The U.S. sports betting market is experiencing a gold rush of growth
Since the 2018 repeal of the Professional and Amateur Sports Protection Act (PASPA) in the United States, sports betting has grown rapidly and is now a business that regularly records a combined monthly turnover of more than $7.1 billion.
According to a December 16 Bloomberg news report, legal sports betting was once restricted to Nevada, but the U.S. Supreme Court's decision to lift the ban related to PASPA has led to a "sports gambling gold rush" that has quickly grown to "absolutely off the charts numbers." Casino uden nemid argues that the country is currently experiencing a "multi-billion dollar betting boom" as dozens of U.S. jurisdictions, including New Jersey, Pennsylvania, Illinois, Arizona and Indiana, have legalized various forms of retail and online sports betting.
Bloomberg reports that New Jersey now bets more money on sports than Nevada, and California could become the most lucrative market in the country if voters decide to legalize next year. As the industry evolves, the lines that once existed between gambling and professional sports leagues are supposedly disappearing, with teams like the Buffalo Bills, Boston Red Sox and Detroit Pistons entering into direct partnerships with operators like FanDuel Group, DraftKings Incorporated and PointsBet USA.
Read a report from Bloomberg...
"Betting lines now run on television screens during sports broadcasts, and professional teams and leagues have formed direct partnerships with gambling companies. Media and entertainment companies, including family business giants like the Walt Disney Company, are seeking or opening doors to such partnerships."
Bloomberg also reported that sports betting was previously considered an "add-on" for land-based casinos to help them supplement their entertainment program and attract players to more lucrative entertainment such as slots, roulette and keno. However, the report notes that sports betting is now "growing rapidly" thanks to the prevalence of digital apps that allow players to bet on their mobile devices, and could well "threaten the business of land-based casinos."
News Service cites a Goldman Sachs Group Incorporated forecast that the U.S. sports betting market could reach $39 billion a year by 2033. Although the figure is currently less than $1 billion, mobile activity has received a huge boost since the coronavirus pandemic led to the temporary closure of traditional retail sports betting shops.
The Bloomberg report said, "Mobile betting has become the...
"Mobile betting has become the preferred method for sports betting fans, and in states where sports betting is popular, mobile betting has quickly overtaken on-site betting. Sports gambling companies will make about $4 billion this year, but the market could grow exponentially if California legalizes it next year."