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A study by Doc’s Sports Service examines the significant impact
of sports betting on state finances.
Illinois collects nearly a half billion dollars in sports
betting tax revenue yearly, the fourth highest total of any
state, but handicapper Raphael Esparza said other tax revenue is
generated by sports gambling.
“Not only is that helping the state tax on the app, DraftKings,
MGM or whatever, that’s also helping the bar that you are at
watching games,” said Esparza.
New York collects the most taxes from sports wagering at more
than $2 billion, followed by Pennsylvania and New Jersey.
Esparza suggests that for continued growth, bookmakers need to
innovate.
"If books don't continue to expand the betting product with new
ways, customers are just going to jump around to different books
and look for the biggest 'bonus' plays," said Esparza.
The biggest sports betting day of the year is Super Bowl Sunday.
Legal Sports Report projected the total Super Bowl betting
handle across the U.S. was expected to grow more than 15% and
surpass a record $1.5 billion. Illinois was expected to see the
fourth highest betting total on the Super Bowl with just over
$100 million in wagers on the big game.
While the excitement of the Super Bowl grabbed the spotlight, a
national watchdog group said the Illinois Gaming Board is
allowing several large operators to conduct unlicensed online
parlay sports betting and that companies are specifically
targeting teenagers.
“These large operators can call these wagers fantasy sports, but
if it's marketed and pays out like a parlay bet, it’s
commercialized sports gambling, and parents need to be aware
their children, especially young men, are being targeted with an
addictive and dangerous product while the state’s regulator is
asleep at the switch,” said Les Bernal, national director of the
group Stop Predatory Gambling. |
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