Many states are currently reviewing their gaming laws, and we have taken a look at a few of the benefits that legalized sports betting can bring. Thanks to ever-changing tech advancements, the industry is continuing to grow at a rapid rate. With an increased uptake in the use of mobile devices and laptops for betting online, it has made many start to look at how we can have a better, safer industry that will benefit communities.
Safer for the Punters
Historically speaking, when we look at betting in its many forms, it’s hard to ignore the criminal element that was present during the early years of adoption in the United States. Thanks to government legislation and laws that prohibited things like alcohol consumption or gambling, this opened up said activities to numerous criminal influences in the early decades of the 20th century.
Thankfully, the industry as it stands today is in a far better place for those eager to try their luck at a variety of betting options. Thanks to increasing adoption across the country, more and more states are now allowing punters to place sports bets from the comfort and safety of their own home. Moreover, some states were quicker than others in the adoption of online sports betting and have seen some fantastic returns, such as the state of New Jersey. There, in 2019, the revenue from sports betting came to over $4.5 billion, with over 80% of those bets being placed online. From those figures, it’s clear that people are comfortable to conduct their betting in an online environment. And with each passing day, any issues that they might have concerning their privacy or the protection of funds are alleviated by constantly evolving technology in an industry working towards making it the safest one possible, for all involved. This also includes online casinos like Sbobet.
Increased Tax Revenue
It’s no secret that placing bets on the black market leaves no income through taxation as all the transactions are naturally off the books. As we touched upon above, along with making the industry safer for punters, there are also massive revenues to be gained for local states and the federal government through legalization. Sports betting taxation rates vary from state to state, with some having significant percentage rates. According to WSN, Pennsylvania has the highest sports betting tax, which is currently set at 36%. The size of the sports betting market is substantial and is expected to contribute over $8 billion in tax, which would be a boon to the government, across all levels. The additional revenue could be used to help support those with gambling issues as well as give much-needed funds to improve methods that can better identify those who might be at greater risk of developing a problem.
A thriving sports betting industry will create numerous new jobs in local areas. As we have seen, when new casinos open, there is a wide range of jobs available to local residents with varying skills levels. Legalizing the sports betting industry would create many jobs directly and many more indirectly, that would provide support for the operations. It is expected that the total number of jobs created would exceed 200,000, and the overall increase in GDP for the U.S would exceed the total output of Iceland! As a lot of sports betting is conducted via the internet, we would also see a dramatic rise in highly skilled jobs for coders, website administrators, and the additional staff required to run big online businesses. At the other end of the scale, failure to properly adapt to online sports betting has seen some states, like New York, suffer significant financial losses in the process.
In today’s connected, online world, it is hard to fathom certain areas of our daily lives not existing or being present in this environment. The practice of sports betting in the US is one such area that is slowly, but surely, making the transition online. Thanks to increasing government support and the obvious financial benefits that it brings, for both companies and customers alike, this is a win-win situation. Convenience is a powerful motivator in today’s fast-paced world. The ability for punters to be able to bet on their favourites while doing so from the comfort of their home, or while on the move or wherever there might be an internet connection, leaves little reason to do it any other way.