A recent study conducted by the Gambling Compliance Research Services has revealed that if the United States were to legalize sports betting, the nation would be able to earn over $11 billion in gross gaming revenues.
The findings of the study were reported by the Las Vegas Sun, showing that the US has great potential to earn from the sports betting industry. It was predicted that if the US were to legalize the activity they would actually surpass the United Kingdom as the largest sports betting market in the world. The US is believed to have the potential to earn as much as four times the amount that the UK is able to bring in. currently, the United Kingdom estimates around $2.8 billion each year in gross gaming revenues.
In a news release, James Kilsby the Managing Director for Gambling Compliance, stated that policymakers in the United States, along with casino groups and sports leagues have all begun to consider the sports betting market and what a regulated one would look like without the Professional and Amateur Sports Protection Act prohibition. States are already legalizing and regulating daily fantasy sports but sports betting, would be a larger and more lucrative opportunity for the US, according to Kilsby.
Reportedly, the state of California would be able to earn $1.3 billion by themselves if sports betting were extended to tribal casinos, non-casino retail outlets as well as with online options. The state of New York would be close to the billion dollar threshold with $900 million in earnings.
Currently in the US, due to the PASPA, only four states are exempt from the prohibition. This includes Delaware, Montana, Nevada and Oregon. The majority of the earnings currently from sports betting comes from Nevada, with under $300 million in gross gaming revenues earned each year in all areas combined.
It will be interesting to see if legislators begin to look at sports betting again, particularly after more states are looking to pass legislation in regards to online gaming and daily fantasy sports betting regulations.
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