Currently, Illinois lawmakers are still considering the possible legalization of sports betting.
The Illinois Economic Policy Institute has commissioned a recent analysis in order to check what the possible impact of a positive ruling could be on the state. According to the data provided as a result of the analysis, the state could benefit from the possible implementation of the new form of gambling.
A University report, which was co-authored by Robert Bruno from Project for Middle Class Renewal and Frank Manzo from the non-profit research organization ILEPI, was issued after the researchers conducted their analysis based on economic data derived from the states of Delaware and Nevada, as well as from the UK, where sports betting is currently legal. Then, the data was adjusted for Illinois, as generally, the state has higher wages in comparison to the national average.
Based on their findings, the researchers reached the conclusion that if legalized, regulated and taxed by local lawmakers, sports betting could bring approximately $12 billion in wages to the state of Illinois. Frank Manzo explained that the addition of the new form of gambling to the state’s gambling sector could create up to 2,500 jobs, and generate approximately $100 million in new state tax revenue.
Possible sports betting legalization has been seen as a good way for Illinois to add more money to its suffering budget. Despite the fact that the new revenue could hardly be enough to totally solve all the issues in the state’s budget, it could still be used to fund important public and infrastructure projects.
Illinois Could Become First State in the Midwest with Legal Sports Betting
The report has not been specially requested by the Illinois lawmakers, but sports betting legalization has been potentially recognized as a matter of significance, so ILEPI decided that an economic analysis of the issue was necessary for the public in order for the potential impact of the new form of gambling’s addition to be revealed.
Since the US Supreme Court lifted the federal ban on sports betting services, ten states have already added the new form of gambling to their gambling markets. However, no states in the Midwest have given the green light to the practice yet.
According to one of the analysts, Frank Manzo, Illinois could become the first state in the region to become part of the legal sports betting industry in the country. The step could be beneficial, as a legal and regulated sports betting market could bring visitors from neighboring states, which on the other hand, could end up with a boost to the local economy.
Illinois lawmakers, however, are still unsure about the addition of the new form of gambling, with an ongoing debate on whether the legalization could fuel gambling addiction in the state still on the table. Mr. Manzo confirmed that legalized sports betting could create a higher risk of problem gambling spreading to more vulnerable individuals.
However, he also highlighted the fact that there are currently many people across the state of Illinois who gamble illegally on sports events, and possible legalization would bring such individuals into a safe and regulated environment. He also reminded that sports betting tax revenues could and would be used to fund programs aimed at prevention and treatment of problem gambling.
