Our nation—and its sports leagues—strictly regulates gambling. Yet if they can profit from it they seem to loosen the rules and laws…especially sports betting. Recently, DraftKings has closed on a $300 million Series D round of venture funding.
What made the government and its sports leagues change its mind? Profits!
A 1769 restriction on lotteries by the British crown was one of many tensions that fueled the American Revolution. In 1961, the Federal Wire Act outlawed sports betting. Fast forward to 2007, legal gambling activities generated gross revenues of $92.27 billion, $3.68 billion can be attributed to legalized sports betting (including Pari-mutuel Wagering).
What is the lesson here? The truth always vibrates the fastest.
Despite previous government and sports leagues efforts of implementing legal bans on sports betting, the truth is when they realized how much money can be made and how they can participate the government and its sports leagues wanted in! As we all know there are always ways to adjust laws to benefit our government and sports leagues pockets. Compare this issue to alcohol vs. marijuana, where you could be sent to prison for life at one time for distributing both. Now, the government and its sports leagues have “loosened” their regulations regarding alcohol and marijuana when they saw money can be generated.
Supposedly gambling is still frowned upon, but with the money sport’s betting cashes in, becoming a part of the movement is the government’s and its sports leagues only feasible option. With big names such as FOX sports, MLB, NHL, MLS, Madison Square Gardens and Legends Hospitality joining previous big name investors, this business is set to thrive.
What does this mean for past violators of illegal gambling?
Big names such as former MLB player Pete Rose and NHL player Rick Tocchet are definitely Hall of Fame caliber athletes, but their illegal gambling issues have prevented them from being inducted. Arguably two of the best and most hard-working players in their respective sports not being inaugurated due to government and sports leagues bans on sports betting, yet the government and its sports leagues now changes its mind and makes this acceptable.
Isn’t this hypocritical?
This only proves that money, the “true” decision-maker, is a major influence on what motivates sports leagues and fans. There is no morality just the arbitrary and capricious capitalistic hypocrisy!
No matter how much we tell ourselves we do things for the right reasons, and sometimes we do, outside influences will always be clouding our judgment. Truth vibrates at the fastest pace and sometimes it is not “morally” right. But, like everybody else, we do things we see best suited for us, even if they’re not always the historically moral or right decisions. Perspective is everything!