Pros And Cons Of Legalizing Sports Gambling

Ron Deiter, professor, was interviewed by Mike Burvee (former student and ISU grad) for a story in the Jan. 30, 2019 Sigourney News-Review titled 'Iowa could join progression against illegal sports betting.' What are the pros and cons of legalized online gambling? Louisiana Gaming Control Board Chairman Dale Hall joins the Louisiana law talk show 'John Redmann: P. Legalization of betting and gambling in sports can also help in the terms of employment generation and total output. Consider the fact- as of year 2015-13,207 million pounds gross value added transaction occurred in the gambling and betting industries. In terms of employment also legalizing of betting and gambling has created numerous jobs.

*Updated 2018

Pros of Betting. The pros of gambling and sports betting are numerous, so are the reasons people enjoy it. Therefore, it will be wrong to distinguish one most important advantage. Anyway, we have picked up several most significant reasons that drive people to a casino’s doors. And these are: Possibility to Win Much Money.

The Supreme Court recently reversed a 26-year-old federal ban on sports betting, enabling each state to decide whether to allow wagers to be placed on baseball, basketball, football, hockey, among other sports games. Previously, sports betting had been prohibited nationwide, except in four states – Delaware, Nevada, Montana and Oregon. A vast majority of the American people had supported the legalization of sports betting (55% felt that betting on sports should be legal, only 35% opposed), not to mention that the president himself is a former owner of casinos. Therefore, this change in the federal government’s approach to the subject is not surprising.

Here are three reasons why the legalization of sports betting is positive and three more explaining why its negative:

In Support of Legalized Sports Betting:

It is already a thriving industry.

The betting industry has blossomed regardless of its legality. Illegal sports betting is a multi-billion-dollar industry (some estimates are as high as $150 billion); anyone who wants to place a bet can do so easily online or through local office pools and offshore books. Now, after the Supreme Court decision, states will be more inclined to consider or pass legislation to legalize sports betting, thus allowing people to continue betting but in a regulated and fairer environment. It will also prevent them from dealing with questionable bookies. Moreover, addicts will have fewer stigmas, which may make it easier for them to seek help.

It`s the economy, stupid.

Sports betting is good for the economy. Legalizing sports betting will obviously create huge state tax revenues. More importantly, it has the potential to create jobs (estimated between 125,000-152,000 jobs) for the American people. Researchers estimate that legalized, regulated sports betting could actually bring in a total of $6 billion in annual revenue for states by 2023.

Moreover, it has potential to bring huge money into the United States and keep it there. Currently, most of the betting takes place online. It is more than likely that legalizing sports betting in America will trigger American telecommunications and tech companies to take over the international market.

Sports betting won’t corrupt the leagues.

Louis Brandeis, an American lawyer and Associate Justice on the US Supreme Court, once said: “Sunlight is said to be the best of disinfectants; electric light the most efficient policeman…” Meaning, legalized sports betting will actually make it harder to fix games. This is because once legalized, sports betting will be monitored, and any irregular activity will be easily detected. It is easier to fix games in an un-monitored environment, in which money flows under the radar. Therefore, the common belief that legalizing sports betting will corrupt sports is wrong.

Against Legalized Sports Betting:

The house always wins.

Many of those who argued for the legalization of sports betting claimed that it’s more about skills than luck. They said that, much like stock trading, it’s about wittingly identifying opportunities and acting on them. But this assertion is wrong.

The human element has a huge impact on sports; often, the unexpected happens, which can affect everyone from team owners down to the last player. Even where skill may improve odds of winning, people who bet on sports may not always possess the deep understanding of statistics required to win. People usually bet on sports based on a hunch, not knowledge. Sports betting is not about skills and it’s not like stock trading; it’s gambling, and as in gambling, the house always wins.

Pros And Cons Of Legalizing Sports Gambling Sites

Legalizing sports betting won’t make illegal betting disappear

The main reason people bet with bookies is not the lack of alternative but availability and, most importantly, the generous line of credit that bookies offer. Bettors don’t need to deposit money to bet with bookies, which makes it easier for them to bet with money they don’t have. This is also the main reason wagers get into troubling debt situations. Moreover, bookies will offer better margins and betting rates for their customers since they won’t pay taxes. Thus, legalizing sports betting won’t eliminate illegal betting and the problems that accompany it. For instance, increased opportunities to gamble on sports may increase the amount of gamblers, yet services to help gambling addicts will most likely not rise in parallel.

