As fans, we have various ways of supporting our teams and being constantly engaged with them. We meet at pubs for games, we go to stadiums on match days and we even bet on games to add to the excitement levels. Sports is something that brings all of us together, and we try to maximize that as much as possible.
In the context of sports betting, it has always been something of a grey area. In many countries including the United States, it is not entirely legal. There are a few authorized agencies that are governmental, in countries like Spain and Singapore, which facilitate legal betting. The idea is that having a governmental oversight on such institutions helps control the extent of gambling.
This hasn’t been the case in the United States due to an overwhelmingly privatized economy. The power of industries in the United States makes it difficult for governments or local councils to exert much visibility over them. When it comes to online betting, everyone maintains their right to privacy, making it difficult for governments to track reckless and extreme gambling.
Recently, however, things have begun to change. The decades-long gambling ban started to shake a bit with New Jersey’s successful attempt to legalize gambling outside Nevada during the Murphy v. National Collegiate Athletic Association (NCAA) dispute. It is worth remembering that previously, the only states where you could gamble were Delaware, Nevada, Oregon and Montana.
With the perceived triumph in New Jersey, many more states will follow suit. There are already visible movements in Rhode Island, New York and Mississippi. With the federal-state structure in the US< it would take a while before betting is legalized everywhere in the nation. The good news is that the US has always been one to learn and to adopt practices that have worked well in parts of the country.
Let us consider the pros and cons of this legislation. It is definitely a victory for consumers in the sense that they have a much fairer and transparent set of options whilst betting on games. Previously, your only choice is your local bookie, who held all the negotiating leverage over you. Now, with governmental oversight and reduced entry barriers, consumers will have more options.
In addition, it creates an additional tax revenue stream for the government. Along with the traditional sources of income, wealth, corporate and estate taxes, sports betting tax can be a valuable addition. The con, however, is that the government is forced to be in a position where it will end up supporting a lot more vulnerable people, who have been unfortunate victims of the betting industry.
To limit the cons, it is not just the legalization, but also strict regulation, that will judge whether there will be a net positive benefit. Let us hope tat the government has that in mind.Read More