In a study made by experts at Oxford University, they have found out that sports betting legalization is capable of contributing 14 billion dollars to United State’s GDP per year. This is why it’s not a surprise that sports betting are making big waves in the hemisphere. Appears to be that the legalizing sports betting have hit a big streak and many people get excited about this. Believe it or not, sports betting legalization at state level is worth celebrating for those who like to see the continuous growth of US economy.
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As a matter of fact, sports betting have made big headlines from the time when Buffalo Wild Wings announced that they are considering the concept of sports betting to elevate their consumer’s restaurant experience. The National Basketball Association or NBA commissioner announced partnership as well with MGM Resorts International, which makes them to be the official NBA partner for any gambling-related activities.
Sheer Volume of Gambling Cash Flow
Yes, it is true that the concept of state-sanctioned sports betting might be worrisome among some conservative individuals, they will be surprised to learn how often it was happening under the table long before it was discussed in public. Americans wagered an approximate 4.76 billion dollars on Super Bowl 52 in February with just 3 percent of that fortune came from legal gambling. The remaining 97% on the other hand is wagered mostly via international betting applications.
The legalization of sports betting could help keep money in circulation of the US economy which can then benefit several casinos that are filing bankruptcy nationwide. The truth is, the market for regulated sports betting can possibly add 2.9 billion dollars to yearly profit of all casinos in the state and that is just the beginning of economic benefits it can offer.
Positive Economic Benefits brought by Legalization of Sports Betting
Going back to the 2017 Oxford University research, it showed that legalized sports betting contributes between 11.6 and 14.2 billion dollars to the annual GDP of United States, depending on the state that legalizes sports betting as well as the specific tax rates applied.
Furthermore, legal sports gambling generated 125,000 to 152,000 jobs that pays between 6 and 7.5 billion dollars.