A new pattern has emerged, in which cannabis laws are being paired with sports betting legislation. On their face, they don’t seem to have much in common. However the activities tend to be very complimentary of each other on many different levels. For one, there are plenty of sports betting potheads out there. And on a much more macro scale, the government can tax the hell out of both of them.
“The 21st century has seen North America take an ‘if you can’t beat ‘em, tax ‘em’ approach to certain ‘sin categories,’ Roundhill Investments co-founder tells Sportshandle. Both marijuana and betting are considered net negative in the eyes of the moralistic government, yet outlawing them has proven that they won’t just go away. So instead, why not profit off of them?
That’s one cynical view on the concurrent legalizations. On the other side is a desire to for awareness and safety.
“Having it regulated and having it taxed and having more resources to deal with the downside, that’s a good thing,” says Timothy Fong, the co-director of UCLA’s Gambling Studies Program.
“In California, even with regulated cannabis, the unregulated market hasn’t shrunk at all — it’s gotten bigger. With gambling, unregulated websites still exist. So it isn’t so much about forbidding these kind of behaviors, because these behaviors are part of the human condition. We might as well discuss it and educate people much sooner to deal with it. The real truth of the matter for me involves stakeholders who actually regulate it do have a duty to ensure that their product is safe and minimizing the public harm.”
This is all one long intro to the fact that Kentucky has just paired these two bills and signed them into law. Governor Andy Beshear signed a medical cannabis bill and a sports betting bill on Friday.
Kentucky is the 38th state to enact medical marijuana legalization.
Read the full article about sports betting at Sportshandle.