More States Seem To Embrace Online Gambling in the US| MENAFN.COM

Sunday, 05 February 2023 04:22 GMT

More States Seem To Embrace Online Gambling in the US


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Eleven states in the United States are about to start betting operations in their territories in 2021 – Arizona, Connecticut, Florida, Louisiana, Maryland, Nebraska, North Dakota, South Dakota, Washington, Wisconsin, and Wyoming. Eight of them are waiting for a new manifestation by the sports game regulators, two are awaiting a declaration by indigenous tribes, who will have the opportunity to work with sports betting, and the state of Washington is just waiting for the first bet to be made - which should occur in autumn in the United States.

In addition to the eleven mentioned above, the betting market is legal in another 22 American states. Of course, the most famous location in Nevada – whose city of Las Vegas has become a tourist destination because of the luxurious casinos, the possibilities involving gambling, and significant sporting events – is also driven by gambling. Online gambling specialist OLBG.com has already revealed the legal and most relevant online casino sites in the US.

The United States projects that the betting market in 2021 alone will move approximately 4 billion dollars (R$ 20.7 billion). The estimate was made by specialist research firm Eilers & Krejcik Gaming.

The North American betting market has always been strong and has achieved impressive numbers. But starting in 2018, it exploded after the federal decision that allowed other American states to legalize gambling in their territories. Before that, only Nevada had this permission.

Online Sports Betting Can Turn New York into US Biggest Legal Market

New York could become the most significant legal sports betting market in the United States, capable of generating $20 billion a year in betting, if Gov. Andrew Cuomo makes good on his proposal to legalize the activity in the state, according to PlayNY, which offers news and analysis of the New York gaming market. But the state could fall short of that potential if mobile sports betting is administered as a monopoly by the New York State Gaming Commission.

“There is no doubt that New York would almost immediately become the crown jewel of the US legal sportsbook market. The devil is always in the details, but opening a market that could be worth more than $20 billion a year in betting can be a game-changing moment for the entire industry,” said Dustin Gouker, chief analyst at PlayNY.com.

"On the other hand, a state monopoly, like the one Governor Cuomo proposed, would be a mistake that could forever limit the ceiling for New York," added Gouker.

With an open market like New Jersey, New York can generate more than $1 billion in gross gaming revenue annually from more than $20 billion in gambling, according to PlayNY projections. Although the tax structure is yet to be decided, if taxed identically for retail sportsbooks, it would generate over $100 million in tax revenue annually.

A report by gaming researcher Eilers & Krejcik Gaming in February 2020 estimated that New Yorkers bet $837 million on New Jersey in 2019.

"Mobile sports betting will no doubt attract billions in bets in New York, and it's easily one of the most valued markets that haven't legalized yet," said Eric Ramsey, an analyst at PlayNY.com. "It will be a big market no matter what, but the Cuomo plan has a chance of significantly lowering the potential revenue ceiling."

Several states have structured their online sports betting operations as a state monopoly. States like New Hampshire, which hired DraftKings to operate the state's online sportsbook, have signed up to significant sports betting brands with positive results. Others, such as Montana, Oregon, and Rhode Island, directly operate online sports betting. Typically, this results in a state's suppression of control by an average of 50% of the market's potential, according to PlayNY research.

A state-run sportsbook allows it to capture more of the game's gross revenue, which makes it attractive to state governments. But a monopoly would do little to help the plight of New York's racetracks and retail casinos. And bettors are left with fewer options and less attractive promotions, among other issues.

The Future of Sports Betting in the World

The future of sports betting around the world lies in in-game betting. Another term for this phenomenon is micro-betting. Sports betting intertwined with real-time stats for each game offers this data to bettors. With bets on things like individual results at-bat. Total points or assists for a basketball player. And which team will score a touchdown on their next shot?

The possibilities associated with micro-bets seem to be endless. All of this equates to an increase in sports betting revenue across all sectors. And for more people watching sports around the world.

Another of the many sports betting trends is live streaming. Live streaming increased 50% during the coronavirus pandemic due to social distancing regulations and full and partial blocking. People all over the world had to stand still. This has become a gold mine for technology companies in sports gambling.


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