Ever since the US Supreme Court struck down PASPA in 2018, states across the country have started exploring the possibility of allowing athletic wagering in their jurisdictions. Sports bets could help states earn better revenue by leveraging the burgeoning igaming, online casino and sports wagering industry around the globe.
There are some factors that make the US a great market for sports betting. Here is why we think that the market could present a wide range of opportunities to players and operators alike.
Crazy sports fans
In the US, major sporting leagues like MLB, NBA, NFL and even the NCAA have captured the fancy of sports fans. States have numerous franchise teams for a variety of sports which produce exclusive content and keep fans engaged via their social media presence as well as their websites. The fans are constantly connected with their teams and fan followings are loyal and engaged. The presence of big stars in the leagues also help them create a stronger connect.
In cities like Chicago and Dallas, there is a striking sporting culture that is strengthened by big teams, big players and loyal fans. Giving this audience access to sports betting opportunities could bring more revenues for operators as well as states.
Existing gaming culture
The US has two major gaming hubs- Las Vegas and Atlantic City. However, apart from these options, there are many other states with casino properties operated by native tribes and commercial operators. These casinos can help giving a push start to sports betting culture in the US. Americans are already placing their bets online and offline via unauthorized and offshore websites. Legalized sports betting will give them an opportunity to work in a safer environment and bring some share of the revenue back to the authorities.
The states in the US are already earning a steady stream of revenue by taxing legalized casinos and gaming establishments. This money is used for many welfare practices like helping run schools. Adding sports betting in the mix, in both online and offline formats, helps in increasing this funding and strengthening the states’ financial position.
The coronavirus pandemic
While the coronavirus pandemic has caused significant damage to industries across the world, states have suffered extensively because of additional expenses and shrinking revenues. The sports betting industry also suffered because of the same but has shown much more resilience than a few other sectors. As sports are back and fans are gearing up to support their favorite teams without visiting a stadium, sports betting could help the states patch the gap between their revenues and expenses in the years to come.
New Jersey is a successful experiment that other states could follow. The state, which took the fight against PASPA to the Supreme Court, has emerged as one of the biggest beneficiaries of the trend. It has become a hub for igaming, online casinos and sports betting in the US and its revenues are rising by leaps and bounds.
With several factors indicating a push for legalized sports betting, the US states could gain more for their regular expenses and welfare programs while operators get to work in a highly competitive and profitable market. Overall, it will be a great deal for sporting fans.