At certain points, we are called upon to make a stand on the position of the teams or competitors that we support. We need to play a role as fans. Sometimes it calls for us to make a financial position on the outcome of matches involving the teams we support; that is called sports betting; we wager on the teams we believe in, hoping for them to win, and make money from that.
Wagering markets have grown from the simple markets that contributed to just a nominal percentage of a country’s economy in the 1990s. At the moment wagering markets present significant amounts for economic analysis and it is almost impossible to have a league or competition that is not driven by such markets.
Governments are now setting taxable targets on the amounts wagered in betting and the entire betting industry is among the heavily taxed sectors when countries set their fiscal roadmaps. While this is positive for the governments, taxing the wagered amounts as well as the winnings, it normally leaves a sour taste in the punters’ mouths.
Earlier shied upon, sports betting can no longer be ignored. It is still on many governments’ sin tax bracket but its contribution to growth is immense when it comes to stimulating economic growth.
With the growing industry comes creative incentives from bookies to enable players to maximize chances to earn more. Registering on betting sites at the moment pays more than they did in the 90s and one can join bookies some of which are previewed on SportyTrader, to make use of promotions like Unibet sportsbook signup offer to get up to £40 that can be channeled to betting.
Such is how sports betting starts affecting life at the lowest levels coming upwards, and while it remains heavily taxed, betting is central to the creation of jobs, which further widens the tax base for governments. This explains the reason governments will denounce betting but not ban the same outright.
With most teams in the top leagues today funded by betting companies, most jobs in the sports industry are oiled by monies from this industry. This day athletes, coaches, referees, and many other direct and indirect stakeholders depend on sports betting as a source of livelihood.
Different governments have jurisdictions that guide betting and related activities but a generally accepted notion is that the gaming industry, if well managed, leaves a big, positive impact on the economy. One report by the American Gaming Association points to the betting market worth $6.03 billion each year and points to over 90% of these figures coming from football alone.
The greatest challenge the betting industry has had to deal with over the years is how to keep the big promise it holds while at the same time promoting fairness, competitiveness, and integrity in sports. In countries where the laws governing betting aren’t very strong, malpractices like match-fixing have been reported and players have had promising careers come to an end prematurely because of taking advantage of the weak laws.
