Big Win for Sports Betting in the 2020 US Election

As the November 3 election comes to pass, the American Gaming Association registered a big win as three more states approved sports betting. AGA’s president and CEO Bill Miller applauded the initiative taken by more than six countries to expand sports betting and casino gambling across the region. Miller noted that the move would bring regulated entertainment sports closer to Americans, as thousands more benefit from employment opportunities and customized tax revenue for developments.

States That Voted a Pass for Sports Betting

1. South Dakota

South Dakota residents can now bring their hopes closer to having real money sports gambling after a 58.47% majority checked “yes” to approve the initiative. Originally, Deadwood is the only city that has “bent” its laws for the gambling industry. Casinos in the native American tribal lands are also allowed to operate. However, even with the possibility of mobile sports betting on the horizon, the current laws limit wagering activities to commercial venues only. Will sportsbooks have to use geolocation technology to limit gambling activities to designated spots?

2. Louisiana

Louisiana’s approach to sports betting and gambling is a bit divergent from what other states do. Voters passed an amendment to allow parishes to oversee their own approval and launching of wagering activities. The approach was upheld in a 55-vote majority win out of the 64 parishes that took to the ballot. However, the parishes that approved the move will wait for about two years for the lawmakers to come up with effective legislation.

Notable parishes that passed the measure include New Orleans, Plaquemines, Ascension, Terrebonne, and Baton Rouge.

3. Maryland

The bill to legalize sports betting and events wagering in Maryland was approved, with 66.63% of the votes cast. However, the public will still participate in drafting the bill that will guide regulation, licensing, and the revenue system. AGA’s Bill Miller took to his official Twitter account and hinted that sports betting in the region might materialize as early as this coming summer.

Maryland already proposed a meticulous tax system for sports betting that reinvests in the community. 19% of the proposed 20% state tax will be channelled to education, while 1% benefits the minority businesses. The state is optimistic that the newly created industry will generate up to $18 in tax revenues annually.

How Does the Winning News Affect the Sports Betting Industry?

The November election brought the total number of states that allowed legalized regulated sports betting up to 25 and Washington DC. It is also important to note that the number of gamblers will likely increase as at least 115 million American adults live in states that approve sports betting. The revenue will jump from the current $231 million generated from the $26 billion that Americans wagered in sports activities since May 2018.

It is that time of the quarter for sportsbook companies to smile again as they gain access to an expanded market to recover the losses from the COVID-19 pandemic. The companies seem ready as they gear up to expand into new territories like Pennsylvania. It is just a matter of time and sports betting becomes a top industry across the nation.

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Jackson
Our in-house expert for all things regulation, Jackson covers all major recent developments across US states relating to gambling laws & legislation.