Sports betting generates billions in US tax revenue
(NewsNation Now) – Sports betting is a multi-billion dollar business in the United States, although the industry has only been legal nationwide for about three years.
In the first 10 months of 2021, sports betting generated over $3 billion in revenue.
Sports betting has been legalized in 30 states and the District of Columbia and other states are expected to join the party, including New York. Mobile sports betting will go live this weekend in Empire State.
The state that has benefited the most from legal sports betting is New York’s neighbor, Pennsylvania.
Residents have made more than $10 billion in bets this year and the state has earned $110 million in tax revenue alone through November of last year. New Jersey and Illinois were the other two leading states in terms of sports betting tax revenue.
This new revenue is one of the main reasons so many states have embraced online sports betting. Mobile sports enhancement was legalized in the United States after a 2018 Supreme Court ruling. Since then, it has brought in over $871 million in tax revenue.
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