The Supreme Court had kept a meeting assembly where the decision had to be taken to make sports betting legal in the country.
Then on May 14, the government had decided to take down all the 25-year federal ban on illegal sports betting. Moreover, they had also passed a resolution to check whether people want to legalize betting.
The big question that arrives now is how much money the big companies like MGM resorts and Draft Kings are having. A rough estimate comes something around $150 Billion.
This is the total amount of money which is almost spent by the Americans on illegal sports betting. It is soon to be legalized and the government will take taxed from these bookers.
This is a kind of win-win situation for the government and 꽁머니 the betting kiosk. Moreover, this will help them legally allow betting. And the government will make money for themselves by charging them with tax slabs.
The figure had come from the American Gaming Association. In the early 1999 they had estimated the amount around $80 billion. This massive amount was being invested in illegal sports betting by citizens.
How will the government profit out of this fiasco
To take the profit out of it government decided to make it legal. Also, they decided to make them pay taxes. This in turn can increase the GDP of their country and the price of the dollar will go up.
This is not the first time someone has found a fault in the figure. In 2014 the Slate article had estimated around $380 Billion being the total amount of money that was being invested by the Americans almost yearly.
The figure is not a big deal as they needed to make sports betting legal. They wanted the money to be given to different states for its growth and development.
There are already 20 states in America that are implementing the idea about making sports betting legal. So that they can make enough money to help in the development of states.
Real-world examples of sports betting
Here is the list of real-world examples of sports betting.
- We take the UK data to see how many of these sports betting, and gambling parlour has been authorized to be operated legally by the government. Then you will come to know about the different parlours which are still active and the amount of money used yearly in sports betting in the UK.
- The UK gambling commission tracks all the bets and statistics. Due to which we have come to know the citizen of the UK has used about 10 Billion pounds to bet on sports in the fiscal year.
- To get a comparable amount of money you will first need to know that the UK has around 66 million people while the USA has a 327 Million population living in it.
Then you have to know that 1 pound is something around 1.36 dollars after conversion so you will need to calculate how much money do both the countries spend on betting.