The Market for Illegal Sports Betting in US is Not Really a $150 Billion Business
December 18, 2018
The new ruling by the Supreme Court has given a fresh breath of life for all the big players in the casino world. The US Supreme Court has decided to put an end to the federal ban on betting outside of the Nevada State. This ruling was passed in May this year. The state governments and the big betting houses like DraftKings, MGM Casinos are looking to cash in on this new ruling. But, there is no clear picture as to how much they will all be earning after the new verdict from the Supreme Court. Will they be able to get the plump of the illegitimate sports bookmaking that is touted to be over $150 billion is the real question? There are even speculations as to whether the unlawful betting houses are making so much money.
There is no doubt that there will be a big change in the various field sports betting scenario with the introduction of legal betting. This has presently been seen in the NFL season, and it could be soon seen in other sports too. But, the economists and the wagering experts are of the opinion that such a big change will not come in all of a sudden. It will take its time, and the online sports gambling will not turn into an instant hit in America. It will be a gradual and slow process but is sure to be one of the major reasons to boost the state revenues in the future. If you are looking to bet on your favourite sports, then visit https://live-casino-online.org/.
The ruling by the upper court has come in the wake of the challenge made by New Jersey on the 1992 Professional and Amateur Sports Act that had a ban on all the live games bookmakers operating outside of the Nevada state in America. This new decision does not offer to permit gambling all over the country, but it is left to the states to decide on whether they need to legalise it or not.
It has been predicted by the Gambling Compliance, a firm that offers regulatory and legal services to the casinos, that the authorisation of football betting in the US will peg the revenues anywhere between $2 billion and $6 billion every year. This means that the brick and the mortar and the online gaming platforms are going to see some serious cash coming their way.
The figures that unlawful gambling shows do not look accurate, but every state is convinced that they can increase their tax revenue and put a brake on the earnings of the illegal wagering business by making games betting legitimate. There are as many as 20 states that are ready to take the plunge of legalising betting as they feel that the potential earnings are big enough.
There are four states that allow legal gambling on the internet and mobiles and Nevada is the only one that has extended it to field games wagering. The opening up of the legal bookmakers in other states in America will also be welcomed by everyone who is into unlawful gambling at the moment. Now, they can feel more secure and safe about the money that they invest in the bookmaker sites as everything will be legal.
The process of signing up for a bookmaker account is a bit tedious. The gambler has to verify the account first and confirm his/her identity before the account is opened. After you get the nod of approval from the bookmaker sites, you need to download the app. Use this application to place the wager.
There is a belief among many economists that if the legal gambling on games is adopted by the 40 states, then it could result in a revenue of $8 billion to the local taxes. Apart from this, it will also create plenty of job opportunities for the job hunters, and there is every chance for about $20 billion to be added to the GDP. These are just estimates and such huge revenue gains by the local governments cannot happen in one day. It is surely going to take time as there are many taxing and licensing rule and laws that need to be in place to enjoy the fruits of this labour.
Everyone would be looking to have a piece of the legalised sports betting cake. The people in the race would be casinos, betting sites, many leagues, bookmakers, sports operators, and social media platforms like Twitter, Facebook, and YouTube. The implications of this will offer far-fetched results. There is surely going to be growth seen in sports viewing as bettors would love to watch each and every game closely. As the viewership for the games increases, there will be many coming forward to advertise and this way the revenues will increase. It will also open up a newer platform for the fantasy sports leagues, and they are sure to get more members.