How Sports Betting Affects the Economy
By Space Coast Daily // September 10, 2021
The economy is a complicated system that has many moving parts. When the US government decided to legalize sports betting, it opened up an entirely new market for economic growth.
Every time you place a bet on your favorite team or player, you are contributing to the overall GDP of the country and providing jobs for people in all sectors of society – from waitresses at restaurants near major sporting events venues to coders who design apps for mobile phones.
But how does this affect the economy? What can we expect from this new law going forward? Let’s find out!
Technological advances make it convenient
There is no doubt that creativity and innovation are the driving forces behind technological advancement. While there was a time and era where people were easy to please with entry-level video graphics, the explosion in the sports gambling industry has resulted in competition and races for numbers like never before.
The advent of technology like gaming has seen the industry evolve into online worlds where online patrons feel as though they are literally in a physical location. Added to this are incredible dynamics and mechanics that offer a community feel that is both realistic and personal, with user experience ratings that are out of this world.
The best news for bettors is that there are more ways than ever to legally wager on sporting events from home or mobile devices when traveling abroad. It’s also easier than ever to find information about upcoming event lines and odds via social media channels and other services.
For example, you can browse through Kyle’s daily sports picks before placing a bet, because the odds are ever-changing in the world of sports betting. It can be difficult to keep up with all the latest trends and know when it’s time to bet on a particular team, but why bother when services are doing that instead of you.
The sports betting industry is huge
The sports betting industry has skyrocketed over the past decade, superseding all expectations, and is estimated to be worth over $200 billion. There are a few ways that states gain money out of sports betting, but it is no secret that the primary method is through taxation.
And while we may throw our tows out of our cots over it, it is money received by the states through taxation that funds fundamental infrastructure projects such as roads, and of course other important requirements such as healthcare. More widespread legalization of sports betting has the potential to generate millions of dollars in tax revenue for both states and cities.
In addition to this, the benefits of the legalization of sports betting extend far beyond what we see and offer a huge economic boost through the tourism industry. It has been shown that tourists are more attracted to cities where there are legal gambling facilities, and this ultimately has a circular effect on the economy.
Sports’ gambling is creating jobs
Approximately 750,000 people in America are employed in the gaming industry, with a total representation of almost $75 billion in salaries and benefits to normal, hardworking, middle-class families across the country. This figure is expected to rise drastically over the next 10 years, with the projection of 62,000 new jobs within the industry.
The gaming industry is one of the largest in America and is said to be even bigger than the airline industry. Not only is the gaming industry essential for the country’s economic growth – it is invaluable in its financial contribution and support of communities, as well as by empowering its employees through education and career advancement.
And if you want to speak about diversity – there is no better industry to look at than this. More than 45% of the industry’s employees are from a minority background, and more than half are female and added to a myriad of career opportunities, it is clear that the gaming industry is leading the way and setting the benchmarks for the rest.
The sports gambling industry has undoubtedly grown drastically and will continue to do so, however, this growth is not distributed evenly throughout all the states. While there is massive competition as is expected in any industry, growth is seriously hampered by laws and regulations that do not work in the industry’s favor in many states.
The economic benefits of its legalization are undeniable, and in a time where many countries are struggling especially within the tourism industry, one only wonders what it will take to see the positive impacts of opening this industry up.