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Could Online Betting Give us an Economic Boost?

Betting online sounds like a risky prospect, but if people are going to do it anyway, let’s consider the potential benefits if it becomes more widespread.

From Fee.org

An Oxford University report found that the legalization of sports betting would contribute as much as $14 billion to the U.S. GDP annually.

A 2017 Oxford University report found that the legalization of sports betting would contribute between $11.6 billion and $14.2 billion to U.S. gross domestic product (GDP) annually, depending on which states legalize it and their specific tax rates. Additionally, a legal sports gambling system would create 125,000 to 152,000 jobs paying between $6 billion and $7.5 billion in total wages. That’s an average salary of roughly $48,000 for a typical worker in a new sports betting industry.

Now I know what you’re thinking, gambling’s a vice. Sure, but not all vices are all bad. Some of them do have positive benefits to society. Consider the following:

  • Total economic output, representing sales of businesses in the US, is expected to be $41.2 billion.

  • Legal sports betting operations, including wages, salaries, benefits and tips, are expected to support $11.0 billion of total labor income.

  • Total jobs supported, both direct, indirect and induced, is expected to be 216,671.

  • Legal sports betting is expected to contribute $22.4 billion to US gross domestic product.

  • Fiscal impacts, consisting of state, local and federal tax impacts, are expected to total $8.4 billion.

Now there are plenty of great websites that offer online betting. The RoyalVegas Online Casino is one. There are others, but that one is one of the best. Check it out, sign up, and get into the game. The fate of the economy could depend on you!