Sports betting isn’t a new-fangled concept. It has been in trend since ancient times, since the time when concept of ‘playing sport in front of live audience’ was introduced by the Romans. We have come a long way from – two armed men dueling to death to 22 men running behind an air-filled circular object. But one thing didn’t change – betting! It was just modernized, and surprisingly, what was considered indecorous has become a potential, rather proven economy-boomer.
In 1961, betting shops were legalized in UK. The rules didn’t change when along with everything else, betting shifted from offline to online. BBC UK recently reported that online betting has all the potential to become the most lucrative business in the British economy. When the taxes on the punters were abolished and regulations were relaxed, the economy boomed, the government ensured. According to HM Revenue and Customs by the year 2016, the duty on games jumped up to $3 billion. The industry earned $16 billion in 2016 alone.
USA is the closest than it has ever been to legalizing sports betting. There are active debates on televisions and the reasons are substantial. It is estimated that if USA lifts the ban, the sports betting industry will become worth $42 billion by the end of the same year. It is said that it will open gates for over 210,000 job opportunities.
Very dear friend of India – Israel is also speculated to lift its sports-betting ban considering the economic boom. There is some buzz in the news recently that it could be legalized in India as well.
India has taken baby steps towards digitalization to reach where it is now, the market is filled with endless opportunities with the audience open to experimenting. And let’s face it that despite the ban, people are anyway betting, so why not legalize it and make some money to support our economy.
Here are the reasons to legalize sports betting –
Jobs!!!
This is the biggest and most important reason to legalize betting in the country. For unemployment, touching new heights there could be not better time to implement this. The sports bars will flourish, and more people will be required to oversee and manage the happenings. More jobs!
Increased Tax Revenue
The second biggest and important reason to jump into this trend is this, the increase in tax revenue. All the money which is going into the pockets of illegal punters will fill the banks of country.
Regulation of the industry
Things in the industry will become organized and there will be someone to regulate. As there will be someone who’d be able to make sure that the participation is being done fairly and squarely.
Illegal activities will be reduced
If it is legalized, the backdoor bars and all the shady places which run illegal betting spot will see reduction in activities. It will clean up illegal operation in big numbers which means less crime.
Safe atmosphere for betters
If it becomes legal and openly accepted, the people who were holding back because they did not want to indulge in unconstitutional activities will be able to take participation freely. Not just, betting will become safe but more controlled.
All that said, new investment opportunities will be generated. It will prove to be lucrative not only for the government, but for everyone involved in the process.