In this May 14, 2018, file photo, men watch horse racing on an array of screens at Monmouth Park Racetrack in Oceanport, N.J.
Seth Wenig, Associated Press
The New York Times conducted an investigation to look at how the sports betting industry went from only being legal in one state to a booming business.
About five years ago, sports betting was only legal in one state and now is growing large and fast.
Here’s what was reported.
The legalization of sports wagering and the increase in problem gambling
Where will the rise of online sports betting lead?
What did the Times find?
The Times spent nearly a year looking into the business and examined what the outcomes are most likely to look like for those in the sports industry, public health, taxpayers and more.
Here are some of the findings.
Different gambling companies cozied up to state lawmakers to get sports betting legalized in the first place.
Those within the gambling industry lobbied to legalize sports betting and influenced lawmakers to believe that a new wave of tax revenue would come in from legalizing the industry.
While many states ended up legalizing the business, others were skeptical.
NPR reported that the recent push to legalize sports betting in California wasn’t successful due to card room operators fearing people would end up bringing “civil lawsuits against the card clubs over disputes in state gaming law.”
Gambling companies have had to make strategic business partners to boost revenue.
The Times reported that an online betting company decided to pay a university for the right to promote gambling on campus.
“Alan, if we are willing to take an aggressive position, we have a $1 M/year deal on the table with Caesar’s,” Paul Schager, an official at Michigan State University’s athletic department, wrote in a letter to the university’s athletic director in 2021.
The five-year deal proposed to the university by Caesar’s Sportsbook was worth $8.4 million and was dubbed “the largest sportsbook deal in college athletics.”
The Morning Brew reported in March that there …read more
Source:: Deseret News – Sports News
Stock Market: Suez Canal Update! Floating!
The Suicide Squad | Official IMAX® Red Band Trailer
From the horribly beautiful mind of James Gunn and filmed in IMAX. Experience