Study projects sports betting in the U.S. could become a $6 billion industry
In the wake of the U.S. Supreme Court's recent ruling against a federal ban, legalized sports betting could become a $6.03 billion business by 2023, according to a UPI report.
The Supreme Court's ruling against the 1992 Professional and Amateur Sports Protection Act opens the door to states to establish legal sporting event betting, which is predicted to become a billion-dollar industry according to estimates from a leading research firm and The American Gaming Association.
"Research firm Eilers & Krejcik Gaming predicts legalized sports betting could be a $6.03 billion business annually by 2023," the UPI article said. "Offshore sports books are [already] bringing in between $2.5 billion and $3 billion annually from Americans making illegal bets."
The American Gaming Association's prediction for the legalized sports industry is $41.2 billion.
The article goes on to break down the impact that the Supreme Court ruling will have on a state's tourism, the impact on media and advertising, and the ripple effect on professional sports.
"The major incentive, of course, for states to legalize sports betting is the additional tax revenue," the article said.
According to the article, television viewership and advertising in the professional sports arena are also likely to see a windfall from the Supreme Court ruling.