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Does your state think it will make a bunch of money off sports betting?
The race to legalize sports betting is on now that the U.S. Supreme Court has allowed it in all 50 states, but will it provide enough extra tax revenue to make much of a difference for schools, roads or pension debt?
Don’t bet on it.
Just look to the states that capitalized immediately after the court’s ruling last spring and to Nevada, which previously had an effective monopoly on sports gambling. Even though the market is still developing, the returns to date have been modest.
In Nevada, revenue from sports betting has accounted for roughly one half of 1 percent of the entire state budget.
“Everything I’ve seen so far suggests that this would not be what one would consider to be a pot of gold,” said Ohio state Sen. John Eklund, a Republican who introduced legislation to legalize sports betting in his state.
Well John, it’s not going to be a pot of gold, but do you want to be the state with two NFL teams, pretty much a third NFL team in Columbus, two MLB teams, a bunch of D-1 college football teams and a NHL team….and not get in on the sports betting craze? Of course you should go out and introduce legislation because you have to build a narrative that your state is with the times and not stuck in the stone ages with this stuff.
Of course these states aren’t going to make a fortune off these bets. It’s not like state schools benefit from the lottery. The politicians keep coming back to the taxpayers to fund schools. Nothing is going to change with sports betting, but at least a bunch of men will be able to gamble on sports without getting their knees broken by bookies muscle teams.
Numbers from :
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