Erick Klambara is a second-year student majoring in Media and Culture. EK924666@wcupa.edu
The sports industry is one of the largest in the world. In North America alone, sports are worth $71.06 billion, according to Statista. A popular activity many viewers partake in is sports betting. Sports betting is the practice of making predictions on the outcome of sports results and placing a wager on this result. However, this practice is illegal in many states across the United States, thanks to a 1992 law that prohibits the legalization of sports gambling — this law has since been repealed and many states have decided to legalize sports betting.
Sports gambling should be legal in all 50 states.
According to The American Gaming Association, a $150 billion illegal sports betting market exists in the United States. This goes to show that sports betting is already occurring, regardless of legal status, at a high rate across the country.
The legalization of sports gambling would be beneficial to the nation’s economy, as states would collect tax revenues which can be used to help recoup some of the money spent to aid the coronavirus pandemic. In addition to being used to help the government recover from the pandemic, the money could also be used in areas such as education reform, construction and health programs.
In addition to providing tax money to state governments, the legalization of sports betting would open sportsbooks across the country which will add jobs in the casino business.
It is no secret that betting makes more people watch sports. The legalization of sports betting across the country will allow fans to rely on their sports knowledge and skills to turn a profit. The industry is expected to grow at a monumental pace, and companies such as FanDuel and DraftKings already allow for an easy process to place wagers. Making this process legal will allow the industry to continue to grow and generate more revenue.
Higher ratings would lead to increased revenue to television networks who broadcast these games. Networks could in turn put this money back into the economy with the hire of new employees and give current employees a raise in pay.
Sports leagues are in favor of betting as long as they are properly regulated. This would be in their best interests, as they would be compensated and recoup some of the money lost due to the coronavirus pandemic.
Many celebrities around the world have gotten in on the action, including Michael Jordan, Charles Barkley, Floyd Mayweather and Charlie Sheen, and there is no doubt that all of them would like to see this become a legal practice.
Some good news on the sports betting world is that many states currently have legislation on the table to make it legal. However, not every state supports this practice and states such as Utah have no intention on legalizing it.
While I realize that many people suffer from gambling addiction, legalizing sports betting will allow for better regulations and the ability for states to provide help to the people who need it most.
Sports betting should absolutely be legalized, and sports fans should be encouraged to participate in it and place bets on their favorite teams and players, as long as they are doing so safely.