Wednesday, March 27, 2013

SPORTS BETTING, COMING SOON TO YOUR STATE?



As we entering another year of March Madness craziness, with the excitement of the proverbial underdog stories, and millions of tournament brackets filled out, there are also millions of dollars to be had!

During this time of year more than $200 million dollars will be bet on the college basketball tournament in the state of Nevada. This pot of money at the end of the basketball tournament rainbow as attracted the the attention of a few  states  who went in on the action. As states continue to recover the the economic recession, there are political figures looking to find new revenue streams, and March Madness is a hot commodity right now.

Voters in New Jersey passed a referendum by a 2-to-1 margin marking sports betting legal, and last year Governor Chrisite signed a law that legalized sports betting at Atlantic City's 12 casinos and the state's 4 horse racing tracks. The state of Illinois is also considering a bill, and my home town state of California always looking to be progressive and different than every other state, reintroduced a sports gambling bill that was passed by the state senate last year.

While there is wide enthusiasm from a few states to legalize sports betting, there is apprehension on the behalf of the major sport leagues and the N.C.A.A. The N.C.A.A has filed a lawsuit joined by the major sports leagues, claiming that sports betting outside of the state of Nevada would "irreparably" corrupt sports in the United States. An interesting claim, as sports betting has been going on in Nevada for many years now without major complications and has been reaping lavish benefits. Nevada took in more than $3.4 billion in bets on sports last year, generating $15 million to $20 million in tax revenue. This potential pot of money is the apple of states eye.

There are a few interesting caveats that will have to be evaluated if other states are allowed to legalize sports betting. Currently, the state of Neva is the only state to legally bet on college games, garnering individuals from all parts of the country to come and gamble. If each state were to legalize sports gambling, its unlikely they would witness the same time money being thrown about in Nevada. Additionally, the state of Nevada as Las Vegas, arguably the greatest tourist attraction for gambling, extravagant spending, and the first Hangover movie. Other states will have to contend with these factors, that will continue to attract thousands of individuals to Las Vegas. It will be interesting to see in the upcoming months if other states will be able to position themselves as desirable alternatives to Las Vegas. However, until then all sports junky continue to watch March Madness at a rate that is probably not good for any normal human beings health.

Come on Florida Gulf Coast University!!


Reference:


http://www.nytimes.com/2013/03/28/sports/more-states-look-to-get-in-the-sports-betting-game.html?pagewanted=1&_r=0&hpw






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