The US gambling industry has seen massive expansion in recent years. It’s been great news for gambling companies, those who love to bet (particularly online) and excellent for the American economy.
It was in 2018 when a landmark US Supreme Court judge ruling was made. Rather than it being the often-reluctant federal government that decided whether gambling should be legalized, it was ruled that individual states could make the decision.
Since then, over 30 US states have decided that legal gambling can take place. Add on those who are going through the process of legalization, then it goes over the 40 mark. It’s not a sudden love affair with gambling and a willingness to bet on sports by taking advantage of some of the current betting deals.
US states know that making gambling legal will bring in huge amounts of tax revenue. That was going to be appreciated even before the pandemic came along and caused even more financial problems. Now as we reset our lives, gambling (as long as it is carried out responsibly) is helping in so many ways.
The expanding US gambling industry saw over $50 billion worth of wagers made in 2021 and that’s helping the American economy. Those states who are yet to legalize gambling may well do so in the future. Why watch neighboring states receive millions of dollars in tax revenue while they get nothing?
Gambling companies such as DraftKings, FanDuel and Caesars Entertainment are among those who greatly appreciate the expansion of the American industry. As soon as a state legalizes gambling, they apply for a license to operate in the state. Those licenses don’t come cheap and it’s the same when they need to be renewed. It’s all worth it though with big profits to be made.
In-person gambling can take place at state casinos and other establishments. It’s the mobile sports betting where the real money is though. Being able to bet online 24/7 on sports events from all over the globe has become hugely popular in the US.
As the gambling industry continues to expand (it’s now larger than the airline sector), there are more jobs being created too. Research carried out by Oxford Economics state that direct labor income of around $4 billion can be created by the gambling industry with another $7 billion from indirect labor.
There are other bonuses that the gambling industry creates. Over 45% of their employees come from a minority background. When it comes to the number of females employed, it’s over half of the workforce.
The US gambling industry is a very competitive one. It’s a constant battle to attract new customers and to keep the ones that you have. This sees companies placing plenty of advertisements aimed at bringing in new customers.
That in turn sees huge amounts of advertising revenue being received. It’s estimated that marketing can bring in almost $3 billion a year.
The impressive figures continue when it comes to how much gamblers in the US will have as a yearly expenditure. Statistics from NJGames put it at $41 billion. The contribution to the US gross domestic product is estimated at over $22 billion with $8.4 billion earned via taxation. Many states must be wondering just why all of this couldn’t have happened in the past.