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Monday, September 3, 2018
NJ Sports Betting: What Impact Will It Have On The US Economy?
It was 1992 when the PASPA (Professional and Amateur Sports Protection Act) became effective. It was meant to define the legal status of sports betting across the United States, effectively outlawing sports betting nationwide except for New Jersey.
However, this law was judicially overturned in May 2018 when the US Supreme Court ruled in a 7-2 decision that parts of PASPA were unconstitutional as they commandeered power from the states. A 6-3 ruling determined that the whole PASPA was unconstitutional.
With sports betting now being legal, it is expected that this new billion dollar industry is going to have a huge impact on the US economy. The infographic below created by NJGames.orgwill help you find out why and how.
Meanwhile, let’s take a look at what is predicted.
The total economic output, representing spending by sports betting patrons in the US is expected to reach $41.2 billion, with sports betting operations supporting $4 billion in direct and $7 billion in indirect labor income.
Sports betting is also going to have a huge impact on employment. It is expected that almost 87,000 direct and 130,000 indirect jobs are going to be opened.
Furthermore, it is expected that sports betting will contribute around $22 billion to the US GDP which is more than the entire economic GDP of Iceland. The overall fiscal impact which consists of state, local, and federal tax impacts are expected to be around $8.4 billion.
These are just several interesting facts about the impact that legalized sports betting is going to have in the US. Take a look at the infographic below to find out more.