As the Supreme Court hears Christie Vs. NCAA today, sports betting remains one of the greatest opportunities for the gaming industry with the right regulatory and tax environment.
"Sports betting in the U.S. is on the forefront of the discussion not only in the gaming industry but among the general public," said Steve Gallaway, GMA's Managing Partner. "While the market has the potential to generate between $29.2 billion to $138.0 billion in wagers, it must be regulated and taxed properly to allow it to succeed."
GMA's newly expanded Sports Betting division, headed by John English, Managing Director of Sports Betting and Technology, produced the white paper entitled "An Examination of Sports Betting in America & Forecast of Revenues by State" to highlight the current status of the sports betting market in the U.S., the process being undertaken to overturn the Professional and Amateur Sports Protection Act (PASPA), hurdles the industry will face, political climate, and revenue potential for a well regulated sports betting industry. Key issues are also addressed such as lotteries vs. land-based gaming as operators, Europe's influence, positions of professional sports leagues, and the reality of existing widespread activities and attractiveness of illegal sports betting.
"If PASPA is overturned, there is an opportunity for states to increase tax revenue, and take money away from those who provide this service illegally today," said English. John English, who recently joined GMA, is well known throughout the sports betting and lottery industries, and was instrumental in the acquisition of American Wagering by William Hill, previously worked for Betfair and TVG to help oversee development in Asia and the Americas, and is the founder and President of WEBE Worldwide.
GMA estimates total revenue for sports betting between $1.8 billion to $9.0 billion depending on the regulatory structure, tax rate, and states that would opt-in with the potential repeal of PASPA. The full white paper can be downloaded by clicking the following link: White Paper: An Examination of Sports Betting in America & Forecast of Revenues by State