With the passage of the Unlawful Internet Gambling Enforcement Act in 2006, many Americans felt as if the time for online gambling had come and gone. In fact, most people assumed that it had been banned in the United States for good. However, that was before Americans learned that two large states, Nevada and New Jersey, did in fact have active online sports gambling markets that were legal and unrestricted by the federal government. This meant that in the eyes of some Americans, gambling on sports had become as easy as playing a video game.
The approval of these states to offer sports gambling on their platforms was greeted with much excitement by sports bettors. For many sports bettors, this meant that they could finally play for money in an online sports betting market that was legal. However, as with any new form of online gambling, the legality of these platforms was met with much controversy.
The debate surrounding the legality of online sports gambling has been a heated one. Many citizens, including lawmakers, have voiced their concerns over the legality of online gambling in general, and online sports betting in particular. The regulation of online gambling is a complicated issue that is taking on new dimensions. The fact that the federal government has shown little desire to regulate the industry is no secret.
The sports betting industry has been very lucrative for the state of Nevada. The state of Nevada is more than 100 times larger than the state of New Jersey. The state of Nevada has a GDP of more than $21.5 billion. As of March of 2019, the state of Nevada had about $1.3 billion in net revenue. Most of this was coming from sports wagering. The fact that Nevada made so much money in the form of gambling revenue was the source of much concern to many.
The rise of legalized online sports betting in New Jersey was a much smaller story. New Jersey’s economy is not as large as the economy of Nevada. The state of New Jersey has a GDP of just over $400 billion. As of March of 2019, New Jersey had about $40 billion in net revenue. The state of New Jersey had made a lot of money in the form of taxes on the sports wagering industry.
This did not sit well with many in New Jersey. Sports betting in New Jersey is legal only if the wagering is done through an Internet sports betting market. Therefore, New Jersey lost much of its tax revenue that came from online gambling that is not conducted through a Nevada online sports betting platform. This meant that New Jersey had a much smaller share of the profits that the online sports betting market was making. More details visit here https://www.led-zeppelin.org/
This is not to say that New Jersey had no revenue from online sports betting. In fact, the state of New Jersey has earned about $21 million in taxes from online sports betting in the form of the Internet Gambling Prohibition Enforcement Act.