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Anyone who has been watching the exciting 2021 NFL season that started in early September has no doubt noticed a barrage of new sports betting advertisements being plastered before and during every matchup.
In fact, it makes 2015, the year that newly launched FanDuel and DraftKings seemed to purchase just about every commercial slot on sports TV, look tame.
According to a recent article in European Business Review (EBR), it’s all part of a US sports betting market that could create $7 billion in domestic revenue by 2025, with some states already reporting record-setting wager amounts from sports betting starting in January.
Also according to the article, the global sports betting market size is expected to grow by $144.44 billion between 2020-2025, creating a desirable new worldwide market that more and more states are scrambling to enter.
The EBR article’s basic conclusion?
Online wagering is becoming an unstoppable force.
The lure of this fertile new market already has over half of the United States jumping on board with 26 states now with some form of legal sports betting available to residents as we have covered in depth in our section called Where Is Online Sports Betting Legal in the USA?
State lawmakers and industry leaders are all anxious to grab a piece of the estimated 174% year-over-year surge in revenue that has occurred from 2020, with $387 million in revenue being attributed to January alone, according to the American Gaming Association (AGA).
Another handful of states are trailing not too far behind with California, Florida, Kansas, Kentucky, Maine, Minnesota, Missouri, and Oklahoma all having some level of meaningful sports betting legislation currently in the works.
Some states, however, apparently want nothing to do with this new business model.
While the majority of states are moving forward with some level of legalization and regulation of legal sports betting, these states remain holdouts and so far have no meaningful sports betting legislation pending:
Sports bettors in these states will still spend their money on wagers, but they must either travel to neighboring states where the activity is legal or else use offshore sportsbooks where payouts are not necessarily guaranteed since no legal recourse to collect funds is available.
Regardless of these holdouts, sports betting in the US is here to stay, and the amount of money that is already being generated is proof that Americans want to gamble on their sports and will stop at nothing to place their bets.
That’s great financial news for those embarking on this latest gaming adventure, the “unstoppable force” of online wagering creating a welcome new revenue stream for regions still reeling from the effects of the worldwide pandemic.
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Mike Lukas is a retired standup comedian turned freelance writer now living in Dallas, Texas, originally from Cleveland, Ohio. His love for the game of football and all things Cleveland Browns turned Mike into a pro blogger years ago. Now Mike enjoys writing about all thirty-two NFL teams, hoping to help football gamblers gain a slight edge in their pursuit of the perfect wager. Email: [email protected]More info on Mike Lukas
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