The Origins
Modern day United States sports betting originated from the early 18th century UK practice of betting on horses. Horse racing was our nation’s first official form of gambling. As a result of horse wagering, US sports fanatics incorporated this form of entertainment into other sports. By the late 1700’s, laws were established to govern the sports gambling industry.
As the popularity of sports gaming grew, casinos started incorporating sportsbooks into their establishments. Jackie Gaughan opened the first sportsbook inside a casino at the Union Plaza in 1975, overseen by legendary oddsmaker Bob Martin. The following year, the prototype for the modern race and sportsbook was pioneered by notorious bookmaker Frank “Lefty” Rosenthal at the Stardust. While sports betting was active in cities like Las Vegas, it was illegal throughout the United States until 2018 .
One of the biggest blockers of sports betting was the Professional and Amateur Sports Protection Act of 1992 (PASPA). With PASPA, states were limited to betting with lottery tickets and bingo-style games. This law became moot in 2018 when a Supreme Court decision allowed states to decide if sports betting should be legalized or not. Even though we are in the early days of sports betting, it has become a major industry!
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The Impact of Sports Betting
In a American Gaming Association study, it reports that sports betting will contribute 22.4 billion to the US GDP. The report also shows how this industry will add 4 billion in direct labor income and 7 billion in indirect labor income. Fiscal impacts are significant! As a result of fiscal impact, 8.4 billion is expected to be added to our nations economy!
Legalization
The bottom line is fairly simple, after the US Supreme Court struck down the federal ban in 2018 States can now legalize sports betting if they choose. Truth be told, interest in the legalization of sports betting has been ramping up in the US recent years, even prior to that decision. There are now a variety of bills on file around the country and even some new laws on the books. For a detailed look at current legislation by state we suggest that you bookmark the Legal Sports Report. The landscape is rapidly changing and these guys do an excellent job keeping tabs on news and trends.
As you monitor the space, keep yourself entertained by reviewing our top 3 sports betting tips that every gamer should know.
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