Legal US Sports Betting Hit Record High Revenues & Triggers New Legislation Plans
Recently updated on November 7th, 2019
Legal US sports betting is going from strength to strength, according to September’s revenue reports. Sportsbooks reported nearly $1.4 billion in bets for the month before tax. Through information tallied by the American Gaming Association (AGA), we can estimate big takings for the industry. At least 13 states now allow legal US sports betting, with more signing off on regulations.
When the Supreme Court overturned the federal sports betting ban, predictions on handling looked pretty optimistic. Now, there’s proof that legalizing the activities has earned state governments millions in taxes. However, there are still some stumbling blocks for regulators who want to allow online gambling. While most legal US sports betting states have allowed for physical sportsbooks, the online possibilities weren’t included.
Mobile Apps Key to Legal US Sports Betting
It’s no secret that almost every American citizen spends more time on their phone than other platforms. In fact, we love to do everything on mobile and adding betting will certainly motivate more wagers. However, some politicians believe that online gambling just won’t work. They’re wrong, but that’s their opinion.
To make matters worse, some states have decided on ridiculously high tax rates. Pennsylvania is asking for 34% and $10 million for an operating licence. Meanwhile, New Jersey is requestingfor 8.5% on brick-and-mortar, with 13% for online. For legal US sports betting, that’s a pretty steep price in the greater scheme of things. They can just go next door to New Jersey and still get Pennsylvania bets.
New York Going Mobile
Reportedly, New York is planning to allow mobile wagering at commercial sportsbooks. Andrew Cuomo, the New York Governor, has asked formally if the state can add mobile wagering without a voter referendum. Reportedly, a senator and assemblyman are planning to slide it into the state budget for 2020. These measures will take a while, but could chip into New Jersey’s profits.
As for legal US sports betting, the other 37 states are still deciding on allowing it. For now, these states allow sportsbooks: Delaware, New York, New Jersey, Nevada, New Hampshire, Indiana, DC, North Carolina, Tennessee, Illinois, and Montana.
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