Legalization Of Sports Betting In The United States – Its Many Possibilities
Did you know that if you, at any time before May 2018, indulged in any form of sports betting in the United States (with the exception of it’s few states), you were engaging in illegal activity?
The Professional and Amateur Sports Protection Act of 1992 (otherwise known as PASPA) outlawed sports betting in the country, excluding few states. In May 2018, however, this law was judicially overturned by the US Supreme Court, as it was deemed unconstitutional.
According to the infographic below provided by NJ Games, this new development has led to a world of new possibilities for sports betting, the gambling industry, and even the economy of the United States.
So far, in 2018 alone, the industry has generated about $208 billion. This number is expected to skyrocket following the legalization of sports betting across some states in the country.
Research shows that this industry is expected to contribute $22.4 billion to the GDP of the United States. This is more than the entire GDP of Iceland, for example.
But this legalization would not just have monetary effects on the GDP. It is also expected to impact the tax revenue. State, local, and federal taxes are expected to amount to a total of $8.4 billion as a result of sports betting alone.
Furthermore, the legalization is projected to create approximately 86,819 jobs directly and 129,852 jobs indirectly in the US.
These are just a few out of the many massive benefits that the legalization of sports betting should bring to the citizens of the country.
Below, you will find an interesting infographic which will give you more information on the legalization of sports betting in the United States and its subsequent effects.
