#Bet online sports professional#

Of the $142 million the state of Illinois collected in the past year from sports wagering, online sports betting is responsible for 96% of that revenue (“The Civic Federation”, 2022). Illinois is an example of a state that legalized online sports gambling. States that have legalized sports betting have benefited from tax revenue specifically on sportsbooks. Even an increase from a monetary value as large as $4.8 billion will be instrumental in American society. Compared to the $4.8 trillion accumulated in tax revenue by the U.S government in 2022, tax revenue totals from online sportsbooks account for 0.1% increase in the previous total (Altruda 3). This amount marks continuing growth in the market as tax revenue has increased annually in the sports betting market. In 2022, the United States government generated approximatelty $953 million in tax revenue from online sportsbooks through October (Altruda 2). The current federal income tax rate on sportsbooks is 24% (Gramlich 2022). The tax revenue generated from online sports betting has and will continue to expand the budgets of state and federal governments. The tax revenue generated from sports betting has given state and federal governments larger budgets to distribute from. federal government has enhanced funding to social security and medicare. This tax revenue has been used by state governments for their general funds, social services, schooling, or statewide projects. By implementing a new market into a state that can be taxed, the government can increase their revenue without increasing state taxes on their people. Online sports betting provides benefits to the state government through tax revenue that improves conditions of society. With the growth of the sports betting market, state governments have used the opportunity to tax sportsbooks. This statistic demonstrates the American public’s growing interest market.

adults revealed that they have bet money on sports in the past year (Gramlich l). should legislate and approve online sports gambling.Īccording to the Pew Research Center, 19% of U.S. Given that targeting this specific industry has benefitted current states to date, the remaining 28 states in the U.S. Since 2018, some states such as Illinois and New Jersey have surpassed $1 billion in sportsbook taxes (Briggs 1). By the end of 2022, more than 80% of states will have begun legislating the idea (Legal Sports Report, n.d.).

Of those 31 states, 22 of them have legalized online sports betting in the United States. Since then, 31 states have approved legislation to gamble on sports.

#Bet online sports professional#

The Supreme Court ruled in favor of legalizing sports betting under the Professional and Amatuer Sports Protection Act. Consequently, more money generated by sportsbooks has led to more tax revenue for state governments that have legalized online sports betting. To maximize this, the rise of online sportsbooks have made it more convenient for Americans to place bets compared to going to a Casino sportsbook. Winning a bet can inspire Americans to continue betting and wager more. Mobile sports betting has become increasingly popular among the American public because of incentives given to bet.