Study: Israel Could Bank Billions By Legalizing Sports Betting

An industry study conducted by Israeli economist Avichai Snir is estimating that the country of Israel could raise more than NIS 1.2 billion in tax revenues if the state would legalize sports betting with a 20% tax rate.

Snir, who is associated with the Netanya Academic College and Ronen Bar-El of the Open University, found that NIS 12.5 billion is illegally spent in the Jewish state on sports betting. NIS 11 billion of that is bet illegally.

Snir builds the case that tax revenues are not the only positive benefit that would come from legalizing sports betting. Drops in money laundering, sports corruption, and unregulated bookies would all likely come if legislation endorsing legalized sports betting.

The report goes on to claim that internet betting has been legalized in 28 countries across the world, with 7 European countries leading the way. 13 additional countries are looking into legalizing the pastime.

Online gambling is currently illegal in Israel, but several sites outside the country have found ways to illegally operate within the state's borders.