Since The US Supreme Court legalized online sports betting in 2018, the US digital betting market has grown at unprecedented rates. The prediction is that online bettors will have surpassed 52 million users by 2028. Also, the market volume at that time is expected to be worth around $15 billion, with the CAGR in the 2023-2028 period of 15.60%.
This article, based on data-driven reports and events, discusses such sports betting trends shortly.
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Sports Betting Across The Federation
In Q4 2023, online sports betting was active in more than two-thirds of the US federal states. For now, it’s still impossible to wager online in Utah, Texas, South Carolina, Oklahoma, Missouri, Minnesota, Idaho, Hawaii, Georgia, California, Alaska, and Alabama.
The governments in these states have their reasons why online betting remains outside the law. In some cases, it’s the religious ground (read: Utah), in others it’s political disagreements between the Republicans and Democrats. Also, there’s firm socio-economic opposition to legalizing online sports betting in tribal casinos and horse tracks. Each of them wants their rights and responsibilities to be strictly specified in the potential legalizing acts.
From what we know at this point, Georgia and Minnesota are more likely to bring the relevant legislation to allow their respective residents to wager online.
The US Golden Geese of Online Sports Betting
The most populous US states: California and Texas, are still reluctant to make online betting legal. This is a burning issue because the economic potential of such a decision is huge. But just as illustrated above, economic reasons aren’t the only criterion for bringing such a decision.
Tribal-land casinos and business interests around major sports franchises play a major role in California. Among nearly 40 million inhabitants of the Golden State, there are many potential bettors, waiting for this act. In the meantime, they go to nearby Nevada or Arizona, only to take out their mobiles and try their luck. Sure, there are options to place a wager from California on offshore apps, so instead of driving to Reno, compare CA betting apps and try your luck.
Basketball is most popular with online wagers in the US. Texas has Dallas Mavericks, Houston Rockets, and San Antonio Spurs. These are all global business brands, and we haven’t even mentioned famous clubs competing in other sports that, based in Texas and California.
And if you think California, you know there are LA Lakers and Clippers, Golden State Warriors, and Sacramento Kings.
For all these reasons, it would be optimistic to expect legalization of online sports betting in California and Texas in 2024. However, in the time ahead, there should be a positive outcome of the ongoing negotiations, so that the Californians and Texans enjoy the comfort of online betting.
The Interesting Case of The State of New York
Until January 2022, the New Yorkers had to go to New Jersey to place online bets on their favorite sports teams.
When mobile betting was officially announced in the Empire State, during the first two months of 2022, the residents of this state invested more than $2 billion in online bets, resulting in $80 million in taxes paid to the state within that initial period.
As online sports betting became legal in New York, some sports clubs even suggested betting stands at stadiums, offering several various touchpoints for people to freely wager.
This craze that struck NY in 2022 is a showcase of how profitable online betting can be. Of course, with adequate care and attention to bettors who can’t control themselves. For such cases, there’s state-funded professional support and monitoring. For all others, it’s a convenient form of entertainment, so new states that adopt online betting acts will keep emerging on the horizon.
