Reflecting a high level of engagement, 67.8 million adults in the United States actively participated in making bets on this year’s most awaited Super Bowl. It represents more than a quarter of the adult population and has increased by 35% compared to the previous year. The increase in participation shows the fast-growing popularity of sports betting across the country.
American Gaming Association has named it the growing trend among the American population.
The sports betting industry in the United States witnessed a major shift in 2018 when the U. S. Supreme Court struck down the Professional and Amateur Sports Protection Act (PASPA). For a quarter of a century, this law restricted legal sports betting to only Nevada. Since this significant decision, the United States has seen a remarkable increase in online and live sports betting across 38 states and Washington D. C., making it one of the most prevalent forms of gambling in the modern world.
In addition to being entertaining, sports betting has developed into a profitable way to raise cash for taxes: it is a major source of income for the state. According to the Washington Post, the revenues generated from this form of betting are now channeled towards essential public services such as the construction of infrastructure, education, law enforcement, and combating gambling.
This has greatly impacted the financial capacity of the state governments, especially the state of New York. Moreover, as the Census Bureau’s quarterly report on state and local tax revenue shows, New York will get a magnificent $260 million in tax revenues from sports betting legalization by the end of the year before last. This positioned them at the apex of the nation regarding fourth-quarter earnings. However, research has revealed that legal sports betting has boosted the states in the Northeast more than any other region in the United States.
In 2021, the states will be able to generate four times the revenue collected from taxing sports betting, demonstrating this as a viable source of funding for states. New Jersey has been at the forefront of this trend, having registered $51.6 billion in total money bets on sports since 2018. This figure is even higher than that of Nevada, where gambling is prevalent, and this shows that there has been a shift in this gambling world.
The people who engage in this activity are as diverse as the areas of focus in betting activities such as sports. A survey taken by YouGov indicates that approximately 26% of people in America engage in betting on sports, with only 10% using the internet to do so. The results suggest that more males are likely to engage in this activity than females since 35% of the males said they bet compared to females. Additionally, research data show that Hispanic and white adults engage in sports betting more than Black adults.
However, the expansion of sports betting comes with the social issue of gambling in society. Help is available for those with gambling issues, including national helplines for anytime assistance for safe and responsible gambling.
With the increasing demand for sports betting, it can be a potential source of hefty revenues for states to generate. However, this also results in some setbacks that need proper regulation and adequate support to prevent the adverse impact of gambling.
