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Nowadays, illegitimate gambling symbolizes a $150 billion business.
Shortly, however, the payments industry will be able to tap into that market legitimately, thanks to a recent judgment by the Supreme Court to cut a federal law that forbids gambling on sports in most US states.
The opportunity is huge, and it’s going to move rapidly, says Joe Pappano, the SVP Worldpay Gaming. Across 20 states have already approved laws or have pending regulations around online gaming and sports wagering. The rest, says Pappano, are going to be struggling to catch up so they can begin to experience the potential new tax incomes that legitimate gambling can create.
Payment processing will be essential to online gaming and sports betting. Fast, secure e- payments are never easy — so certainly that will slow down things?
Pappano said, “Not as much as one may think”. He foresees that New Jersey State will receive live e- wagers in time for the beginning of the American Football season, and other states will not be far behind; they will want to cash in on the season, he said.
Tax Income is a Powerful Persuader.
However, the need to move rapidly and the capability to do so do not constantly go hand in hand. In a recent discussion with Karen Webster, Pappano described why this industry will be able to do it – especially compared to medical marijuana, another recently-permitted industry that has not been able to move quite so fast.