Considering the increasing popularity with sports betting, many US states are looking into establishing a legalized sport gambling market.
So far, only a select few states have the privilege to offer sports betting services to their residents. Many believe that the sanctity of sports would become compromised if every state were allowed to have a legal framework for sports wagering.
On the other hand, officials representing numerous states have been trying to repeal the Professional and Amateur Sports Protection Act (PASPA) that prohibits them from having sports gambling. Although the officials have had a hard time overturning that law, they remain persistent with their aims which they believe to hold important benefits for their respective states.
Great for the economy
One thing is for sure. The amount of revenue that would be generated from pursuing this endeavor looks highly promising. Sports in America is a massive industry, so expanding the business with sports betting services seems like a winning formula.
• Many agree that PASPA should be repealed
• Abolishing PASPA would help in many areas of the economy
• Legalizing sports betting would help move the gambling industry forwards
Fresh estimates indicate that around $380 billion is wagered illegally every year on sports gambling in the US. Should the government decide to legalize the business for traditional bookmakers and online sportsbooks in the US, then each state could claim substantial income by way of taxes and other forms of earnings.
Current states that offer betting service in sports have a great advantage over the other ones that are not except from the law. It is estimated that in 2011, casinos in Nevada shelled out over $10.4 million in the form taxes that they received from sport betting operations. Delaware received $2.1 million in taxes in its second year of operations.
The money that is received from these lucrative operations are normally distributed to help fund public projects, including: schools, state parks, education, problem gambling treatment, economic developments and other areas.
The employment opportunities would also rise accordingly. Thousands of jobs would be created with direct links to the industry. Thousands more would come in the form of other businesses that support or work with sport betting companies.
Gambling in the modern era
By repealing PASPA, gambling in the States would make a great step forward, creating numerous possibilities. The gambling news would positively reverberate throughout the industry, propelling many companies to start exploring ways to facilitate betting offers.
The current gambling standards call for constant change as the industry forms part of a dynamic environment. Placing wagers on sports would be a welcome additional to the recent introduction of online gambling in some US states.
As results have been lower than predicted with the performance of internet gaming providers, sports betting is among the economically viable solution to help increase revenues in the industry.
Fairness among all states
The Professional and Amateur Sports Protection Act (PASPA) was introduced in 1992 and it initially prohibited all states to offer sports betting services. There were however exemptions to the law, as Montana, Delaware, Oregon and Nevada were among the lucky few states that didn’t have to abide by this law.
They were already providing betting services before the Act came into place. Under the law, Nevada is the only state to offer sport betting, however New Jersey and Delaware have been pushing strongly to have their own regulated markets.
New Jersey Senator Raymond Lesniak believes that he still has a chance of overturning the law in the state’s favor. Although the US Supreme Court turned down New Jersey as the state tried to express its last appeal, Lesniak is convinced he still has a shot.
Lesniak stressed the court’s belief that it does “not read PASPA to prohibit New Jersey from repealing its ban on sports wagering.” Additionally, he also added that each state should have the right to decide, “How much of a law enforcement priority it wants to make of sports gambling, or what the exact contours of the prohibition will be.”
The state has recently introduced a mobile casino gambling market, however result were much lower than initially expected. Therefore, sports betting is viewed as a much needed boost for the state’s gaming industry.