For nearly 26 years, sports betting was deemed an illegal activity in the vast majority of the US states. The Professional and Amateur Sports Protection Act of 1992 (PASPA), was enacted in 1992, and it aimed at prohibiting legalization of sports betting throughout the states.
However, in May 2018, the act was judicially overturned by the Supreme Court of the United States, on the grounds that it was unconstitutional.
According to the infographic below provided by NJ Games, the new ruling has brought about a number of positives for the country’s economy and its citizens.
Thanks to this court decision, people can now legally engage in sports betting activities. As a result, it is projected that the economic output of the new industry will amount to $41.2 billion. Also, sports betting is expected to contribute $22.4 billion to the US GDP, which is more than the entire GDP of Iceland.
Moreover, experts expect that the new direct and indirect labor income will produce $4 billion and $7 billion respectively.
But apart from the direct impact legalized sports betting will have on the US economy, it will also have great social benefits. One such benefit is that it will help maintain the integrity of the game. This is done by sports betting operators paying 1% of money wagered by customers to bodies like the NBA and the MLB.
There are even more benefits that the legalization of sports betting in the United States has for the country and its citizens. Check out the detailed infographic below to find out more about them.
