Editor’s Note: The opinions expressed in the following article belong to the author.
Some consider the act of placing a political wager to be unseemly.
Others believe that the odds can have a direct impact on citizens, potentially discouraging them from voting for either the presumed favorite or the underdog.
To put it simply, when engaging in social betting, it’s best to focus on athletic events.
In April, Jay Kornegay expressed to PlayinColorado
The term «betting on elections» is often perceived as highly sensitive by decision-makers, politicians, and others. They struggle to comprehend the rationale behind allowing such wagers on election results.
At present, there is no allowance for social gaming in any jurisdiction within the United States, with certain regions even explicitly prohibiting it.
As a result, the odds for the presidential election, for example, are sourced from German or domestic markets.
In both America and the Centennial State, this fact remains unaltered and is expected to persist in the foreseeable future.
In March, the representative for House District 13, which encompasses Black Hawk and Central City, stated through her spokesperson to PlayinСolorado that political betting is not under consideration by Speaker of the House KC Becker.
placing bets on politicians
That has to alter.
Social bets have more benefits than drawbacks, and learning is the most effective means of connecting with individuals who are uncertain or strongly against it.
The potential to change the activity extends far beyond just the games or novels, encompassing the entire United States. This is solely due to the economic impact it holds.
Please have a look at Colorado.
Within a mere four months, the state has generated an impressive $744,890 in tax revenue solely from sports betting. Once Colorado sports betting enthusiasts are granted the opportunity to place wagers on the Super Bowl, it will undoubtedly emerge as the most significant individual event for individuals to invest their funds in.
The economic effect is significant.
The potential of a presidential poll bet to outshine the Super Bowl as a benchmark illustrates the immense potential of social betting in terms of generating revenue.
Based on discussions with Western and foreign sportsbooks, Kornegay has indicated that the amount wagered on the US presidential election is 10 to 15 times greater than that on the Super Bowl.
Take a moment to consider that. It is a significant amount.
As Kornegay stated:
After conversing with several colleagues in Las Vegas, we have gained a comprehensive understanding of the extent of the vote. Moreover, it is an undeniable truth that a significantly larger number of individuals hold opinions on the national vote compared to the Super Bowl. It’s as simple as that.
Kornegay, the Executive Vice President of Operations at Westgate SuperBook, has been a leading advocate for introducing political betting in the United States.
He possesses knowledge about the potential consequences for the betting market and the textbooks that are currently accessible.
Isn’t that kind of tackle something we shouldn’t laugh at?
The ongoing impact of COVID-19 in the gaming counties of Gilpin County and Teller County, along with the towns of Black Hawk, Central City, and Cripple Creek, represents significant revenue potential that could aid in combating the devastating effects experienced over the past seven months.
Kornegay claims:
In my opinion, the biggest challenge lies in overcoming the spiritual aspect of it. It’s not just about comprehending the rules or statistics. The main opposition, in my view, comes from those who advocate for keeping the focus solely on primary activities. However, as witnessed in other regions, these non-sporting activities are highly popular among the general public. Many individuals are eager to place bets on them, and that’s where the dividing line is, in my opinion.
Vote wagers would need to include rules.
Establishing a social organization akin to the American Gaming Association would serve to alleviate certain apprehensions held by the general public regarding political betting.
While the possibility of incorporating social gambling into the association exists, it could be advantageous to assign the responsibility of managing and regulating every aspect of this operation to a distinct entity. For instance, the American Political Betting Association may strive to achieve this ultimate objective.
The argument put forth is that American citizens already engage in political wagering through offshore books. Therefore, it is proposed to legalize and regulate this activity, allowing people to bet on politics in a manner that benefits local organizations and ensures fairness.
One of the criticisms against social gambling is that it could potentially hinder citizens from voting. However, on the flip side, allowing social gambling could also have the opposite effect by motivating more individuals to actively participate in voting or partake in a national poll.
Regulated gambling is a sign that the outcome is uncertain.
The recent legalization of sports betting in Colorado does not imply that social gambling should be allowed in the nation. We must acknowledge that we are still contending with outdated stereotypes surrounding this matter.
According to the bookie, sports gambling is perceived by some as a shady industry, still conducted in clandestine corners where one risks being caught if they refuse to comply.
Another factor to consider is how it may impact the outcome of the game. Many individuals often bring up examples such as Pete Rose or the 1919 Chicago White Sox (also known as the Black Sox scandal) when discussing this.
All of those claims are incorrect due to the strict regulation of the sports betting market. Over time, individuals will come to the realization that it is not as unappealing as they initially perceived.
Democratic wagering might also be subject to the same principle.
