#35: Don't Bet the Under: The Legalization and Regulation of Sports Gambling — Presentation Detail — Celebration of Scholars

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#35: Don't Bet the Under: The Legalization and Regulation of Sports Gambling

Name: David Budzisz
Major: Management & Marketing
Hometown: Palatine, IL
Faculty Sponsor:
Other Sponsors:
Type of research: Senior thesis

Abstract

The sports gambling industry in the United States is one in which many people do not fully comprehend the size. According to the American Gambling Association, there is $150 billion gambled illegally on sports annually in the United States alone. This is $150 billion dollars that is being spent with no regulation and is not being taxed. On the contrary, over $47 billion was reported in sports gambling from the twenty states where it is regulated and taxed in 2021. This $47 billion turned into over $2.96 billion in revenue for the respective states. The AGA also estimates that all states legalizing sports gambling could lead to over $20 billion added to the GDP of the United States.

States need to be made aware of the potential revenue that sports gambling holds for their state, since only thirty states currently have some platform for legal sports gambling. This opens the door for partnerships with professional sports arenas and sports leagues, as well as the ability to benefit off an activity that happens regardless of the legal status within the state. The longer that states wait to legalize sports gambling, the more tax revenue they will miss out on.

Moving forward, the gambling industry must find a way to market legalized gambling to the public to maximize the potential of the industry. Changing the stigma around sports gambling is incredibly important to the projected revenue after legalizing. This can be done through allocating the revenue generated through sports gambling to a public good, like programs that support mental health. The positive public view of sports gambling will also give way to the emergence of an entirely new industry in gambling wealth management, where professional gamblers will place bets on behalf of other people. Sports gambling has the potential to revolutionize the way that states bring in additional tax revenue from gambling that is already happening, regardless of the legal status. The states that decide to legalize sports gambling sooner rather than later will make tremendous progress immediately over those that choose not to.

Poster file