There is no question that online sports betting has become a global phenomenon. Super Bowl XVI was the most watched single sporting event in 2016, and as a result, the most bet on. Estimates range up to $10 billion. This shows how popular and sophisticated this industry has become. And with so many options, it’s important to understand the market’s true potential. Let’s look at three examples to show the growth of online sports betting.
Online sports betting
While gambling on sports has been legal in some jurisdictions for years, online sports betting has been increasing in popularity over the past few years. Today, sports betting represents over 45% of the worldwide online gambling market, and Canada is set to legalize single-event sports betting. Despite the heightened popularity of sports betting, there is a lower percentage of bettors who seek help. The following are some of the reasons why online sports betting has grown in popularity.
Legalizing sports betting online is not always easy. Although แทงบอลออนไลน์ online is legal in many states, some states have strict rules and regulations about online sports betting. It’s advisable to research the laws in your state to avoid getting into trouble. It’s always better to err on the side of caution than to take a chance and risk losing money you can’t afford. If you don’t know what the law says, don’t bet online.
Legalized sports betting
More than 13 months ago, only five states offered legalized sports betting. Today, more than two-thirds of the states have legalized sports betting, including Delaware, New Jersey, Maryland, and Pennsylvania. Of those, 30 have operational sports betting businesses and three are pending legislation. Meanwhile, several other states are exploring legalized sports betting or are considering a referendum. This expansion of sports betting is expected to continue over the next few years.
In New Jersey, the number of sports bets has already exceeded that in Nevada, the state with the largest market for online sports gambling. The number of sports bets in Nevada alone is now 15% of the $3.68 billion wagered in the U.S. in June. Now, with more states legalizing sports gambling, online sports books are competing for Americans’ online gambling dollars. DraftKings and FanDuel, two popular sites in the U.S., are the top sports betting sites in the country, with almost double the market share.
Coronavirus pandemic
The coronavirus outbreak has affected thousands of businesses worldwide, but the most significant impact could be on sports gambling. Luckily, the major sport leagues have taken precautions to curb the spread of the virus. The MLB, MLS, and NBA have implemented ‘bubbles’ to isolate contaminated players and teams until they are vaccinated. The vaccines will allow the fans to return to the stadiums and reestablish a connection with the sports they love.
Colorado voters voted in May 2020 to legalize sports betting in the state. However, the coronavirus pandemic has caused several sports seasons to be postponed, including the English Premier League soccer and Russian table tennis. While there was a spike in bets on non-U.S. sports, fans have also gotten back their beloved U.S. teams after being shut down for 10 months by the pandemic.
New Jersey’s $15 billion online handle
With the NCAA Men’s Basketball Tournament in full swing, sports betting in New Jersey has reached a record high. The state saw a 27% increase in handle in March over the same month last year, but it was still behind the $996 million in December 2020. The top sportsbooks in New Jersey, including BetMGM, FanDuel and PointsBet, have contributed more than $13 million to the state’s monthly sports betting handle.
The state’s total sports betting handle fell about 25 percent in July, compared to August and September, respectively. This means that sports betting in New Jersey will remain stagnant until the state’s rival states catch up and surpass the state’s record-high handle. In the meantime, New York is set to go live with mobile sports betting in early 2022. Those companies could be New Jersey’s main competitors in 2022.
Pennsylvania’s $15 billion online handle
The amount of money wagered on sports in Pennsylvania has topped $1 billion for the first time ever. In March, sportsbooks reported a handle of $715 million, up 19.7% from February and 27.6% over the $560 million in handle reported in the previous fiscal year. The March Maness also helped the state’s sportsbooks hit record highs in handle and revenue, with FanDuel Sportsbook alone accounting for 37.5% of all online sports bets placed. The handle jumped to $30.4 million in July, up 54 percent from February.
While the total handling in Pennsylvania is smaller than expected, it’s important to consider the context of the industry. Since the launch of online sports betting in Pennsylvania, the number of operators has increased dramatically, taking the state from three to seven. The state also benefits from New Yorkers crossing state lines to place bets. This trend could continue for years to come. If you’re considering investing in Pennsylvania’s sports betting industry, keep these figures in mind.
Texas’ $15 billion online handle
As a state that has banned sports gambling, Texas may be missing out on a lot of money. The American Gaming Association reports that 45 million adults plan to bet $3.1 billion during the NCAA March Madness basketball tournament. With that much money at stake, the state of Texas would stand to lose $1.3 billion in annual sports gambling revenue. But the state is not alone. Several other states have legalized sports betting, including Nevada and Mississippi.
Once legalized, Texas could bring in about the same amount in revenue as New York, which saw $1.6 billion bet on sports betting sites on mobile devices in the first month. Although the tax rate is high in New York, the state of Texas has some other advantages that could boost its sports betting revenue. For one, Texas has two major league teams that boast massive stadiums. Besides the Houston Astros, the Texas Longhorns and the Texas A&M Aggies have the sixth and ninth-largest stadiums, respectively.
