Arizona missing out on tax revenue from sports gambling

In Arizona, the government is failing to make the most of the earning potential of sports wagering. By neglecting to approve the practice of sports betting, the state is missing out on a great source of tax revenue.

As of now, sports wagering is prohibited by Arizona law, meaning those in the state are unable to legally bet on sporting events. This has been the case since the Professional and Amateur Sports Protection Act of 1992, which was passed by the federal government and prohibited states from legalizing sports gambling.

However, in 2018, the Supreme Court ruled that the Professional and Amateur Sports Protection Act of 1992 was unconstitutional. This provided an opening for states to begin to implement their own laws regarding sports betting. Since then, many states have chosen to take advantage of this ruling and have legalized the practice in order to reap the financial benefits.

Arizona is one of the few states that has yet to embrace sports betting, despite the fact that it could be a great source of tax revenue. According to a study by the American Gaming Association, a state can make an estimated $9.2 million in tax revenue from sports betting each year. Many states have taken advantage of this potential revenue, but Arizona has yet to do so.

One of the main reasons why Arizona has not taken advantage of this opportunity is due to a lack of consensus. While some in the state support the legalization of sports gambling, others are firmly against it. This has caused a stalemate in the state legislature, preventing the approval of any bills that would legalize the practice.

The fact that Arizona has failed to capitalize on the potential of sports betting is a shame. With the state facing an ever-growing budget deficit, it could certainly benefit from the additional tax revenue. It is clear that the state needs to come to a consensus in order to take advantage of this opportunity and benefit from the influx of revenue.

In conclusion, Arizona is missing out on a significant source of tax revenue due to its inability to agree on the issue of sports betting. With many other states taking advantage of the potential of sports betting, it is time for Arizona to do the same and reap the benefits.