In many ways, the U.S. market has struggled to fulfil its potential in the iGaming space, thanks largely to regulatory obstacles and the sustained oppositions of lawmakers nationwide.
The market has finally enjoyed some significant breakthroughs of late, however, with states including Nevada, New Jersey, Delaware and Pennsylvania having legalised online gambling since 2012. Last year, the Supreme Court also struck down a 1992 federal law that banned sports betting nationwide, enabling states to pass their own bills to regulate on and offline activity.
One of the main reasons for this move was the fact that a staggering $150 billion of illegal wagers is processed every single year, and states are now being afforded the opportunity to regulate sports betting and generate higher tax revenues.
But how is the market faring, and what should we expect in the future?
What has Happened Since the New Law was Passed?
According to conservative estimates, around $9 billion has been wagered on sports like basketball and baseball in the U.S. since the 1992 federal law was struck down in May 2018.
New Jersey has contributed heavily to this windfall, which is fitting given that this state authority was responsible for the legal challenge that led to the decision being overturned by the Supreme Court.
In fact, the state of New Jersey took its first sports bets last June, and to date the region’s casinos and racetracks have taken in an incredible $2.94 million.
This bounty was also generated by states including Nevada, Delaware, Mississippi, West Virginia, Rhode Island and Pennsylvania, with the revenues generated by New Mexico not included in these figures as they’re not currently reported.
It was also reported that bettors wagered a hefty $319 million on sports bets alone last month, with this number set to grow as more states move to legalise the discipline.
What’s Next for the Marketplace?
Many states have been quick to capitalise on last years’ Supreme Court ruling, with local authorities that had already legalised online casino gameplay leading this charge.
This makes perfect sense, as these states already boasted the necessary infrastructure to make on and offline sports betting a reality.
However, other states have joined the marketplace too, with a total of eight now offering sports wagering across the board. A further seven are authorised and ready to go in 2019, as many rush to cash in on potentially huge tax revenues that can be reinvested into the local economy.
Not only will more states look to legalise sports betting over the course of the next 18 months, but we’ll also see operators invest heavily in the development of mobile technology.
Make no mistake; the best US sports betting apps are already taking the marketplace by storm, whilst enabling operators to connect with as large a target audience as possible. This is important, particularly with more gamblers wagering through a mobile devices and offline betting gradually becoming a thing of the past.
If this trend continues, the sports betting market in the States could grow exponentially in a relatively short space of time, creating incredible opportunities for both domestic and international betting providers.
