The race to legalize sports betting is on now that the U.S. Supreme Court has allowed it in all 50 states, but will it provide enough extra tax revenue to make much of a difference for schools, roads or pension debt?
Don’t bet on it.
Just look to the states that capitalized immediately after the court’s ruling last spring and to Nevada, which previously had an effective monopoly on sports gambling. Even though the market is still developing, the returns to date have been modest.
In Nevada, revenue from sports betting has accounted for roughly one half of 1 percent of the entire state budget.