For the last 26 years, sports enthusiasts and fans in the US were not allowed to make money off betting on their favourite teams and leagues. It was prohibited in all but one state – New Jersey. This was a direct result of the Professional and Amateur Sports Protection Act (PASPA) passed in 1992.
The situation has changed now. In May earlier this year, the Supreme Court decided to overrule the PASPA act. This entails that each state now has the right to determine whether or not to allow sports betting on its territory.
Sports betting is making a comeback to the country and in a big way too. Right now, it has been legalized in seven different states. Furthermore, 16 states have introduced bills favouring the legalization of sports betting, although they have not been passed yet. Currently, it is only illegal in the state of Utah.
The team behind NJGames explains the impact of the legalization on the US economy in its newest infographic you’ll find below, so make sure to check it out.
Impact On Economy
With the reintroduction of sports betting, the economic landscape of the country is expected to increase for the better.
Studies carried out show that an influx of $41 billion is expected from the betting industry. Legalization should create more than 86,000 jobs directly with a total input of over $4 billion in the process.
Additionally, more than 129,000 jobs are supposed to be created indirectly as a result of the legalization. With an influx of over $7 billion projected to benefit the indirect labour workforce in the country, things are certainly looking promising for the economy.
Sports Data Companies
Sports data companies are also expected to benefit from the legalization.
For instance, Sportradar, one of the global giants in this field, paid $70 million to the International Tennis Federation for the rights to handle its data over the course of five years.
With the legalization of sports betting, different leagues and sports associations in the country can expect a major pay out from sports data companies.
The infographic below goes on to describe in detail the impact the legalization of sports betting will have on the economy. It also touches on the trends in the betting industry that you can come to expect in the coming years.