Legalization of Sports Betting in the U.S.
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Legalization of sports betting is not yet universal in the U.S., but there are signs that the regulated market is improving. While there are still some illegal operators that have a leg up on the legal operators, state-licensed operators are generally safe. Moreover, technological advancements and fierce competition are helping to make the legal industry more secure.
Legislation in New Jersey
The New Jersey Senate is being asked to consider legislation that would allow casinos to accept sports bets. The legislation would also allow for betting on esports. It’s not clear exactly how much revenue this will bring to the state, but Bloomberg estimates it will generate $302.7 million in tax revenue in 2020.
The New Jersey Legislature hopes to pass legislation allowing sports betting by the end of this week. The state hopes to be the first state to offer the new form of gambling, though Delaware plans to start taking sports bets on Tuesday.
Legalization of sports betting in North Carolina
Legalization of sports betting in North Carolina may not be on the immediate horizon. However, there are several signs that the state may be ready to make the leap. First, Governor Roy Cooper has publicly voiced his support for sports betting. He recently signed a bill to allow sports betting on tribal land. The bill was approved by both the Senate and the House and needs just two more committee votes before it becomes law.
However, the North Carolina House has not yet passed SB 688, the bill to legalize sports betting in the state. While the Senate passed the bill, the House narrowly rejected it. Still, there is a chance that lawmakers will make another attempt at legalizing sports betting in the state before the session ends. One of the primary proponents of the bill, Rep. Jason Saine, is unsure whether he will continue to push the bill before the session ends.
Legalization of sports betting in Georgia
While Georgia has had little legalized gambling in the past, there is a growing interest in expanding gaming in the state. Legislative discussions have included expansion of online sports betting and casinos. In addition, the state’s gubernatorial candidate Stacey Abrams has said she supports legalizing sports betting. As a result, the momentum for legalizing sports betting in Georgia is building for the 2022 legislative session.
Currently, Georgians wager $4.8 billion annually on sports, so legalized sports betting in the state could generate approximately $360 million in revenue. Ultimately, the amount of revenue derived from the sports betting industry will depend on how the Georgia regulators set the rules and the number of sportsbook apps. The Georgia legislature has considered legalizing sports betting in the state before, but it has been pushed back to 2022.
Legalization of sports betting in Kentucky
Even with a ruling from the US Supreme Court that sports betting is not illegal on federal level, Kentucky has yet to legalize it. However, the state has been in the process of examining the idea of legal sports betting, and it has a good chance of passing legislation before the end of 2022. Legislation to legalize sports betting in Kentucky was introduced in the House and Senate in the past two legislative sessions.
However, the sports betting debate in Kentucky is more political than economic. The state’s Republican Party is divided on this issue. While there is strong opposition from a minority of its members, the state’s Republican leadership seems to be more receptive to the idea. A strong grassroots effort could be enough to move the legislation forward.