Is Sports Betting A Good Thing For Ohio?
Is Sports Betting A Good Thing For Ohio?
On January 1, 2023, Ohio House Bill 29 went into effect making it legal to place bets on sports events in.
If you've been on social media I'm sure you've seen a ton of tons of ads for FanDuel and DraftKings, probably the two most popular mobile sports book platforms out right now.
With either app, someone could bet $10 on a Cavs game in about 10 minutes directly from their phone.
According to the Michigan Journal of Economics, mobile sports betting sites have made over $5 billion with less than 30 states offering legal betting.
Sports betting is expected to bring in over 20 million in tax revenue for Ohio, and supposed to bring about 200,000 jobs across the country.
Many experts project that Ohio will be one of the strongest markets for Sports Betting, with as much as $9 billion dollars in bets expected within the first year or so of legalization.
Sounds are good, right? But at what cost?
According to ZipRecruiter, the average salary in Cleveland is $58,687 and the average rent for a two bedroom apartment is $1,600.
How do people have money to bet on sports?!
In cities like Cleveland where large parts of the population are economically vulnerable, does Sports Betting benefit those citizens?
The economic growth and competitive advantage Sports Betting provides for the city of Cleveland is obvious and necessary, but at what cost?
Will it cause a spike in Addiction? Crime? Family Trauma?
What are the real psychological effects of gambling?
I'm happy but concerned all at the same time.