In 1992, the Professional and Amateur Sports Protection Act (PASPA) restricted states in the United States of America from legalizing sports betting. However, in May of 2018, the Supreme Court decided to upturn that law.
This threw the window open and allowed all states to decide whether they want to legalize sports betting on their territory or not. According to the infographic below provided by NJ Games, this has increased sports betting activities all over the country.
More people are engaging in this activity as more sports betting outfits emerge. Of course, this leads to more money being into play.
To help you understand how much money we’re talking here – the entire gambling industry (without sports betting) has racked up about $208 billion in 2018 alone. Imagine sports betting adding its quota to the profit that gambling racks in. The consequences for the country’s GDP would be pretty much significant.
It is also worth mentioning that the legalization opens up more employment opportunities both directly and indirectly.
The infographic below summarizes the impact this legalization will have on different areas of the US economy. You will see, in exact numbers, its impact on labor income, employment, and even taxation.
You will also learn which new technologies are already being implemented in this industry, from the blockchain technology to sports betting bots.
There is also a section on how real-time sports information is being monetized. You will learn that certain sports data companies collect players’ data which they later sell to sportsbook operators.
In one word, the legalization of sports betting is changing everything, including the employment stats and even the GDP of the US. But how? The infographic will answer this question. Check it out.
Infographic URL: https://njgames.org/future-of-sports-betting-infographic/