Four Reasons The NCAA And Other Big Sports leagues Should Legalize Sports Betting In North Carolina
North Carolina is the home state of professional sports bettors. Since Bettors from around the United States gather in Raleigh, NC to root for their teams at home games, it only makes sense that they should have access to sports betting in North Carolina. Thanks to the efforts of the North Carolina General Assembly, it has been possible. A bill that would have legalized sports betting in the state was introduced in March, but its progress is slow.
North Carolina is one of twenty states that have legalized sports betting through sales of lottery tickets. Legalizing wagering through lottery sales was seen as a means to raise money for educational and gambling programs, but the lottery sales were instead used to generate revenues for the state. Like many other states, revenues generated from lottery sales are exempt from income tax. So, not only do the state funds get divided between the various governments and institutions that benefit from the lottery’s proceeds, but the profits from the lottery itself are exempt from taxation.
Since sports betting started in the United States, there have been efforts to legalize sports betting across the country. In order to make this happen, however, Congress passed what is called an Act concerning sports betting. The Act established the Office of the Governor, which oversees the lottery and collects fees from the winner and pays part of the winners’ taxes. The General Assembly voted the tax revenues into a separate fund which is then used for other purposes such as school funding and the awarding of state licenses.
While the idea of putting sports betting back on the free market may seem pointless to many people, there are several reasons why legalized sports betting in twenty-one states will make sense. For one thing, it raises the overall value of the football games. As anyone in the Tennessee area can tell you, the value of a college football game in the Volunteer State can be very high. Many times, home teams are favored over visiting teams due to the large number of people that root for the home team.
Sportsbooks also offer a unique feature that no other business in the world offers: gambling. Gambling is legal in all fifty states, and it is a proven money maker. Legalizing sports betting would bring not only additional revenue for the states’ Exchequer, but it would also add another revenue stream for the schools themselves. Universities and colleges could collect fees from bettors instead of having to resort to athletic department budgets. Once the collection of fees began, however, the money generated by the revenue could quickly dry up and the college or university would need to come up with a way to generate new money to pay the fees.
The second reason why sports betting should become legalized in the north Carolina Tarheel State is that the NCAA is the big interest group that has been pushing for such legislation. In recent years the NCAA has threatened to boycott college games if North Carolina becomes the first state to legalize sports betting. The NCAA is based in North Carolina and is affiliated with the state’s largest sportsbook. If the association approved a bill that legalized sports betting in the state there would be a huge economic advantage for the NCAA in terms of television contracts and other kinds of TV rights. The economic impact of a single college basketball tournament could range between five and eight million dollars, and that is just the value of one game.
The third reason why the NCAA and other major sports leagues should get behind a proposal to legalize sports betting in North Carolina is that it could spur development of more local businesses in the state. North Carolina is a great state for a number of reasons, and it offers residents some of the nicest living environments in the country. Many residents own families, and they have time to spend raising children in an environment that makes them happy. With legalized sports betting at local casinos and sports books the families in the area could take vacations that they may not be able to afford otherwise.
The fourth reason the NCAA and other major sports leagues should get behind a proposal to legalize sports betting at local casinos and sports books is that it will allow for better competition among bookmakers. If there is more than one bookmaker in a given area, there will be less incentive for the books to offer lower prices to people who place sports bets with them compared to those who place them with a sportsbook. If there are too many bookmakers the customers of each one will end up paying higher prices for sports betting wagers because the competition is too great. legalized sports betting at local casinos and sports books could prevent this from happening. It also allows people to have a greater choice of sports books to place their bets at.