Even if the sports betting industry is still new in the US, the current betting revenue of NJ or PA is proof of how long-awaited wagering was in this part of the world. People love online entertainment, gaming, gambling, and other pastime activities – so why would it be any different with sports betting?
Booming Industry in the States
Sportsbook and the whole sports wagering industry is quite lucrative. In 2019 the value of the whole sports betting market reached nearly $216 billion, which tells you how many people place bets. Moreover, placing wagers provides a special kind of entertainment and pleasure. People who love sports and sportsbooks love placing a bet, as it creates the feeling of being involved in the outcome. Apart from that, wagering is a great way to support your favorite team while earning some extra cash.
The recent change of gambling laws concerning online sports betting in the US brought many changes to their gambling industry. And more is yet to come as the gambling industry expands further due to those regulations.
A Big Year for Sportsbooks in the US
When it comes to sports betting, laws have been relaxed in 2018 after nearly three decades of prohibition in the majority of states. The Supreme Court of the US lifted the federal ban, and since May 2018 many states managed to legalize sports wagering. Before that happened, the only pro-gambling state was Nevada, and the rest of America had limited gambling options. Since all of that is changing now, tons of new online sportsbook platforms and bookmakers are appearing.
And speaking of revenue, Nevada is not number one anymore. The state with the highest sports betting revenue is definitely New Jersey, which was the first one to legalize sports wagering back in 2018. This state already has more than a dozen legal sportsbooks and new ones are constantly emerging. Moreover, other states such as Indian and Pennsylvania seem to be on the same path.
Gambling On the Go
One of the main “culprits” for the booming of the US sportsbook industry at such a fast pace is mobile gambling. Betting on the go has been one of the most popular gambling types among US citizens, and if you want to find some sportsbook apps navigate here. Moreover, states that legalized online betting and stayed away from the mobile casino and betting apps such as Mississippi, had lower revenue than those states that legalized mobile wagering.
Also, with the COVID-19 crisis that started at the beginning of 2020, many sportsbooks and sports betting markets suffered. Online and mobile gambling was one of the industries that were thriving during the lockdown period, and wagering on sports was “replaced” by betting on esports. It is no wonder that online gambling takes up to 80% of the total gambling revenue in the states.
States that decided to legalize online and mobile sports wagering found the mobile geolocating technology quite useful. This way, punters wagering via an app can be restricted to playing only inside the border of a particular state. Since mobile gambling became so popular due to its accessibility, many operators who do not have an app are trying to optimize their online betting platforms for mobile use.
The Most Bet on Sports in the US
The top bet on sport in America is definitely football, and the leading event is the Super Bowl.
In addition, not only in the US but also in other parts of the world where sports betting is legal. Moreover, with the new gambling law, the American Gaming Association estimated that around 26 million people place bets on the outcome of the football season – which is the highest number America, reached so far. In fact, according to a certain survey, around 82% of football enthusiasts are planning to place wagers on the big finale.
Another important sports betting market is basketball and particularly wagering on the NBA. Moreover, this basketball league is one of the most outspoken sporting leagues when it comes to the legalization of this type of gambling. According to Adam Silver, it could help the sports industry as $50 million is spent on betting with offshore operators each year. Generating revenue, this way could be incredibly lucrative.
Sports wagering is still new in the states, but it is obvious that this industry has huge potential. With the early statistics from the states such as Pennsylvania and New Jersey, other states can see all the benefits new gambling laws could bring. Keeping millions of dollars inside a state and generating tax revenue by making sportsbooks legal might not be that bad.