Almost all professional sports have gambling activity (professional soccer being the most popular), and the kind of betting varies. Betting can extend beyond simply picking winners and losers of a match (that the”money line”) with stakes on the”point spread,” the”total],” parlays, and futures.
Sports betting is legal in many regions of the world, with the biggest legal market in the united kingdom.
There are $1.8 trillion illegal wagers globally, mainly in unregulated markets and on illegal betting websites. More than 80% of sport bets are put on the black market worldwide.
In the US alone, prohibited sports wagers are estimated to reach $50 to $150 billion.
Nevada, the only US state that’d allowed sports keepers, listed $4.8 billion in 2017.
Britain, with a population of 65 million and a far less varied sports market, yielded $20 billion in wagers for the 2017 financial year.
Legal Sports Betting Implementation May Not be Immediate
The ruling applied to a case brought by New Jersey, which might be put into place shortly. Though the other countries might allow sports betting, they need to consider the problem for themselves.
States have an incentive. If passed in 40 states, it could generate $8 billion in local taxes, create hundreds of thousands of jobs, and include $20 billion to the GDP.
However, there’ll be many licensing, taxing, and potential requirements from leagues to form out.
What’s the appropriate tax rate?
Nevada currently imposes a 6.5% tax, Pennsylvania 34%, and New Jersey wants to taxation sports gambling at casinos and racetracks at 8% and online sports betting at 12%.
Estimates indicate that at the end of 2018, eight or nine countries will have permitted the full gambit of sports betting which may grow to 12 or even 14 at the end of 2019.
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