It will change American sports’ nature

Legalizing gambling on sports will gradually change American sports. As with everything that involves money, the sports industry will become even more commercialized than it is now. In a slow but consistent process, the focus of American sports will become betting rather than the game itself. Anyone who has ever gambled on a sporting event knows that once you place a bet, the focus of the game suddenly becomes money, not the game itself. And that’s not what sports is about.

Bottom line: The Supreme Court’s decision to overturn the federal ban on sports betting is reasonable, especially since it is already happening to a large extent, and states deserve to monetarily benefit from it. On the other hand, legalizing betting won’t eliminate illegal betting and will negatively change the nature of sporting events. Do you support the legalization of sports betting? Would you place a bet on your favorite team?

People always connote sports betting in a negative light, as it is part of gambling. Throughout the years, the sports betting industry has continuously battled the state to make the activity legal and valid. And although most parts of the United States were able to get a go signal, few still remain in rage.

It’s a fact that sports betting takes place in every sporting event, and some do not agree with this idea. However, if you look at the bigger picture of sports betting, it is the sole reason why a sport has become more popular. Aside from that, it attracts more fans, making sports events more thrilling and exciting.

As the debate for legalizing sports betting continues to be in hot water today, it is undeniably practiced in some states where sports betting is legal. Hence, to understand better why sports betting needs attention in all aspects, let’s get to know both the pros and cons it provides not only to bettors but to all esteemed sports fans all over the world.

The Pros Of Sports Betting

Here are the advantages sports betting can bring both for the fans and the sporting event.

It’s Already A Developing Industry

Regardless of legality, sports betting has existed since long ago and served as the backbone of many sporting events on earth. This kind of industry offers a win-win situation for both the games and the bettors. The profits that they can both earn comes in huge numbers and can ameliorate immediate financial needs.

Also, the U.S. Supreme Court is still in the process of fully approving this kind of activity. While staying on that matter, they are still allowing sports betting in some states, but in a fairer environment.

It Aids The Economy

One convincing reason why sports betting must be legalized is for tax purposes. The massive availability of sports betting can create enormous taxes for the state and the nation as a whole. It can help the state earn money that can help them fund on-going and upcoming projects, making them more progressive.

Apart from that, it can also open many job opportunities for those who want to earn money. In that sense, the opportunity to make money through sports betting is limitless. Thus, providing a positive impact both for the bettors, the sporting events, and the state.

Sports Corruption Is More Controlled

When sports betting is not legal, there is a high possibility that oddsmakers can lure the public in all wagering games they can play. There are no laws that can govern the whole betting guidelines, and they can tame the gamblers by all means. Also, they can make odds always come in their favor, which may not benefit the sports fans at all.

The Cons Of Sports Betting

Pros And Cons Of Legalizing Sports Gambling

When you think that sports betting is good in most aspects, here are some disadvantages that prevent other people from believing that it is a good practice.

Illegal Practice Won’t Ultimately Disappear

As stated above, bookies don’t make a generous credit to help their bettors earn a lot. Although some gamblers can outsmart bookies by making smart bets, most of the time, these bookies prevent that from happening. They usually build their odds value wonderfully to entice every bettor, who ends up losing instead of winning.

It Changes The Nature Of American Sports

The purpose of sports is for fans to get entertained when boredom strikes. Aside from that, it will help them how to play the game and learn the guidelines set in every sporting event. When sports betting becomes legal, the fans might end up focusing more on studying each odds value for betting purposes, not for the nature of the game.

Moreover, sports will become more commercialized as it involves more money. When this happens consistently, games in the coming years will be offered for sports betting purposes, not for entertainment.

Pros And Cons Of Legalizing Sports Gambling Illegal

It Can Lead To Addiction

Sports betting involves a considerable amount of money, and addiction is inevitable. For a beginner, they may find this intimidating, but if they get hooked, they might not notice that they are already using the money allotted for personal expenses.

Sports betting doesn’t have any formula that helps you win consistently. It’s a winning or losing kind of game, and the chances of losing are higher than winning.

Takeaway

By conducting thorough research on its long-term effects and benefits, the decision to legalize sports betting is left in the hands of the Government. If this will become legal, the sports industry and its market must make sure that they are properly guided with its rules, so the game becomes fair. Whether your personal choice is to legalize sports betting or not, the option is for you to weigh and see how this platform will affect the economy’s nation in the long run.