The NCAA March Madness tournament is set to attract hundreds of millions in wagers this year, but unfortunately, none of it will be legally wagered in Alabama. Despite the potential revenue that legal sports betting could bring to the state, recent reports by the American Gaming Association show that illegal gaming activities cost state governments over 13 billion dollars in lost tax revenue annually.
This raises questions about the potential financial benefits that Alabama could miss out on due to its lack of legal sports betting. To get a better understanding of the situation, WBRC looked into gaming records in nearby states like Mississippi and Louisiana. In Louisiana, sportsbooks made $148 million between July 2022 and March 2023, resulting in $27 million in tax revenue for the state. Meanwhile, in Mississippi, sportsbooks saw a significant increase in tax revenue during the March Madness tournament, with numbers jumping from $3.1 million in February to nearly five million dollars in March.
Despite initial proposals for gambling legislation that included casinos and sportsbooks being considered by lawmakers in Alabama, significant changes were made to the bill by the Senate. This has left some lawmakers frustrated like House Representative Juandalynn Givan who notes that her constituents are eager to see progress on gambling legislation. The current state of affairs has led many to feel that Alabama is falling behind in regulating and benefiting from the gaming industry.
However, there is hope as it is expected that the gambling bill will return to the house for further deliberation in early April. Those who see the potential financial benefits of legalizing sports betting are eagerly awaiting this development and are calling on their elected officials to take action on this matter.
