Why Should We Legalize Betting on Sports
This leads me to wonder why DFS is allowed and considered a game of skill when it is identical to sports betting in this regard. Leitch fears that the legalization of sports betting could trigger a setback. “Tens of thousands of college athletes receive no compensation — and I`m not just talking about major college sports,” he wrote. “You can now bet, say, on a volleyball match from Coppin State University. Do you know how easy it would be to fix a volleyball game that no one else pays attention to? The world of sports betting is not only an important industry worldwide, it is constantly growing, especially in the United States. However, sports betting is only legal in 18 of the 50 states. So the question everyone wants an answer to is, should the industry grow and be allowed to be legalized nationally? Or should it remain subject to strict regulation so as not to ruin sporting events and their results? The ruling applied to a New Jersey case that promised to be implemented by June 2018. However, other States must address the issue themselves. States certainly have an incentive.
Legal sports betting would provide additional tax revenue based on income tax on winnings or as excise tax on casino income less those winnings. The American Gaming Association has predicted that if adopted in 40 states, it could generate $8 billion in local taxes, create hundreds of thousands of jobs and increase GDP by $20 billion. According to some credible estimates, the United States (between its federal and state governments) has lost more than a trillion dollars in tax revenue over the past 25 years, all because of PASPA. In this context, PASPA is one of the biggest financial windfalls in U.S. history, and although the U.S. government has legalized sports betting, it will take years, if not decades, to redirect all of the population`s gambling habits to their respective states of residence. But you have to start somewhere, and that`s what happened. Hopefully, the federal government won`t step in and slow down state adoption. They couldn`t be trusted to manage U.S. sports betting with PASPA, and they shouldn`t be trusted to do better now.
Support your state`s sports betting initiatives and enjoy betting! At the moment, it seems that they are open to new options and possibilities. DraftKings can leverage its existing 10 million users and plans to launch a sports betting product soon. Christian Genetski, legal and commercial director at FanDuel, noted that there are many options to consider, including managing your own online sports betting, partnering with other operators, and selling access to their customers: “We are not in business without answering phone calls.” After all, monitoring is simply not necessary. While there is no charter at all, states that have so far legalized their own sports betting industries have removed the “necessity” for the federal government to act as a “watchdog” over the industry. By the end of 2018 (PASPA was repealed in May 2018), seven states joined Nevada and offered legal sports betting in physical locations: Delaware, New Jersey, Mississippi, West Virginia, Pennsylvania, Rhode Island, and New Mexico. Other states such as Arkansas, New York, and Connecticut (plus Washington D.C.) have legalized or partially legalized the hobby and are awaiting further steps from Congress to refine their approved frameworks. Other States should take up the issue and act decisively at future sessions of the Congress. Without federal interference, it is estimated that 30 to 40 states are expected to launch retail sports betting over the next 2 to 3 years. Now that states have the option to make sports betting a legal pastime since PASPA`s fall in 2018, more and more are considering this option due to the coronavirus pandemic. More than twenty states have already established some sort of legal sports betting industry, while others have tirelessly tried to pass legislation to launch the market for their constituents.
States that previously strongly opposed the legalization of sports betting are now considering this option, as they desperately need revenue from as many new sources as possible due to the pandemic.