According to new research released by the American Sports Betting Coalition (ASBC) and the American Gaming Association (AGA), a legal, regulated sports betting market could bring as much as $531m in economic output to Minnesota’s economy.
The figures posted suggest that the legalisation of the unregulated market could support up to 3,093 jobs and generate up to $107m in tax revenue.
Momentum for a legalised sports betting market continues to grow. The US Supreme Court agreed this summer to hear New Jersey’s challenge to the federal sports betting ban, with a decision expected in 2018.
This month, AGA filed an Amicus brief in the court arguing that the failing federal ban on sports betting is fuelling an annual $150bn in illegal sports wagering.
The AGA’s brief argues that the Professional and Amateur Sports Protection Act (PASPA) “prevents States and tribal sovereign governments states from repealing or amending laws that their citizens no longer support”.
In addition, 19 states joined West Virginia in filing a separate Amicus brief in support of New Jersey’s case.
Across the country, legalising sports betting in the US would curb a conservatively estimated $150bn illegal market while supporting up to 152,000 jobs, creating an estimated $26bn in economic output and generating up to $5.3bn in tax revenue.
President and CEO of the AGA, Geoff Freeman comments: “Congress has a responsibility to fix the 1992 sports betting ban that’s failed.
“Lifting the sports betting ban has the potential to unleash millions for Minnesota’s economy, while adding thousands of jobs and millions in tax revenue.”