What Legalized Sports Betting Means for Income Potential
The news that more than half of all Americans will soon live in states that will soon offer sports gambling is huge. This is something many people, from casual fans to state representatives have been wanting for a long time.
For years if you wanted to bet on sports you just went to Las Vegas. Or you went through a local bookie. he second option is not legal, but it happens more than you might think. It’s very common to the point where people don’t even try to hide the fact. They openly talk about betting, even in states where it is not legal.
Is it a big deal? I don’t think so as long as it’s done responsibly. Now there will always be cases where some people can’t handle it or they develop a bad habit, but that goes with anything. Some people are addicted to alcohol, while others can drink responsibly.
This is big news and it’s opening the door for states to make a lot of money in taxes. Let’s explore some of the biggest points regarding this news.
Your State or Las Vegas
States have two choices. They can either get with the times, legalize sports betting and collect the tax money, or they can lose out to other states like Las Vegas.
As more states legalize it, it will create opportunities for people to cross state boarders when they want to gamble. At this point states are just giving extra income to their neighbors. Why lose out when it’s easy income for the state that they desperately need?
Create a Controlled Environment
Delaware was the first state to offer legal sports betting during this new push, and in doing so they are helping to create a more controlled environment.
They are able to set the rules, dictate where, when, and how it can be operated. They control the entire operation and control the ability to drive tax revenue, which the state can use for a variety of funding needs.
Control the Opportunity (Less Illegal Activity)
If a state doesn’t legalize sports betting nothing will really change.
The bookies will still be in business because they players have no other choice. The experts say that legal sports betting will overtake illegal betting.
This alone is incentive for states to get with the program and make it legal. It will almost instantly eliminate illegal activity regarding sports betting and allow them to have full control while generating a sizable amount of income for the state.
Create More Jobs and Opportunity
Will it create more jobs? Sure, a lot of businesses in the nightlife and entertainment industries will try to get a piece.
Will more law firms try to shift and also establish divisions to handle sports betting? Shrager & Sachs specialize in medical malpractice law, but would legal sports betting in Philadelphia create a new arm of their firm.
Across the board, legalizing sports betting is going to create a lot more opportunities, drive business in the locations that are allowed to take bets, and create more jobs at these establishments. It’s a win/win for all.