Sports betting has existed in America since before America was actually established. The Native Americans had games of chance while the British colonists brought their own betting practices with them. The practice is still in play all over the country, but only 5% of the industry is conducted openly and legally. The laws against sports betting are little more than a pretense. March Madness costs billions in productivity every year. Opponents of legalized gambling claim people with gambling habits will destroy their lives and finances but experience has shown most are quite capable of limiting themselves. Those who are not find ways to financial ruin despite laws in place to prevent it. The author takes the position that ending gambling prohibition is the wisest course and provides many statistics and examples to support that claim.
Key Takeaways:
- While this might sound hard to believe, Americans spend approximately $150 billion annually on sports betting, more than is spent on another popular pastime, fast food.
- Adam Silver, the NBA Commissioner supports legalizing sports betting at the federal level, which he says will eradicate shady bookmaking and offshore gambling websites.
- Opponents to legalization feel legitimizing the practice only encourages sports gamblers to irresponsibly blow their mortgage money and destroy their family lives.
“Americans spend an estimated $150 billion a year on illegal sports wagers, which is more than they spend on fast food.”
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