Half the US Population May Soon Have Legal Sports Betting Options

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.Map Of The US

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!

US Sports Betting Industry Set to Generate Billions Over the Next Few Years

The US gambling market is considered by many to be the most lucrative in the world. This is especially true now that sports betting is legal in many states. New reports indicate that the US sports betting industry will grow significantly over the next several years.

Hundred Dollar Bills

This proves just how quickly sports gambling is growing throughout the country. Today, we’ll look at which states currently allow sports betting and which ones are likely to legalize this form of wagering in the near future.

Nearly 20 States Have Now Legalized Sports Gambling

In May of 2018, the US Supreme Court struck down PASPA, a set of laws that limited sports betting to Nevada. With PASPA gone, every state in the country now has the ability to set laws on the sports betting industry. Almost immediately, a huge number of states began regulating this industry.

New Jersey was the first state outside of Nevada to officially legalize sports gambling. It proved to be a fantastic decision. The state’s sports betting market is now the most lucrative in the country. On several occasions this year, New Jersey’s sports betting market has generated more revenue than Las Vegas’.

New York, Pennsylvania, Mississippi, and more states all enjoy a regulated sports betting market. In most of these states, both online and land-based sports gambling is allowed.

Many states have also taken steps to legalize sports betting, yet have not yet launched any sports betting operations. Montana, Tennessee, and Illinois all fit into this category. Hope is that these states will launch their sportsbooks before the end of the year.

It seems likely that in time, every state will legalize sports gambling. Lawmakers across the country realize the massive earning potential from this industry.

New reports shed light on just how quickly the US sports betting industry is growing.

US Sports Betting Industry is Growing Faster than Many Predicted

Everyone knew that sports betting was popular in the US. Not many predicted it would be growing as quickly as it is right now, though. Reports are surfacing that indicate the US sports betting industry will start generating billions of dollars by 2025.

Several investors and sports betting companies made this prediction public this week. Morgan Stanley, one of the top US investment firms, predicts that the industry will generate $7 billion over the next five years, significantly more than the $833 generated this so far this year.

This is still significantly less than what casinos in the US generate every year. It’s still a major revenue increase, though.

Several other companies including MGM Resorts, Hard Rock International, and Mohegan Sun all predict that the industry will generate between $6 to $8 billion by 2025. Many are quick to point out that competition is growing and some sports gambling operators will ultimately fail.

Scott Butera, president of interacting gaming for MGM Resorts International, commented on the competitive nature of the US sports betting industry to the media this week.

“It is a growing market here in terms of revenue but it’s a very tough market,” he said. “Everybody wants to be here. Ultimately I think we’ll see some shaking out. I’ll take the over on $8 billion.”

More States Will Soon Legalize Sports Betting

There’s never been a better time to be a sports fan in the US. As we’ve already mentioned, a huge number of states have outright legalized sports gambling. Soon, many more states are likely to start regulating this industry, as well.

Many believe that California will eventually choose to regulate its sports betting market. California is home to a huge number of tribal casinos. These gambling venues help to generate massive revenue for the state every year. Sports betting would increase this revenue substantially.

At the moment, there are several fantastic betting sites that are available in every single US state. These websites are not regulated by state governments, yet most are well-known for being extremely safe and offer a wide range of both sports gambling and online casino gaming options.

This site has grown extremely popular over the past five years. It allows members to wager on thousands of different sporting events every single month. Feel free to check it out today.

The US sports betting industry is growing bigger every single day. If predictions are correct, this industry will begin generating billions of dollars within just a few years.

Stay tuned for more US gambling news over the next few weeks!