What could legalizing sports betting do for an economy?
By: Nathan Schroeder
In 2018, Super Bowl 52 was played between the Philadelphia Eagles and the New England Patriots. Super Bowl Sunday is a great day where people get together, make good food, and watch football. Another thing that it is big for is sports betting. During Super Bowl 52, Americans bet $4.67 billion dollars on the game, and 97% of that money was bet illegally. This then sparked the question of the potential economic impact that sports betting could have if it was legalized.
This shows just how big the sports betting industry is if one game is able to generate $4.76 billion dollars in wagers. The sports betting industry has taken off over the past decade and it continues to grow at a rapid rate. The industry is estimated to be worth well over $200 billion dollars. While there are ways for states to make money off sports betting, the primary way is through taxation. If states such as Wisconsin were to legalize sports betting then it would generate more money in taxes, which can lead to more money for roads, schools, and public transportation. With the widespread legalization of sports betting, it has the potential to generate millions in tax revenue. With that, legalizing sports betting could also increase potential tourism for certain cities and states. For instance, Las Vegas is the gambling capital of the world which attracts tourists. Not only does this help with gaining more money on taxes, but it also helps generate money for local restaurants, hotels, and vendors.
Where there is an increase in tourism, money, and the local economy, there will also be an increase in jobs. Around 750,000 people in America are employed through the gaming industry, which then accounts for over $75 billion dollars in salaries and benefits for middle-class families around the country. These numbers are only expected to grow in the next 10 years with a projection of 62,000 new jobs, and the legalization of sports betting in all 50 states will only help to boost those numbers.
As seen in the graph above, the projected revenue of the sports betting industry is projected to boom within the next couple of years. With one factor, all states legalize it. Currently, people have to illegally use a book to place bets where states and cities reap zero benefits from it. If it legalizes it, that means more jobs, money in taxes, and an increase in tourism. States need to make the right decision to legalize sports betting so that the economy, and most importantly the people can benefit because putting the “illegal” tag on it, isn’t stopping people from betting.
https://morningconsult.com/2018/06/07/legal-sports-gamblings-future-younger-less-wealthy-bettors/
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