Sportsbook fans are a resilient lot but even they must feel, or at least be aware, of the major economic crisis that is rippling through the global economy at the moment.
The credit crunch and ensuing down turn on Wall Street has led to a major economic event and what some have termed a ‘financial crisis’ which has left people fearing for the worst. While the causes of this catastrophe are well known the solutions are not well known but there is no doubt that the sportsbook, and sportsbook online, industry in particular could help get the US economy back on track.
Sportsbooks and online betting sites are not often thought of in economic contexts. They are often viewed in a negative social light according to a small percentage of the population or as a great source of recreation for many others. But the simple fact is that many millions of people love sportsbook betting and come back to the sportsbook sites time and time again. Whenever such a service is in high demand, as the online industry is, there is a great opportunity to capitalize on this, which many companies have.
In fact, over the past decade and a half many companies in the industry have flourished. The sportsbook betting site industry is a multi-billion industry that has huge revenue streams. This is great for the operators of these sportsbook services and the clients that benefit from their services. And even better for the operators, unlike almost every other type of company, these high grossing companies pay very little tax and exactly zero taxes to the US government.
The reason behind it is because Congress has outlawed such operations on US soil, outside of Las Vegas. That means that the majority of these sportsbook operations are headquarted on foreign soil, generally in the Caribbean region and they pay generally very low taxes to the local government.
It may seem strange that in a time of great need for tax revenues the potential revenue from taxing the highly profitable sportsbook industry has been rejected. Forcing sportsbook operators to be based on foreign does not limit exposure to betting, as the majority of sports fans wager with sportsbook online sited.
So why not repeal the law against sportsbook operations on US soil and welcome a huge new source of tax revenue which could be used to fund the enormous bailout packages that are being issued almost daily from congress with little foresight as to how the debt will eventually be paid off.
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