Sports betting is a growing global industry, that is worth billions of dollars per year. Its fast-paced growth managed to outpace a number of other gambling products. The U.S. sports betting industry has ballooned in size over the last few years to finally attract the attention of the U.S. officials, who are currently disputing over the Professional and Amateur Sports Protection Act of 1992 (PASPA).
The long-standing law bars most state legislatures from regulating sports betting. This year, the Supreme Court finally agreed to hear New Jersey’s appeal to repeal the federal ban on this type of gambling activity. Even if the court rules out in favor of the sports betting industry, Texas has a long way to go before legalizing sports betting industry.
Sports betting industry has been subject to heated disputes and created a lot of buzz among industry-involved people, fans, and lawmakers. The main problem for the states to regulate the sports betting industry is the legacy of PASPA. The U.S. Supreme Court is to decide whether the states can regulate sports betting industry, without violating the federal law.
Supposing that the law is thrown out, each state will be authorized to regulate or prohibit the sports betting industry. Some experts consider that this is to create a much bigger mess, while others are positive that the regulation of this type of gambling activity is to bring fresh money to the economy and protect the players’ interests.
Sports Betting – a Big, But an Unfinished Deal
It is not a secret that more and more Americans are placing bets on sports events. According to various statistics, Americans place approximately $154 billion in illegal sports bets every year, which means that the government loses billions in tax revenues as the gambling sector is unregulated. To regulate it means also to tax it. In that sense, many states joined the constantly growing list of states, that are eyeing the opportunity to be the first to offer legal sports betting.
At this moment, Texas seems to fall behind all other states that are competing to be the first to regulate the sports betting industry. Even if the U.S. Supreme Court opens the door to legalized sports gambling in any state that approves it, industry experts are convinced that it will take some time before Gov. Greg Abbott or the Legislature embrace the idea.
According to a study conducted by the American Sports Betting Coalition, the regulation of sports betting is a big slice of the pie, as it can decrease the unemployment rate and create more than 9,300 job opportunities in Texas. Apart from that, the state is to enjoy a robust gambling tax revenue of $1.7 billion per year. It is yet to become clear if the regulation of sports betting industry is to gain enough support throughout Texas and emerge from last to first.
