A couple of Tennessee elected officials are still against legal sports betting. This is regardless of support and suggestions from numerous committees. The attempts are misconceived and will grow a multi-billion-dollar illegal gaming industry the officials opposed in the first place. Underground gaming can’t be escaped because it happens practically everywhere. Each year, according to the American Gaming Association an estimation of about $150 billion is wagered illegally on just sports betting. With an internet connection and a smartphone, anyone in TN can get a hold of many illegal gambling sites.
These illegal gambling site dealings are likely not payout because no regulation holds them accountable. They can easily shut down without a trace.
Sports Betting Legalization Bill Tennessee
This year, Sports betting legalization bill introduced in the House and Senate would permit safe online gambling. This is for specific jurisdictions that vote to allow the games. Gaming traders that meet the standards of the state would pay a piece of the revenues to the government. There are over two-dozen states that have introduced bills that protect the gaming market. On the other hand, project gamblers and allow the state to receive its share taxes. A trader who that violates such rules could be disciplined or banned.
Betting is legal in eight states and three more states are planning to do so. The District Columbia will make betting legal at some point this year. Over ten states are expected to follow within the coming years. Religious groups have been against the whole gaming industry. Lawmakers in the General Assembly opposed the proposal.
Sports Betting Gaming Benefits
In reality, a person who wants to gamble is already doing so illegally. Tennessee can clearly see other exemplary states and the economic impact of gambling. Since its legalized sports betting, New Jersey has received over $2 billion in bets. To a certain degree gambling has a positive impact in states. Mississippi was among the first to accept sports bets. Arkansas will follow this year after voters approve to legalize sports betting. North Carolina and Missouri are still considering sports betting bills.
TN may never entirely accept the gambling industry. They will miss out on the opportunity to capitalize on this million-dollar wagering market like other states. In return, it will be able to tax the gambling industry and create job opportunities. Elected officials of TN, including Bill Lee, need to support legal sports betting. The government needs to understand that sports betting will happen with or with their support.