US Sports Betting Market A Revenue Machine
Sports betting is now legal and sportsbooks officially open in a total of 13 US states. And needless to say, the US sports betting industry is experiencing its heyday and generating literally billions in revenue income. But according to the American Gaming Association (AGA) in the event that all 50 US states were to legalise sports betting, the handle could eventually be worth a sweltering $287 billion. Annually.
This should really come as no surprise as since June of last year, being the month during which the ban on sports betting was officially declared lifted, more than $10 billion has been changing hands in terms of wagers played in the US alone. This is the makings of a billion-dollar industry and if US states were to play their cards right, the industry could very well grow into one of the biggest economic sectors in the country.
Mitigating The Black Market
Before the abolishment of the ban on sports betting, some $150 billion was wagered each year on the sports betting black market. The figure has declined ever since the option to legalise the industry was made available by the US Supreme Court. And if the remainder of the country’s 50 official states were to hop on board, the black market may very well be shut down altogether, as there will no longer be any need to wager on sports in a covert and unregulated manner.
Black market operators aren’t necessarily always “out to get” bettors but the fact that some operators tend to continuously err on the side of the controversial must not be ignored either. Bettors engaging in sports bets in states where it isn’t yet legal to bet on sports are exposing themselves to a myriad of dangers in terms of financial and personal safety. Unregulated markets aren’t exactly renowned for being committed to responsible betting and gambling.
Leaders Of The Pack
When talking current US sports betting market leaders, Nevada and New Jersey lead the way by a mile. In fact, Nevada accounts for more than half of the mentioned $10 billion wagered on sports since May 2018.
New Jersey isn’t trailing too far behind the Vegas-state and saw a stellar total of $3.5 million in bets wagered over the course of the past 14 months. The main driver in New Jersey has been mobile sports betting as it is legal to wager on sports by way of a mobile device in the Garden state.