Not long ago, we spoke about the East Coast Gaming Conference taking place in Atlantic City. This conference has now come and gone, and experts here dropped an interesting piece of knowledge about the future of sports betting. According to these experts, more than 90% of sports gambling will take place online within the next five to ten years.
It’s clear that much of the country is beginning to embrace online gambling. As more states begin to legalize sports betting, the popularity of internet sports betting grows. Today, we’re going to look at why analysts feel most sports wagers will be made online in the near future. Later, we’ll cover some of the other important moments from this year’s AC Gaming Conference.
Future of Sports Betting Looks Strong Right Now
Back in May of 2018, the US Supreme Court sent shockwaves through the gambling industry by striking down PASPA. This decision allowed every state across the country to set its own laws on sports gambling. Within just a few months, several states began the process of legalizing this industry and even more introduced legislation to do the same.
New Jersey has proven to be the most successful state to recently regulate its sports betting market. A little over a year after sports betting was made legal here, more than $2 billion had already been wagered on sporting events here. That number is likely close to reaching $3 billion at this point.
The interesting thing is that the majority of these wagers are being made over the internet. New Jersey uses a geo-location to allow anyone within the state borders to place sports bets online. Even residents of New York are crossing the state border just to throw money down on their favorite teams. 80% of all sports bets made here are online.
That statistic proves how popular online gambling is truly becoming. Multiple states are now working to allow internet sports betting. A number of high-profile gambling executives feel this trend will continue for years. The future of sports betting is online, and many different states are beginning to realize this.
States With Online Sports Betting Are Reaping the Rewards
New Jersey is clearly the gold standard for online betting. This state has maintained a strong gambling presence over the years thanks to Atlantic City casinos. Until very recently, however, none of these casinos could offer sporting odds. That changed in the Spring of last year.
Today, all of the land-based casinos in Atlantic City provide sports betting lines to their customers. The majority of these casinos have also teamed up with major online gambling companies to offer internet sports betting options. Many feel the legalization of sports betting helped to bring Atlantic City back to life after the Great Recession nearly bankrupted the entire city.
Moti Malul, CEO of NeoGames, feels this is a possibility for every state that legalizes online sports gambling. He believes that more than 90% of all sports wagers will be placed over the internet in the near future.
“Innovation will drive through that,” he said. “And who knows what mobile will look like 10 years from now? CEO of CG Technology, Parikshat Khanna, feels the same way. “The true capability of sports wagering is mobile,” he told attendees at the East Coast Gaming Conference.
Many states are now working to allow internet sports betting. Even New York, which has long been against nearly all forms of online gambling including Daily Fantasy Sports, is working to open up this industry. Money talks.
What Else Was Said at the East Coast Gaming Conference This Year?
This year’s EC Gaming Conference took place in Atlantic City. The second-longest running gambling conference in the country is proving to be a must-attend for those in the gambling industry. Many industry leaders attended, as well as politicians from the state of New Jersey.
Most of the talk centered around the future of online gambling. With PASPA now gone, there is a serious discussion as to how the future of sports betting will look in the US. Most experts agree that online betting is the way things are heading.
Not everyone is completely convinced, though. David Cordish, owner of multiple casinos across Maryland and Pennsylvania feels that land-based sports betting isn’t going anywhere.
“You’re fighting for that customer up there in the ether,” he said. “It costs a lot to market to that customer, and you’re not the only one. What we should be doing is building real facilities that attract the guest. It’s a fun event.”
Of course, a land-based casino operator is going to feel that way. In reality, the numbers prove that more people across the country are choosing to make their bets online. Hope is that within the next decade, internet sports betting will be completely legal across the entire country.
The future of sports betting is clearly online. Exactly how long it will take for all states to get on board is up for debate. Make sure to stay tuned for updates on states that decide to legalize this popular industry!