After the legalization of gambling, the US economy experienced a notable improvement. Even though betting was once illegal and considered a vice, 55% of Americans now support the legalization of sports betting. You can easily understand why if you look at the data provided by NJ Games’ infographic as there is a multitude of benefits to keep the gambling legalized. We’ll try to cover some of the key benefits of legalized sports betting e.g beat baccarat and see what precisely it has to bring to the table.
New Job Positions
After bringing out the market from the shadows and making it legal, the betting industry can finally flourish. The further the industry expands, the more people they will require to cover their key positions. Simultaneously, a new branch of business might interest some to opt-in and specialize in the line of work that the betting industry has to offer. It is estimated that in a short span after the legalization, the betting industry employs 86,000 people – a number that is most likely only to keep growing.
Indirect Employment and Business Opportunities
Now, imagine a supermarket chain opening in a small town which had only a few local stores up until then. Suddenly the market broadens and is flooded with a variety of new products. You can use a similar analogy for the US betting market which is rather fresh and ripe for the taking. While the market itself presents people with new job opportunities, it brings even more indirect options as it employs an estimated number of 130,000 people. Most popular betting places will bring more popularity to a particular city zone as well, increasing the revenue of the surrounding businesses.
There are several aspects to put into perspective when estimating how much revenue advertising will generate. One of them is the fact that the US is already one of the leading countries in the media market. When it comes to numbers, according to an infographic published by NJ Games, the advertising industry is expected to generate around 2 billion dollars per year. Add to that 615 million dollars that the betting industry will spend on advertising and you are nearing 3 billion a year only from advertising. UK and Australia don’t come even close with their 450 million and 205 million dollars respectively.
Sports Popularity and Networking
Networking and the popularity of sports are closely connected to advertising as they can be heavily influenced by it. The more popular the sport, the more expensive are the commercials, which directly results in higher revenue. Many of the most popular sports organizations in the US experienced a decline in popularity over the course of last year. Sports bettors help remedy that as they, for example, watch 21 more NFL games per year. After all, who is more dedicated than a diehard fan who is a bettor at the same time? On top of that, the US is considered to have the most extensive business market when it comes to cable TV, newspaper, radio or magazines.
Tax All of It
Taxing and trading exist for more than two millennia as the best way for countries to make a profit. You could say that taxing is bipolar because people hate it while, well, the countries love it. The best thing about legalizing sports betting is that you can tax everything. Every job position, revenue, every single bet won, the indirect and the direct ones, all of it. The base tax rate is estimated between 6.75% to 15% of gross revenue, depending on the state’s laws. The expected income generated by state, local and federal taxes, is around 8.4 billion dollars.
When you put everything into perspective, it is evident as to why the legalization of gambling is beneficiary to the US. Both the government and the people can already reap the benefits of the fresh market which is, without a doubt, only going to continue expanding, offering even more opportunities.