sports betting was not only a common activity, it was also advertised and the businesses that ran the betting made a lot of profit because in a betting scenario, someone has to loose and those who lost, lost big money. Sure gambling can develop into a warfare where players are kidnapped or threatened to loose or win games causing Math fixing. But with security assured, governments can take advantage of luck of others to increase tax revenue.
Interesting to to think that sports betting may be the boost we need to continue our economic growth at a higher rate, yes our economy is still growing but it seems to be growing slower and slower. If Wisconsin legislation is hinting toward that fact I think it should be taken seriously and looked into as it does offer more cash flow
ReplyDeleteIf sports gambling became legal in Wisconsin, our economy would definitely benefit from the increased revenues generated. The statistics in this post were quite shocking, and I don't see why Wisconsin shouldn't partake in sports gambling now that it is legal to do so. Sports gambling can be seen as another industry with the potential to make profit. Just as Milwaukee sports teams such as the Brewers or Bucks generate profit for the city of Milwaukee, it is very reasonable to infer that the sports gambling companies, such as casinos, would do the same. This being said, I think sports gambling is something that should make its way into Wisconsin and become integrated into our economy.
ReplyDeleteIts pretty interesting to think that this type of gambling can actually help each individual state gain more money from 4.2 million to 19.6 million dollars annually. I feel like this could really help us in a good way, getting all this money could really help the states, and maybe the country. Another thing that was pretty interesting was this gambling actually helps the people that don't participate. It could help underprivileged schools, and also Health Programs, Social Security for those in need, and Food and Agriculture.
ReplyDeleteSo far it seems that states with medium-sized populations have legalized sports betting. Although New Jersey has a larger population than Nevada (or Wisconsin), it’s small compared to large states like Texas, California, and Florida. I wonder how the legalization of sports betting in California, for instance, would impact the total annual revenue from sports betting in the country. I also think it would be interesting to see if legal sports betting increased the number of gamblers in the country. Sports, especially football and baseball, have huge followings in the U.S. Some people feel strongly about “their” team and might want to bet that their team will win. More people would bet on sports if it were legal, since many already do illegally.
ReplyDeleteI think that the evidence you provided lends itself to legalizing gambling in a way does more than just think about the individual attempting to win big money, but also the idea that this could provide for the betterment of society is alluring and I think that there is no reason it should not be legal, and with the massive numbers of people that are and/or will be drawing from government services lie social security it makes sense to provide more funding for those programs.
ReplyDeleteI agree that states should legalize gambling for sports. As you stated in the post, Nevada and New Jersey saw increases of millions of dollars in tax revenue because they have legalized gambling in sports. If wisconsin legalizes gambling in sports, in theory we could also have an increase in tax revenue, which could then go towards other government aid programs like you stated in the article. As it stands today, by the time our generation reaches retirement, it’s believed that social security will run out by then, which is a horrible thought. If more money is going into social security because there is more money being generated by taxes, then in theory, social security won’t run out as quickly. Not to mention Wisconsin's economy would also be positively impacted due to the increased revenue that gambling brings in.
ReplyDeleteIf sports betting is so beneficial then why hasn’t every single state jumped at this opportunity to make sports betting legal and start reeling in tax revenue from all of these people betting money on sporting events? What are some of the negative side effects that sports betting has on people and the economy which has kept it illegal all of this time? I agree that sports betting should be legal because it will in my opinion ultimately benefit our country because of the taxes is will reel in. Even if sports betting remains illegal tons of people will still do it under the table and make the bets that they want to. In my opinion sports betting can be looked at as cigarettes. The government knows that they are bad for people and knows that they are killing people but they still leave them on the market because they are heavily taxed so the government makes good money off them. Sports betting can be viewed as bad ut the taxes that it will bring in will outweigh the negatives.
ReplyDeleteI think that a lot of the negatives that come from sports gambling is throwing matches due to bribing. If that is not regulated the games will just become a match of who throws the most money at each other to win. Yet I think that the benefits vastly outweigh the negatives. I do agree that it's very good that the increased tax revenue would benefit us as consumers, and at the same time, giving money to the government and the corporation. It's an overall win and we would just need to be cautious with the corruption that could take place.
ReplyDelete11/7/19- Cooper, absolutely phenomenal article. I don’t think I could have been more intrigued. I love how you touch on how sports gambling will benefit the states that it is legalized in. Say a ballpark of 20 million made off of sports gambling tax dollars can go a long way. Truly there is great potential in helping the needy. The poverty in Milwaukee/ Wisconsin would be a whole lot less. More jobs will be created with more businesses. Could sports gambling push Wisconsin into a better economy?
ReplyDeleteI think you have really good support for your argument, but I don't know if I overall agree with the idea of implementing sports gambling. I can just see all the speculations of refs "throwing" games, that could possibly be true. I feel as though it could put a wrench in how modern day sports are reffed.
ReplyDeleteGambling on sports does seem like a way to boost people into growth, but this seems like more of a temporary economic growth. Maybe turn this into a stock and it would kick off. Thought the question that keeps bothering me is 'Are there enough people an board for Sports Gambling to kick it off'. It is always important to have a strong base .
