Will Legalized Sports Betting Have Any Noticeable Impact?

December 03, 2019, by Toby Banks

Sports Betting

Sports Betting Legalization

In recent times, there has been an increase in the rate at which betting sites or platforms have been springing up. Most of these new platforms tend to be illegal and operate in the black market. This has had some adverse effects on different economies. But, legalized sports betting can change that.

Let's take, for instance, a gambling addict who wants to seek rehabilitation. In most cases, the state has to take care of it, right? And they would have to do that from their purse.

But, this should not be so if sports betting activities were legal. Why? Because there will be a proper tax system whereby the betting companies will deliver a percentage of their income. In consequence, States can give good use to this share of the betting companies’ money. For example, they could finance these individuals’ rehabilitation without the necessity of touching the country’s purse.

We’ll use the United States as a reference point to check how noticeable the impact of legalized sports betting is. So, let’s get to it.

Favorable Chances for New and Existing Companies

States have been losing a great deal of money during the era where sports betting was illegal. These losses were the result of wrong taxes for black market deals.

Indeed, some estimations say that legalizing sports betting will produce a whopping 41.2 billion dollars per year. Likewise, about employment, to legalize sports betting will create over 200,000 jobs, both direct and indirectly.

This new era will lead to the creation of new services, start-ups, and media companies. Certainly, that media companies will follow making big deals in the future. And the increasing rate of legalize sports betting will boost these deals.

Some States and sports media houses are looking to create new money-making channels. And there's where the sports betting enterprises enter in play. In this sense, studies show that legalizing sports betting will generate an extra 22 billion dollars for the US. It will have a significant impact on the country's GDP.

Improved Advert Spending and Viewership

Marketing is an inevitable part of every business. Advert spending of betting companies hit over three billion dollars per year! But, in recent times, it has been noticed that there is a massive decline in sports program ratings.

Yet, TV stations will be able to get some profit with the legalization of sports betting. A lot of sports fans never could view games without active television subscriptions. Given the new development, there is a high tendency showing increasing fans' followership. So, this increase is a result of fans having personal stakes in-game results.

Thus, if there is an improvement in viewership, the rates and earnings by promotions will increase.

Wrap Up!

After seeing the points mentioned above, we have to conclude. In this sense, we should agree that legalizing sports betting has had noticeable positive impacts. A lot of countries have been adopting it, and there is a big recommendation that countries that are still lagging also use it. It will give some boost to their economies.

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Sports Betting Legalization