Super Bowl Sunday is soon approaching. A lot is on the line for sports bettors. Gamblers in several states have legal sports betting on the big game for the first time.
The American Gaming Association (AGA) forecasts a record 50 million Americans would gamble on this year’s game between the Philadelphia Eagles and the Kansas City Chiefs. A 61% increase from the previous year.
According to an industry trade group, 1 in 5 American adults would place some wager. They spent a stunning $16 billion, or twice as much as last year.
Moreover, Super Bowl wagers extend beyond football.
People stake in anything. It includes the number of hot dogs sold and the color of Rihanna’s hair during the halftime show. Even the color of the Gatorade shower for the winning coach.
Forbes noted that sports betting is allowed in 36 states and the District of Columbia. However, the majority of the action is still conducted illegally.
In other words, most individuals still bet with friends and family, participate in office pools, or take their chances with a bookie.
Last year, states and the federal government generated more than a billion dollars from sports betting alone. Still, some think the tax income should be more extensive – one of the reasons why: is industry-friendly tax rates for operators.
Regarding the Super Bowl particularly, the AGA benefits regardless of the outcome. But legal sports betting remains a modest portion of the market.
As legal sports betting increases, so are concerns about its impact on those with gambling addictions.
Tuesday, New Jersey’s gambling authorities revealed new regulations requiring sportsbooks to assess customer information for signs of problem gambling and to intervene as necessary.