The market for sports betting has reached nearly $5 billion this year and it is going to increase even more.
Gambling has been witnessing exponential growth in the last few decades, and since the digitization of gambling in the mid-90s, it has become unstoppable. Mainly there are two forms of sports betting i.e. sports betting and casinos. Land-based casinos and online casinos are legal in the USA and most part of the world. Sports betting also enjoys great popularity in Europe and other parts of the world, but it had been a thing of regulation in America. However, in 2018, the Supreme Court of the country take off all the regulations from sports betting and leave the decision on the states to decide whether they wish to legalize betting on sports in their region or not.
Till now nearly 20 states have gone in the favor of sports betting. The legalization of sports betting in New Jersey has shown some remarkable benefits for the state. California is the stated that hasn’t decided on the legalization of sports betting yet but it seems that it is on the verge. Many reports claim that California will soon be legalizing all the forms of betting on sports in the state. Some people might be in the favor of legalization, while others may not like this idea. Here, we are going to show you how the legalization of sports betting can impact California.
There is a lot of money in gambling and sports betting is no less than online casinos in any sense. The number of people engaging in sports betting is rising and California has got a large number of people interested in betting on sports. This will surely boost the economy of the state. The state of California can levy a tax on the service providers and make a big chump of money. As we stated above, New Jersey is a great example here. Offline betting is legal there along with that, punters are also able to bet on sport with 888sport and other similar online betting sites. The market for sports betting has reached nearly $5 billion this year and it is going to increase even more.
Therefore, we can assume that the economy of California will surely witness the growth and the state would be able to generate even more earning. Taxing betting providers and consumer revenue can be the best source of income here.
Sports betting legalization will surely increase the possibilities of jobs for the people. Some several people or punters are assuredly going make betting as their main profession, but more opportunities for other people will also arise. Betting providers would hire people from different cities. Online betting sites would hire local marketing companies and design agencies. Not only the unemployed people will get new job offers but people currently working in the gambling industry would have wider options as well. So, the legalization of betting in California can surely increase employment opportunities.
As sports betting is not yet legal in the state, we cannot assume that it doesn’t exist at all illegally. The illegal market is also valued in millions. Even customers may not get a safe betting environment, they need to rely on such illegal betting providers and bookies. To curb the black market of gambling, legalization of betting is the best option. With the eyes of the authorities on the service providers, the customer will not only get the secure betting channel, the state will be getting benefits of earning as well. Match-fixing and other corruption in the sports could also get fixed with legalization and setting regulations.
Punters all around the world are benefitting from online betting which is believed to safe and offer an enhanced betting experience to the players. With several service providers available in the market, punters have got several options to choose from. Since all the online and offline betting providers have to cope-up with the heavy competition, they always strive to offer the best services to the customers. Californian punters could get safe and secure betting platforms regulated by the state after legalization.
Online betting sites also offer a wider selection of games to bet on. Besides, with betting apps and reliable betting odds, they are the best choice for the people who love bet anytime anywhere.
The aforementioned points show the positive impacts of the legalization of betting. However, some negative factors can come along with legal betting. The first thing is that there is a risk of betting addiction. With betting opportunities available easily, people will have no regulation and they can get addicted to gambling. So, before legalization California should establish some strict rules and laws on regulating customer behavior at betting platforms. Betting platforms should also provide some functions so people cannot get addicted to betting.
The positive impacts of sports betting legalization are relatively higher than the negative ones. Now when California is on the verge of making sports betting legal, people should also think of the things mentioned here. These things will make all the people of California understand that just like NJ and other states, California can get benefited from legal betting policies.
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