Minnesota Stands to Generate Up to $531 Million With Legalized Sports Betting
Positive momentum for legalized sports betting in Minnesota continues to grow, as recent projections suggest the state will benefit immensely from the added income.
Per Gambling Insider, new research from the American Sports Betting Coalition and the American Gaming Association reportedly show that a legal, regulated sports betting market could generate as much as $531 million for Minnesota’s economy.
The given numbers suggest the boon from sports gambling could create over 3,000 jobs, while also creating over $1 million in tax revenue.
Does that mean that Minnesota will be the next state to aim for legalized sports betting? It’s tough to say, but the recent reports certainly don’t hurt their chances.
— Legal Sports Report (@LSPReport) September 12, 2017
Minnesota is Concerned
A recent crackdown on illegal gambling mirrors the positive reports, as Minnesota has taken a more vocal approach against illegal betting in the state.
Minnesota officials – namely of the Minnesota State Department of Public Safety – have declared illegal betting to be “risky and dangerous” with bettors generally being unsure as to who they’re dealing with.
Gambling Enforcement Special Agent Terry Kelley brought up a valid point ahead of the 2017 NFL season, suggesting that Minnesota sports gamblers can’t know for sure that their money is safe or that they will actually get their winnings if their bets prove to be successful:
“How do you know that what you are doing is fair? How do you know that if you win, you’re going to get paid? Who are the people you are dealing with during this? And what happens to you if you can’t pay?”
Kelley’s points don’t necessarily align with the more legit online gambling sites on the web, but the notion of a lack of trust is tough to deny – especially with live, in-person betting with illegal sportsbooks.
Legalization of online sports betting and betting in general would call for regulation, however, which would not only help make betting legal, but also extremely safe.
Bettors shouldn’t be overly concerned that Minnesota wants to protect it’s citizens. In fact, the clear interest in keeping bettors away from risky situations plays into the idea of legalizing gambling across the state.
There is a lot of good news here. For one, daily fantasy sports is already legal in Minnesota and the state wants to protect its citizens.
Now that the numbers are out there and they’re so staggering, there is optimism that Minnesota will also see the benefit of both profiting from legalized sports betting, as well as regulating it for those who want to take part in it legally.
Noise is being made across the country in reference to a staggering amount of illegal sports betting. The American Gaming Association alone reported a whopping $150 billion in illegal sports wagering, which both shows that U.S. citizens are going to gamble, one way or another.
The masses want gambling legalized and if the government’s chief concern really is for the citizen to not take unnecessary risks in the process, regulating the industry across the board is the next logical step.
The latest reports of Minnesota’s potential earnings only add even more incentive for Minnesota and other states to play a hand in legalizing sports betting.
Not Just Minnesota
The numbers for Minnesota are promising and encouraging for sports bettors hoping to see their niche legalized.
It isn’t just Minnesota that can benefit, however. Across the country, the government could be looking at upwards of 152,000 new jobs and taking control of an industry that produces massive amounts of cash.
Enforcing strict regulations and legalizing sports betting wouldn’t have a negative impact, either. In fact, the numbers being reported that are achieved illegally could easily balloon, especially when you factor in online poker and casino gambling.
The point here is that Minnesota is just the latest blip on the radar that displays the positives of legalized sports betting.
With a large chunk of the United States gambling regardless of what their state or federal laws tell them, the U.S. government should take heed of their citizen’s actions and put the wheels in motion to rectify a law that simply hasn’t worked.
Only time will tell what these financial findings mean for Minnesota and other states. For now, even the smallest amount of progress has to be seen as a positive for responsible sports bettors who just want to make their wagers peacefully and legally, without direct interruption from the government or the feeling that they’re doing something wrong.
If Minnesota and other states finally listen to the American betting public, they’d note the profit, the safety and the immense upside that could follow.
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