Washington, DC, United States (CenterSquare) – By: Paul Mulholland | The Center Square
the prohibition on sports betting, they appear to have had a change of heart. Research done by the AGA suggests that the four major sports leagues could make a combined $4.23 billion a year directly and indirectly from sports betting. Forman suggests that the Oakland Raiders moving to Las Vegas, as well as the NHL making an expansion team in Las Vegas, could reflect an industry attitude change toward sports betting.
Whether they truly see sports betting as being in their interests, or merely unstoppable, isn’t clear.
There is not an obvious partisan divide on sports betting legislation. Bills have been proposed by legislators of both parties, and passed in blue and red states, although Democrats appear to be more favorable toward the idea overall.
While some of the states with legal sports betting or a bill pending are in financial trouble, and may see legalization as an opportunity to raise revenue, such as Illinois and New Jersey, this does not explain all of the variation. Other states with high per capita debt such as California do not allow it, while low-debt Mississippi does (although not online).
The repeal of PASPA does not appear to have done damage to Nevada’s more mature sports betting market. Prior to the repeal, Nevada had a near-total monopoly on sports betting, but according to Forman, “2018 was the best year on record for sports books in Nevada”. This would mean that Nevada has been able to use legalization as an opportunity for further expansion.
With more states considering legalized sports betting, and sports leagues signing partnerships with gambling companies instead of opposing them, legalized sports betting has enormous momentum behind it.
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