Who would’ve thought an activity that is sometimes frowned upon could save your state’s economy?
2020 - still totally unpredictable,
The Last Night’s Game Team
1. The economic impact of COVID has states across the country reeling from a lack of tax revenue. One solution many states are looking at is fast tracking legal sports betting. The Supreme Court struck down a federal law in 2018 that restricted sports gambling on a state level (with the exception of Nevada that already had legal sports betting). Since then, a handful of states have opened for betting and have achieved a notable revenue boost. HERE’S WHERE YOUR STATE STANDS
2. Despite other states being able to participate in sports betting, Nevada had a record setting year in 2019. The state saw a total of $5.32 billion placed in bets and a record $329 million in revenue, which produced $22.2 million in state tax revenue. Now this won’t replace all of the tax revenues lost, but many states are looking at it as an option because some tax revenue is better than nothing. SEEKING A SOLUTION
3. Now let’s talk a little more about betting to give you some context. The commissioners of the four major sports (baseball, basketball, football and hockey) have met to discuss integrating their leagues with sports betting entities. We've seen some movement on this but concerns over fixing games and gambling addiction are some of the reasons this isn’t an easy decision. NOT A SIMPLE SOLUTION
4. You’ve probably heard of online sites FanDuel or DraftKings. Where they differ from a casino is that those platforms provide you with an opportunity to wager money on a player’s performance in a game instead of the outcome of the game. This is similar to how you would win if you had a fantasy football team. CLEAR AS MUD?
5. The two most popular sporting events to bet on are the Super Bowl and College Basketball’s March Madness tournament. The Super Bowl went on as planned this year with over $6.8 billion wagered on the big game, but March Madness was cancelled. Twice the number of people bet on March Madness compared to the Super Bowl. Last year, Americans wagered $8.5 billion on the tournament and a big chunk of that was bet illegally through activities like office pools or via a bookie. DON’T TELL THE LEGAL DEPT.
Here’s a few resources for you should you want to know more: sports betting 101 and the five things you need to know about fantasy football.
