The world of sports has been growing in popularity over the years. The international community has picked up on this trend and sports gambling has become even more popular among nations throughout the world. Sports gambling has even made its way into the world of politics. FIFA (Federation of International Football Associations) World Cup and the Olympic Games are considering to be the highlight of the year in many nations around the world. With such high profile events being held yearly, many governments are looking at ways to legalize sports betting throughout the world. If legalized, sports gambling will no longer be a crime and it will be a legitimate form of entertainment.
A recent development in Kentucky would legalize sports betting. Representative Jack Berry of Louisville is attempting to make a legalization bill a part of the upcoming legislative session. He believes that legalized sports betting would bring in more tourists to the state. The increase in tourism would mean more tax dollars for the state and revenue for the city of Louisville.
Many other states are looking toward legalized sports betting. In Kentucky, representatives are working to get a piece of the action. Other states, like Montana, are also looking into the issue. Both California and New York are reviewing the legality of online retail betting. Other states like Rhode Island and New Hampshire are reviewing the legality of online gambling at casinos.
There are many reasons why legalizing sports betting would be a smart business move. First, it opens the market up to more consumers. The United States has some of the most restrictive gambling laws in the world. Opening the market up to all consumers, whether they are residents of the state or not, would allow more people to take advantage of the opportunity.
Second, it allows more people to participate in the sport. Right now there are only about twelve states where sports betting is legal. Two more have upcoming elections that could see an expansion of legalized sports betting: Alabama and Tennessee. If all the major cities in those two states begin to offer wagers, more people from the surrounding area will have access to the games. This means more people watching, which means more people potentially becoming interested in the game.
Finally, legalization could give the U.S. House and Senate another weapon to negotiate changes to the law. Right now, there is only one committee in both houses that has jurisdiction over sports betting. Any proposed changes have to pass through that committee, which limits the ability for the legislature to make changes that might help their home state players. With legalization on the table, it would allow the legislature to write new laws that would directly benefit the players and take bets across state lines. That means no one would be playing against anyone else in the state.
Could legalized sports-betting in the United States be a huge deal for businesses? In New Mexico, it is “a huge deal.” According to The Associated Press, “I want to see if we can capitalize on this because there’s a tremendous amount of growth coming our way,” New Mexico Governor John Rossello said. He is widely considered a moderate Republican and is on the Ways and Means Committee. He has previously talked about the legalized sports-betting, but today’s comments mark a significant change in his rhetoric. “I am supportive of the idea and look forward to reviewing the proposal when it comes back from the House,” he told the AP.
Legalizing sports-betting in New Mexico is a big deal. There is a good chance that it could be the next step towards normalizing the way people place sports bets in the U.S. and around the world. There is a great deal of potential for growth in states such as New Mexico, where the business is just beginning to pick up, and other states with growing sports-betting fanatics and potential.