The PASPA Act of 1992 implemented the approval of sports wagering. The escalation of the legalization issue is up to the federal stage. Subsequently, it opened the discussion of such legalization at the state level.
Drafting laws about sports betting legalization and licensing already began in many states. While there are states that totally banned its activity.
However, few are still in doubt of its legalization issue. This is because they are in doubt if the gambling industry provides economic benefit.
In the Philippines, the PAGCOR or the Philippine Amusement and Gaming Corporation authorized the LTO of some online sport betting platforms.
The Philippines approved the operation of the online betting site like the SBOBET. The Asian betting menu view covers the daftar SBOBET88 for the country. The approval of such activity may be beneficial for the country’s economic state.
However, in the US, online sports betting platforms stole essential income of the state. This conclusion came up prior to the ruling of the tribunal in May 2018. The estimated lost amount with this is said to be around 150 billion dollars.
The truth of some states’ legalization lies behind the analysis of the odds on their side. The primary factor that gives a great impact on these odds is its effect on the economy.
The Economic Influence of Sports Wagering
Below are some possible influence of wagering on online sports in the economy.
Economic Influence #1: Taxes
The American Gaming Association revealed that legal sports betting will eventually give $22.4 billion. This amount will be added to the gross domestic products of the US.
Aside from this, the local governments will bring home at least 7% to 15% taxes. This is equivalent to around 3.4 billion dollars yearly.
UK’s betting profit in a year is only around 5 billion dollars. This is to take note that sports betting is approved in the UK. Considering these figures, it shows that the US will lead the annual revenue of the UK in the initial 5 years.
Economic Influence #2: Job Creation
Based on a similar study, sports betting will give about more than 200,000 employment. This employment covers the direct, indirect, and the induced employment category.
Economic Influence #3: Marketing
Due to increased revenue in advertising, the projected budget per year of the media industry is expected to be about $615 million. The $500 million profit in a year comes from the product charges. All in all, the total marketing revenue will be at least $3 billion per year.