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On this subject, here is an article about Sports Betting: Whatever triggered the legislative powers in October 1992 to enact a US federal law prohibiting sports betting nationwide, it has now come to an end. The regulation has deprived many sports fans of the fun of betting on their favorite teams and games.
The regulation is known as the Professional and Amateur Sports Protection Act (PASPA), and it rendered illegal any form of gambling or betting on sports activities.
The following infographic ppresented by NJgames.org shows that, over the following years, some prominent individuals and sports organizations began to protest against the regulation. The state of New Jersey in particular notably spearheaded this protest.
In March 2009, Senator Raymond Lesniak of New Jersey state, among others, filed a suit against PASPA. Two years later, New Jersey voters passed a referendum supporting sports betting at race tracks and casinos in their state, in a public vote against PASPA.
In August 2012, distinguished sports organizations such as the NBA, NCAA, and NFL retaliated against this move. They filed a suit against New Jersey state to prevent it from enacting sports betting on college and professional games.
The following years ushered in subsequent lawsuits with legal actions going back and forth between both parties.
Finally, in May 2018, the United States Supreme Court ruled that PASPA is unconstitutional, and decided that states have the right to choose whether to legalize sports betting or not within their jurisdictions.
Besides the giddy excitement this ruling has brought to sports leagues, fans, casinos, and betting services, the legal decision will significantly influence the future of sports entertainment and the US economy in general.
Indeed, the ruling is projected to engender the rise of a new billion dollar industry, with many enterprises dashing in to capitalize on its potentials.
Now that it is legalized, sports betting is expected to provide 86.819 direct jobs with a labor income of $4 billion, and 129.852 indirect jobs with an income worth a total of $7 billion. This would bring about a fiscal impact of $8.4 billion and contribute $22.4 billion to the US GDP.
For gripping illustrations of how legal sports betting will influence the US economy, check the infographic: https://njgames.org/future-of-sports-betting-infographic/
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