The Impact of Sports Betting on the Economy

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If you thought sports betting was contributing insignificantly to the economy, it’s time for a reality check! Very recently, sports fans bet a whopping $9.89 million at the Nevada Casinos on a Super Bowl XLVII match! These figures were published by US News, which was quoting the American Gaming Association. You might be surprised to learn that, after paying out the bettors, the sports books registered earnings of $7.2 million, on the game that was conducted in 2013.

The Outlook for 2014

The outlook for 2014 is bright, according to prominent sports betting sites, like Sportsbettingdime.com. The gambling industry has come a long way and promises fruitful results to discerning participants. However, a significant part of the rewards is being claimed by first timers and novice players. The Internet has brought this industry to the homes of experts and novices alike.

2013 Trends Support the 2014 Outlook

According to  financial planning website Mint, more than $8 billion is wagered each year in Super Bowl matches alone. Approximately 200 million betters participate in this betting activity worldwide. In fact, about $60-70 billion is wagered in college football matches every year, states CNBC. Therefore, the phenomenon is indeed a sizeable one.

The Economic Ripples

Naturally, with huge sums of money changing hands, the economic impact of sports betting is significant. In 2011, $87 million were wagered on sport betting deals. However, come 2012, the NCAA Tournament alone saw $2.4 billion being transacted! The rise has been phenomenal. With humungous amounts changing hands, the government stands to benefit from millions of dollars in tax revenues. Moreover, against the backdrop of the recent financial crisis, the amount being won at these tournaments is being used for paying off debts, building business, upgrading vacations and loads more! All these activities have a positive impact on the economy.

Yes, there have been some criticisms for gambling and even sports betting. However, the issue is not with the form of activity, but in the lack of refrain displayed by some participants. However, if dealt with maturity, gambling and sports betting are as legitimate ways of entertainment as any other activity. Also, the impact on the economy and on tax collects is unmistakable.

What Keeps this Change Constant?

Sports betting is a progressive, cyclic and almost addictive phenomenon. The more the wins, the more the investments are likely to be. And even if losses might be encountered, betters still wish to try their luck in the hope of winning a fortune. And, since some always win, the ripple effect of sports betting is tremendous and it continues to have a significant impact on the economy and on the lives of people. There is a proverbial spread which sports betting enjoys and the impact never ceases.

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