General fund, with a focus on health and education servicesĮducation, local government, property tax relief Property tax relief and local governments, in that order of Revenue allocates the revenue towards government projects School aid fund, firefighters with cancer To assist with diversity in sports wagering as well as education reforms Paying bond liabilities, early childhood education, redistribution to parishes, General fund and problem gambling treatment Infrastructure projects such as rec centers and schools Money from tribal casinos goes to consumer protection State water plan is main recipient, as well as other public services General fund, focus on city and regional governments
General fund, focused on regulating sports betting State Gambling Revenue Allocation Arizona By any measure, over the last 25 years or so (from PASPA’s advent to its ultimate demise), the federal and state governments have lost out on trillions of dollars in taxable expenditures. The only thing that matters from a social economics perspective is that most of that money is being sent underground or overseas, where it isn’t taxed as it would be in the legal sports betting states. It’s kind of a moot point, though, as it doesn’t really matter if the US spends $165 billion or $495 billion on sports betting. Of course, there are reputable analysts that claim this figure, too, is too low, doubling or even tripling it when answering the question of how much money the US spends on sports wagering.
Thus, we multiply Vegas’ yearly handle of $5 billion by 33, giving us $165 billion. That’s right: Las Vegas, even in processing astronomical handles like the above, only accounts for about 3% of the total US sports betting handle. So that $23.5 billion number? If you’re really curious to find out how much money is spent on sports betting by Americans via offshore sportsbooks (and local underground means), the American Gaming Association says to multiply it by about 6.7. Indeed, it costs quite a lot of money to get to Las Vegas to place your wagers in the first place, dramatically limiting the number of people who opt to place wagers this way. Everyone – even the top Vegas bookmakers and casino CEOs – admit sports betting in Sin City is not particularly representative of sports betting in the rest of the country. Given that 80% or so of US adults – or about 198,000,000 people – actively gamble (including playing lotteries, which complicates things less than one might think, given the ease of access to legal offshore sportsbooks), we can plug in the sports-betting-handle-per-person figure from before ($118.71), giving us $23.5 billion as a total.īut there’s a snag. If we extrapolate the above NV numbers and apply them to the entire country, they’re actually not that high. Money Spent On Sports Betting By Americas Via Offshore Sportsbooks
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