What Can Sports Betting Do for the Economy if Legalized

Sports betting is making waves around the world as a favorite pastime for many enthusiasts. Although it remains controversial and has yet to be legalized, many people still find ways to look for bookies and betting sites operating overseas.

In recent months, there have been breakthroughs in sports betting opportunities around the United States. In the past, the issue appeared to be sealed and shut, but sports associations and companies are slowly embracing the benefits of making the activity more mainstream.

Why there is money in sports betting

A report by Oxford University found that if sports betting were completely legal in all US states, the industry would contribute as much as $14 billion to the economy annually. The possibility of sports betting becoming a state-sanctioned activity still concerns conservative politicians, but it is not a surprise anymore how widely embraced it is and much of it happens under the table. As an example, the Super Bowl is the most significant sports activity in the country, and there is around $4.76 billion earned in bets for this single event. What’s disheartening is that only 3% of this large pot went to legal betting outfits. The rest of the wagers? They went to international bookies and betting apps.

By keeping the action within the country’s shores, the US economy can benefit significantly from the money sports betting will bring in. It will revive most of the casinos around the country that are already losing money to these overseas betting apps. Legalizing gambling across the country will allow the US economy to share some of the profits the industry is enjoying, and not only will it add to the country’s GDP, but it will also create jobs for thousands of people.

The impact of technology on gambling

The UK is one of the most open countries when it comes to sports betting. Aside from the popularity of gambling sites, mobile applications are also increasing in demand. More than half of betting activities in the UK happen using these mobile applications.

If the US would like to benefit from legalizing gambling, they can use the success of the UK and make it a pattern for how sports betting should commence in the US. By using smartphone applications, the US can earn another $9 billion in revenue

Why is sports betting becoming more popular for smartphones? The answer is simple. People these days live for convenience and efficiency. It is indeed a lot easier to sit at home, watch your favorite sports event happening on TV, while simultaneously using your phone to place a bet.

With technology, sports betting is more accessible and much more enjoyable. Not only does it benefit the ordinary sports enthusiast, but it is also great news for the economy. Most of these betting apps have attractive features and unique betting structures which also connect to some of the popular social media sites.

From the point of view of someone who is looking at sports betting as a plus for the economy, legalization is undoubtedly a win-win situation.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes