Misha Hill for the Institute on Taxation and Economic Policy:

A May ruling from the Supreme Court has opened the door for states to permit legal betting on major league sports. Many state legislators and regulators are considering expanding state-sponsored gambling by allowing betting on major league sports games. But the revenue states could bring in isn’t worth the risk. A 2017 study estimated that sports betting could contribute $3.4 billion in state and local taxes, but that accounts for less than 0.3 percent of total state and local revenue. Legalized gambling, including lotteries, casinos, and other wager-involved activities, is an unsustainable and inadequate long-term revenue source.