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ReplyDeleteHonestly even with all of the positives that come from sports betting, there are still all of the negatives like the possibility of teams throwing a game just to be able to make more money than they are already making. And anyways this has happened before so what is stopping people from doing it again and making money off of their own wrongdoings.
ReplyDeleteThe idea of making billions in tax revenue off of the legalization of sports betting sounds like a great idea, but what about the impact it could have on the sports themselves. Sports betting became illegal for a reason, as refs and could be bought off to throw games. Outside of the sports themselves, I think legalization of sports betting is a great idea that will bring in tons of much needed revenue.
ReplyDeleteI think this is an interesting idea because sports betting is definitely popular around the United States. People still make bets among their friends and find ways to put money on games which could make larger scale gambling have lots of financial potential.
ReplyDeleteThis blog is outstanding. The fact that there is no legal sports gambling is somewhat I downfall because of the revenue that can be gained out of it. Not only can it be fun, but it would be very beneficial for gaining fans, gaining money, and more. Inside their casinos as well, would gain money for that casino which ultimately would go into the sports team. This would be a great, beneficial way of gaining a lot of things.
ReplyDeleteSo Nevada gets to gamble on sports and collect the money but other States are not able to. What about Nevada is different than other people.
ReplyDeleteI really enjoyed reading about sports gambling, and you mentioned that sports gambling would bring in people that wouldn't normally gamble, and would be me. If it does become legalized I would sadly start gambling because it would be a lot easier than normal blackjack or bingo.
ReplyDeleteI really enjoyed this article and felt that it was something that I had never considered. Sports betting would actually enthrall a large group of people and bring in a sizable income for the government. I think that your blog was well written and well though out.
ReplyDeleteIf betting on sports is so lucrative for states, why haven't all 50 legalized it? There have to be downsides that overshadow the good. I agree that it should be legalized and even if it doesn’t, people will still do it under the table. This could be treated as cigarettes or other harmful things by the government in the free market. Advertisements need to have appropriate warnings and can’t be marketed towards those too young for it. Overall, I think the revenue pulled in through taxes and such from sports betting would be beneficial, but it has to be regulated responsibly.
ReplyDeleteIt is interesting to think about what would happen if the large states were to incorporate gambling into their economy. Seeing a state like Florida with a lot of retired individuals legalizing gambling would be very interesting because it has the potential to make so much money in taxes for the government.
ReplyDeleteI agree that it would be beneficial for states to legalize sports gambling but where would the sports gambling be taken place at? Because if it was some online gambling then there would more then likely be more fees just to even bet towards something in sports which in the long run of the government and the state would bring in more money but it would also cause some problems with inside people because someone who bet 1 million dollars that Tom Brady would be sacked 5 times in a single quarter and if the person who placed the 1 million dollar bet knows Tom Brady and can ask him to be sacked 5 times within a single quarter and then split some of that money with Tom, then there would be problems with people who are hoping to be lucky and those who are just there to make free money by essentially “cheating”.
ReplyDeleteThis is a very interesting topic, as the football industry is massive in the US. When things like fantasy football, is already huge in the fact that most football fans take part in a fantasy league. This would also bring more attention to the NFL, from common gamblers and casino goers.
ReplyDeleteThis is a great idea, to have taxes on it is even better so we can support the government that then supports us. My question is how do you think this will effect inflation in Wisconsin/U.S.
ReplyDeleteGambling as a whole is a very risky business. For the players. Since those that do gamble can lose a large amount of money on one bet, the participants will have to be careful about what they bet on. Security is another issue in sports gambling as those who turn fanatical will attempt to rig the game by threatening one team to lose deliberately via kidnapping and ransom. However, the economic aspect of gambling can help the economy grow, especially if those of the richest 1% join in with massive bets. With the large amount of money that goes through gambling, the government can take advantage of this, which could lower taxes or allow for better government spending. This can also help lower our massive national debt that keeps going up by nearly $1 trillion every year.
ReplyDeleteThe problem with sports gamboling is the demographic that gambles. Lotteries and gambling is participated by the poorest of the poor, the ones that dream to get out of their situation. You never see Jeff Bezos buying lottery tickets. The bottom fifth of income lottery players spend twice as much money compared to the top fifth, so 400 vs 200 dollars. Sport gambling will tax the poor instead of the rich, which does not solve any problem but instead give money to the middle class, who don't need money but instead want more money, while the poor who loose the most from sports gambling will not get as much as their gambling tax is being spread over more people. Gambling prays on the hope of the poor, which is extremely disgusting as our government knows that and targets gambling ads to the poorest.
ReplyDeleteOn the surface, sports gambling seems to be a positive idea. Generate additional tax revenue through people willing to spend their money in a way that brings them some enjoyment. But, sports gambling provides a large problem. Many people waste massive amounts of money on gambling, with an extremely low chance of winning, leading to a mass of people wasting away money without help, and the government simply benefiting off of these people.
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