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Sports Gambling Research Paper

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The Legalization of Sports Gambling Each year more than $380 billion is wagered legally and illegally on sports (CNN.com). It’s estimated that only about 4% or roughly $1.5 billion is wagered legally in the state of Nevada, the only state where sports gambling is legal. The majority of the wagers are placed either thru local bookies or online sportsbooks based outside of the United States in an attempt to avoid prosecution from the US government. The US government is missing out on an opportunity. This illegal activity could be legalized which would in turn lead to much needed additional revenue and creation of additional jobs. Sports gambling is a big business, currently the only people capitalizing on this business is the state of Nevada, …show more content…
Wouldn’t it make sense to regulate and control this industry to allow these winnings to be taxable? If the US government could legalize sports gambling it could be ran very similar to the state and national lotteries. An individual could go into a gas station or store, fill out a form and place their bets. Their tickets could also be cashed in at the same locations when there are winnings, similar to today’s taxable winnings, anything over $600 would require a 1099 to be filled out and income would be reported as taxable. In addition to the tax on the winnings, there would be additional income from the losing bets. With nearly $365 billion up for grabs outside of Nevada this seems like a great opportunity to capitalize. The losing bets could help fund local school systems, or local government projects. In addition, the additional tax from the winnings would help lower or sustain the national budget. Not only will there be additional revenue from winnings and losing bets, legalizing sports gambling would also require some additional jobs to be created to monitor and regulate the networks. It’s too early to estimate how many jobs could be created but it would no doubt help create additional jobs. However, like any other controversial issue there are some disadvantages to legalizing sports gambling.
Opponents of legalizing sports gambling point to potential issues with increased gambling addiction. Gambling addiction

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