For nearly two years, the US has begun to embrace the sports gambling industry. A huge number of states now allow sports betting and many more have plans to legalize this form of gambling over the next few years. New reports indicate half the US population may soon have legal sports betting options.
It’s great news for sports fans in the country. The US is finally catching up to Europe, where sports betting is hugely popular for decades. Now is the perfect time to look at how this industry has evolved and what to expect in the future.
Let’s get into it!
The Removal Of PASPA Changed the US Gambling Industry
The United States has always been a passionate sports country. Unfortunately, sports gambling was banned here for many years. Lawmakers here approved PASPA in 1992, essentially killing the sports betting industry. This set of laws made it illegal for any state besides Nevada to offer sports betting odds.
For Nevada, this was actually a good thing. A huge number of tourists would flock to different Las Vegas casinos just to enjoy the legal sports betting options available. The city earned millions in sports gambling revenue every month.
In May of 2018, things took a massive turn. After years of lobbying from New Jersey, the Supreme Court finally decided to overturn PASPA. Immediately afterward, every state in the country had the ability to set its own laws on sports betting.
Many states began instantly crafting legislation to legalize this industry. New Jersey almost immediately allowed casinos in Atlantic City to offer sports betting odds. Today, more than 20 states now have legal sports betting options available.
It’s clear that sports betting is becoming the norm in the US. Lawmakers here recognize how much revenue can be earned from the industry. A new report detailed just how popular this form of gambling may soon become in the near future.
Bank of America Reports on the Growth of Legal Sports Betting Options
As we just mentioned, nearly half of the states in the country now have legal sports betting options available. That doesn’t mean that half the population can place bets legally in their home state, though. Some of the biggest states in the country such as California and Texas have yet to approve any sports gambling legislation.
According to a new report, though, this could soon change. Bank of American claims that more than 50% of Americans will soon have sports gambling options available in their home state by 2022. The bank also states that revenue from this industry will reach $20 billion in the same time period.
“We think the success, adoption and technology behind online and mobile sports could be a catalyst for wider iGaming penetration, a notable shift for an industry that has thus far not been widely impacted by the Internet,” said Shaun Kelley, a research analyst at Bank of America.
Unsurprisingly, a huge number of companies are now investing heavily in the sports betting industry. Barstool Sports is set to open a sports betting platform. The company was recently valued at $450 million after securing a new deal with Penn National Gaming.
The sports betting industry is soaring right now. Even some of the biggest sports leagues in the country are getting on board. Here are some of the states that are poised to legalize this industry soon.
More States Gear Up to Legalize Sports Betting
When PASPA was first struck down, there was a debate as to how successful sports gambling would be in the United States. Some felt that it would never reach the same level of popularity as casino gambling. This is not the case.
It’s turned into one of the fastest-growing industries of all time. The amount of revenue that’s being generated is astounding. As a result, more and more states continue to push to allow legal sports betting options.
Analysts are following California’s road to sports betting legalization. This state is home to nearly 40 million people. If sports betting is legalized here, the amount of revenue that the state would earn is immense.
Several major states have already presented sports betting legislation. Many of these bills are likely to be approved over the next couple of months.
It’s a great time to be a betting fan in the US. Make sure to stay tuned for more US sports gambling news over the next few months!