Last Friday, The Aspen Institute Sports and Society Program’s (AISSP) met up in DC. The discussion was about the current state of affairs of sports betting in the US and how it can go forward. Also, they discussed how things could be different. The legalization of sports betting has opened up a new chapter on gambling in America. And as of now, things are kind of all over the place and a little chaotic. As other states look to follow the NJ lead, discussions like this one will occur much more often.
Covering the topics
As we all know, professional sports is a numbers game. Especially in MLB where things change on a daily basis during the season. Every swing hit and miss gets calculated, documented and discussed. Well, now those discussions have gone a bit further since the arrival of sports betting. For example, the Senior VP of MLB said, “The sports betting industry is relying 100% on us to create the events.” Unfortunately, the leagues aren’t getting any cuts for this. It’s their opinion that since they put up a lot of money for these events, then they deserve some royalties. And with all due respect, this is a valid argument worthy of discussion.
Here’s an interesting point made, putting sports betting revenue back into sports. The argument was, if you put this in place, then it’ll only secure the future of sports betting. After all, without sports, there’s no sports betting. So instead of fighting this, why not contribute to it so that it could be a win-win for everybody.
For example, Colorado gives 50% of lottery revenue to the Great Outdoors Colorado Trust Fund. Also, they give another 40% to the Conservation Trust Fund. And the last 10% goes to the Colorado Parks and Wildlife. So imagine if sports betting revenue went towards sports leagues. Of course, we’re not saying all revenue, but at least a percentage. It could have a huge positive impact on how things go forward in the world of legal sports betting.