Sports Betting is becoming a hot topic in the sports world lately and it's going to continue to gain steam until the U.S. Congress legalizes it in all 50 states. Just like the positive it brings to local economies, there is also a downside to making gambling legal. I would like to give you some quick pros and cons to a game that is a double-edged sword.
Pros-
Legalized betting could easily become an economic gain such as reviving cities that struggle constantly economically. It could easily help cities with construction, youth programs and helps update technology in arenas and stadiums
In the sports world, it could level the playing field in all 4 major sports and also give other sports an economic boost such as Golf, Horse Racing, and Soccer. It will boost a fan base and viewers to a new sport, which helps a pro sports teams bottom line.
It would also grow attendance at sporting events because who wouldn't want to see their investment win live and in-person? If your favorite team is in the mix of your bet it increases the excitement level.
Cons-
There is also a dark side to sports betting that could become a major threat to the consumer and push this everyday convenience to the wrong side of the tracks.
Even though sports would be legalizing betting you still must watch out for the black markets that run underground. Black Market gambling makes $50-$300 Billion Yearly on sporting events.
Which ties into my next point, Corruption. The NBA had scandals about a decade ago with referees point shaving and betting on games, it put into question the league's integrity. Pete Rose put his Hall of Fame career in jeopardy 30 years ago when he bet on his team. Who knows it just might hit the college amateur sports the hardest because of the student-athletes not getting paid to play their respective sport.
There will be apps that will feed your need to bet and even though they will be protected, you still would have to worry about clever hackers that could hack into your account and withdraw your winnings, but that is a bridge to cross once companies get the clearance to start their apps.
Those are just some of the pros and cons that I think sports betting will bring to the sports world. Companies are already aiming for fantasy sites (Irish-based company Paddy Power looking to acquire DraftKings) and pro sports such as Major League Baseball is looking for the revitalization of its once proud fan base.
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