Today’s infographic from Longitude breaks down America’s multi-billion dollar sports betting industry. It shows the four states where fixed odds betting through bookmakers is legal, and it also compares a more legal alternative that’s available in 43 states.
The comments above and below are excerpts from an article by Jeff Desjardins (VisualCapitalistwhich has been edited ([ ]) and abridged (…) to provide a faster and easier read.
is a thriving underground business. A recent example of this is Super Bowl 50, which is estimated to have fetched a record-breaking $4.1 billion in illegal bets. Only an additional $100 million of bets, or 3% of the total, were made legally.
What’s the difference between a legal bet, and an underground one? It all depends on where you live and how the betting is done.
- Fixed-odds betting, in which odds are created by a bookmaker, is legal in just four states: Montana, Oregon, Delaware, and of course Nevada.
- Pari-mutuel wagering, which instead pools players bets together to calculate odds, is legal in 43 states. Pari-mutuel payout odds depend on the amount of bets, and generate transparent profits because of fixed commission fees paid to the operator.
The U.S. horse racing industry already uses pari-mutuel wagering, and it generates a range of economic benefits. This includes $102 billion in economic benefits generated annually and the support of 1.2 million jobs across the country.
Disclosure: The above article has been edited ([ ]) and abridged (…) by the editorial team at munKNEE.com (Your Key to Making Money!) to provide a fast and easy read.