The estimated amount of betting during March Madness is insane and most of it is done illegal. This article estimated that american risk about 3 Billion on March Madness. Gambling in most states is illegal but this could be a real way to boost our economy. Many states are beginning to allow gambling occur in their states, this sparked any idea of the government creating more events and they dont have to be sports related because people seem to bet on just about everything now a days. I believe this is more logical way of making money or circulating money quicker then to play the lottery because people have a little more control over their money.
http://www.betfirms.com/money-bet-march-madness/
This is just another controversial idea: to allow or not to allow gambling. As you have mentioned, gambling can really boost the economy when it is legalized. However, the same argument has been made for marijuana, they are afraid that it is going to go viral but I doubt if it is going to be the case as many people get the satisfaction from doing what is forbidden.
ReplyDeleteGambling and in particular taxes that can be collected from gambling is serious incentive for the local governments to allow gambling. It is though a controversial issues that can set a president for other illegal activities. This is the point at which it becomes more of a political then economic issue and when that happens, basic economic rational rarely prevails. With that said there are significant benefits and drawbacks to the idea of legalizing gambling and something that eventually will come to the attention of federal government.
ReplyDeleteThree years ago, Ohio passed legislation that would make casinos legal, at the time a very controversial issue. After passing, this new law as boosted the economies in the major cities where the casinos were erected. Jobs were created and money is being spent. It would definitely be beneficial to the economy to make gambling on March Madness a more accessible thing to do. It's only a matter of time before this becomes a non-issue.
ReplyDelete