Benefits the USA Is Missing by Making Betting Illegal
February 12, 2020
There are many missed economic opportunities in a market where betting is illegal. A research conducted by Oxford University records that legalizing sports betting in the USA will add $14 billion in the country’s GDP.
The road to legalizing betting will be and has been an uphill battle. The PASPA act came into force decades ago and it has been guiding the industry since 1992. It hasn’t been able to push through the legalization bill though. It’s not until recently when NJ Governor Chris Christie supported the appeal that its efforts began to shade some light.
Various players in the economy have been trying to introduce some form of betting. NBA is one such player. Casinomatcher.com also reports that the interest of companies and other players for the betting market is growing.
The Undiscovered Potential in Betting
There’s a lot of money used in betting that the government doesn’t know about. Reports have it that an estimated $4.76 Billion was gambled on Feb 2018 on Superbowl alone. Out of this, only three percent was gambled legally.
Because of the regulatory grey areas, billions are not realized by the government in the betting industry. It is estimated that the betting industry would more than double the gaming income if the money was tracked by the authorities.
With huge numbers defining the betting industry, it’s not only the economy that will benefit but also the public. Gambling is able to create over 130,000 thousand jobs that pay premium rates. The jobs created would span across the industry and also contribute to the general welfare of ordinary citizen livelihoods.
Merging Technology and Gambling
The UK made headlines when it legalized betting in 1961. In the next six months, thousands of shops were opened to meet the huge numbers of bettors. Though it has been a long time, the effect is still felt today. The country has one of the highest numbers of gamblers in the world and it is reaping big.
Over the years, the UK has been trying to innovate ways of making its players more comfortable when gambling. While there were many options, it landed on using mobile phones by creating mobile applications. Thanks to technological advancement, betting is now accessible in acceptable ways by the general market.
What if the US could use the success in the UK and follow its pattern? Mobile gambling could bring an additional $9 billion which is 50% to the revenue registered today.
Online betting using smartphones has become very popular. It’s because it’s comfortable and convenient. You can log in to your app, place a bet from the comfort of your sofa at home and win your cash. You don’t have to walk to the land-based casinos.
It’s no doubt that mobile betting will shift the US economy in a significant way. Although it might cut deep into the pockets of enthusiasts, the country will be benefiting at large. All that is needed is proper regulations that minimize some of the negative effects that might come with betting.