There are a number of states where sports lovers can legally make a bet. The supreme court overruled the federal law of 1992, that prohibited betting on sports, thus legalizing betting on various sports.
Two months after the decision, states are now accepting wagers.
The American Sports Association estimated that there is a $150 billion illegal sports betting market in the U.S.
Officials in many states are claiming that by legalizing betting in the state they will reduce the illegal betting market in the USA, it will be worthwhile as it will not only reduce the illegal betting ground but will also generate a ton of revenue for the state in the form of taxes.
The benefit is not only to raise the tax revenue but also to protect bettors when issues of fraud arise. This doesn’t legalize betting all over the USA.
It just gives a choice to the state, as an autonomous decision, whether they wish to legalize betting in the state or not. It is still illegal in 46 states. There are currently 8 states that have fully legalized sports betting.
The legal states include new jersey, Pennsylvania, and West Virginia as of now 14 other states have introduced efforts to legalize it as well.