UNITED STATES—As recent as 2017, it was illegal to bet on professional and collegiate sports anywhere in the US except in Nevada. But this changed in May 2018 when the Supreme Court overturned the 1992 gambling legislation, thus opening up individual states to legal sports betting, a move which has caused the US gambling and sports market to experience a significant boom. In fact, one research suggests that in as little as five years, about 32 states will have legalized and begin offering sports betting.
Seven states took advantage of the Supreme Court ruling and kicked off sports betting in their regions since May 14, 2018, in a bid to capture a bigger part of the market share before the other states get in the game.
Companies and physical casinos all over the US have since started getting their share of the market, creating mouthwatering offers for sporting and gambling enthusiasts. Tech companies are not left out with software giants and joint ventures coming up with gambling apps that allow you to play stakes from the comfort of your home or office, and getting your winnings directly into your bank account. Even professional sports teams and team members are cornering endorsement deals and sponsorships for hundreds of these innovative companies. In fact, hardly would you open up a betting app without seeing the face of one popular sports star or another.
With a sports betting market currently estimated at an amazing $40 billion and expected to grow an additional $5 billion in five years, it is obvious that this is where the new money is.
March Madness, AFC Championship and Superbowl LIII are great examples of how far the US sports betting market has come since May 2018, where millions of bettors wagered on some of the most exciting games of the season from states outside Nevada, such as in New York, New Jersey, Delaware, Rhode Island, Mississippi, Pennsylvania, West Virginia and all the other states that have concluded and passed local legislature to legalize sports gambling. Where other sports allowed betting in a number of states, the Superbowl LIII allowed betting outside Nevada only in New Jersey and West Virginia, but this too will soon change.
In the three weeks March Madness tournament, an estimated $4.5 billion was wagered by more than 40 million people across double the number of sports brackets. Understandably, smartphones and mobile devices was where the bulk of the activities took place as not everyone could get to a physical casino, but that did not make the process any less exciting.
As Congress considers how sports betting can be regulated, including introducing a bill that would set a standard for sports betting in all states, more and more gambling companies and latest online casinos in 2019 are springing up in anticipation of the different sport seasons coming up.
Although, states that have already legalized sports betting have their own standards for data, including allowing the different leagues to provide it, this could change once Congress passes the sports betting regulations bill.
The recent overturning of the 26-year-old law has created a sudden new market similar to the gold rush of the 1800s. This new market has opened the doors for tech companies, investors, and even bettors to catch in on what industry experts estimate to be worth billions of dollars every year, and from the look of things, the game is just beginning.