Although sports betting is still looked down upon, this growing industry is generating several billion dollars for countries around the world. With the advent of internet technology, betting has found a way to reach even more users, including those who have never found sports betting interesting or attractive.
Two factors have strongly influenced the growth of the sports betting industry. Firstly, online sports betting and gambling has made betting more accessible to players around the world. Secondly, countries that have banned all forms of sports betting or online gambling are now passing new laws that will allow players to use the services offered by local operators. Likewise, crypto bookies have also become very popular as a lot of people use cryptocurrencies these days. It really is so convenient now.
One country that has undergone various changes regarding the legalisation of sports betting and wagering in recent years is the United States. Every state that has considered legalising sports betting has used economic interest as its main argument in favour of doing so.
In this article, we will look at some facts about the sports betting industry and its impact on the economy, as well as the main arguments for and against its legalisation.
A brief statistical overview of the sports betting industry
If you follow the hot news from the world of sports betting and gambling, you've probably noticed how every week there are new operators ready to conquer the market. Although all you want to do at this point is explore the options that online sports betting in Colorado has to offer, there's a lot more to it if you're willing to pay attention. Firstly, it means that new laws have been passed in a certain area, allowing operators to reach out to local and global players. But it also means that many people got new jobs and the state where the website is located got a new economic boost.
According to some statistics, more than 4 billion people have admitted to betting at some point in their lives. On the other hand, more than 1.5 billion people bet on sports every year and that number is expected to grow given the newfound accessibility via the internet.
Immediately after the Supreme Court decided to lift the federal ban on betting, it was estimated that the revenue generated was over $900 million, less than a year later. After that initial response, it was estimated that if every country in the US legalised sports betting, it would generate over $40 billion for the US economy and provide several hundred thousand jobs across the country.
Arguments against legalisation
One of the main arguments against the legalisation of sports betting is that it would pull money out of the local economy. However, the fact that betting is not legalised in some states does not mean that people do not do it. Players turn to offshore providers and thus the country loses more money than it would if betting were legalised.
Another argument against the legalisation of sports betting is the problem of addiction. Most critics argue that many people will succumb to too much gambling and betting and end up losing all their money. However, many countries, such as the UK, where sports betting is legal, have addressed these problems through a number of responsible governing bodies, such as the Gambling Commission, which oversee both operators and players and keep everyone in check.
Arguments in favour of legalisation
While the arguments against legalisation are based on a number of IF theories, most arguments in favour of legalisation are based on facts.
So here are the things we can be sure of.
After legalisation, sports betting will add at least $20 billion to the US gross domestic product. More than 200,000 new jobs are expected to be created across the country, or even more. What's more, residents' individual benefits, such as wages, will add more than $10 billion to total labour income. In the form of taxes alone, the sports betting industry will bring more than $8 billion to the country.
Read also 4 ways of responsible online sports betting