This year has seen some dramatic changes in the US betting scene. Since 1992, sports betting has been prohibited by the Professional and Amateur Sports Protection Act (PASPA). Punters across America couldn’t enjoy their favorite pastime. However, not everybody gave up on the idea of legalized sports betting. Former New Jersey Senator Raymond Lesniak was one of the most vocal opponents of PASPA.
After more than two decades of fighting, the US Federal Court has finally overturned PASPA due to the act being unconstitutional. Currently, betting is legalized in New Jersey, West Virginia, Pensylvania, Rhode Island, Delaware, Nevada, Montana, and Oregon while sixteen other states are considering legalization.
Although punters were the first to celebrate, it seems that the casino owners and betting operators will be the ones to gain the most from the recent legalization. Estimates show that the total economic impact, representing spending by the sports betting patrons in the US, is expected to reach somewhere around $41.2 billion. When it comes to supporting businesses, it is estimated that the legalization will bring about $4 billion in direct and more than $7 billion in indirect income. Sports betting legalization is expected to create more than 200,000 new jobs from the supporting service industries like hospitality and marketing.
When it comes to taxes, it is expected that the individual states will garner around $3.4 billion while the federal government may rake in around $5 billion from taxes alone. However, betting wouldn’t be possible without sports, so a number of sports leagues commissioners have advocated on an ‘Integrity fee’ of around 1% of casino operator sports betting revenue in order to maintain the integrity of the sports and the clubs involved.
The future of sports betting is brighter than ever thanks to some recent innovations. First of all, the introduction of blockchain has made sports betting safer and more accessible than ever while at the same time eliminating betting fees and speeding up payments.
On the other hand, the recent rise in the popularity of E-Sports is estimated to bring in $23.5 billion in E-Sports bets.
The team of online gambling experts at NJ Games’ have provided a great infographic explaining each new development of the legalized sports betting landscape. Check it out below!
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