Legalized Sports Betting Could Benefit the US Economy
Sports betting is exploding in the U.S. despite some states not legalizing it. The benefits of legalized sports betting are the tax revenue that states are able to collect. Tyler Kern, Senior Director of Media at MarketScale shares the numbers and provides his thoughts.
Tyler discussed the growth of the sports betting industry in the United States. Sports betting is not legal across all 50 states yet.
Only 30 states have some form of legalized sports betting. Texas is one of them. The state has 9% of the population of America. Sports betting in Texas could be a 14.9 billion market. There is a 7% hold in 10% tax on sports wagers. The take home for the state could reach 106.5 billion in 2029. Other industries that could benefit from sports gambling are hospitality, tourism, food and beverage, and sports bars. Buffalo Wild Wings has talked about putting betting kiosks at their tables. Dallas Cowboys games could eventually be bet at AT&T Stadium.
