Tax Revenue from Sports Betting Beneficial to States

Legal sports betting generated approximately $ 150 million in tax revenue that helps the elderly and the disabled, transportation, funding programs for schools, environmental causes, and more. In the US, most people love and are familiar with wagering, especially online betting. More than $ 16 billion in total legal bets placed in 14 states. Additional states (plus Washington, D.C., and Puerto Rico) are expected to begin placing bets in 2020.

Industry officials believe that US sports betting can generate more than $ 1.5 billion in total tax revenue when the market is fully mature.

In the absence of any federal structure, it has led to a diverse patchwork of states to approve legal sports betting. These states have helped overcome black market speculators and non-authorized offshore betting and now provide legal protection to consumers.

In practice, public officials in more than a dozen states have already used this new revenue stream to support state water projects, replenish pension funds, and rebuild damaged roads, as well as myriad other projects.

Revenue can make a big difference in every state.

New Jersey:- The Revenue Fund Group assists the Department of Human Services programs for the elderly and disabled, including households.

Pennsylvania:- Gambling tax revenue is used to help with grants, protections, and programs for the elderly.

Colorado:- Gambling tax revenue goes to water conservation projects.