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.
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!