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It’s an exciting time to be a part of the emerging U.S. legal sports betting scene, a market predicted to experience tremendous growth in the next four years according to a new report released by BtoBet, a trusted provider of sports betting software, solutions, and services.
The report credits a pivotal moment in gambling history – when the U.S. Supreme Court overturned PASPA in May 2018 allowing states to legalize their own sports betting markets – for creating “one of the most appealing and fastest growing markets on a global level.”
Of course, none of that gaming growth in the U.S. would be possible without the insatiable hunger Americans have for placing bets and winning jackpots, and David Forman, Vice President of research at the American Gaming Association, is happy for these bettors:
It’s been a boom for consumers, really. I mean, prior to 2019 consumers had to either pay to fly to Vegas to place your bet, which most people are unable to do or are unwilling to do.
Legal sports betting is already a multi-billion dollar industry in the U.S. alone and the BtoBet report sees that market only growing stronger.
According to BtoBet’s information, in 2021 the U.S. sports betting and online gaming markets generated $7.7 billion in combined gross revenue, money that the individual states were able to tax which creates their own income streams to fund valuable public projects.
The [U.S. sports betting and online gaming] sectors are on pace to reach $24.3 billion by 2026, making the US the largest gaming market on the planet at double the size of the UK’s.
That’s a bold claim that is reportedly based on data from Vixio GamblingCompliance, a leading provider of regulatory intelligence to the iGaming industry, and it’s promising news for all the players with a piece of the action, including sportsbooks, lawmakers, and especially the bettors.
There are many millions of gamblers in the over thirty states that have already legalized their own regulated sports betting markets who are taking advantage of these regulated sportsbooks, a welcome change, no doubt, from how those punters had to make their bets before 2018.
Before PASPA was overturned, Americans still bet on sports, they had to risk using illegal local bookies, or else they went online to find unregulated offshore sportsbooks that they trusted, with all that handle and revenue traveling out of the country and untaxed no longer.
There are still some states that have not legalized their own sports betting market for their residents but that doesn’t mean they haven’t tried to make it happen, with nearly every state’s legislative branch at least attempting to introduce a related bill for debate among lawmakers.
It is no easy feat to launch new legal sports betting market since there are so many balls to juggle all at once including pushback from anti-gambling advocates as well as dealing with complicated pre-existing agreements with the leaders of native tribes.
The BtoBet reports say that “three in four American adults (73%) had indulged themselves in some type of gambling and wagering in the year preceding the survey,” so it makes sense to expect legal sports betting to be generating revenue in the U.S. for the foreseeable future.
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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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