APN News

  • Sunday, September, 2021| Today's Market | Current Time: 03:32:47
  • People across the United States are indeed going crazy for sports betting. Every time a state jumps on the sports betting legalization bandwagon, thereby making the practice legal and allowing more competition among sportsbooks, the whole industry turns into a battleground for market leaders like DraftKings and FanDuel, who are constantly striving to beat their rivals.

    For instance, consider the case of Illinois sports betting the total amount wagered was $483.5 million. The gross revenue from sportsbooks operators here is estimated to be $42.2 million, making it the fourth-largest sports betting market in the country by revenue. The other significant markets in the US are Nevada, New Jersey, Pennsylvania, and Louisiana in sports betting. In 2020 alone, Americans wagered around $35 billion on sports.

    All these statistics prove that sports betting is a lucrative industry for sportsbooks operators, the state government, as well as bettors. Hence, it is only fitting that this practice is made available online, particularly considering the coronavirus pandemic. And, this was quite the case in Illinois.

    As the COVID-19 pandemic pushed casinos and sportsbooks to close down, Illinois Governor J.B. Pritzker deferred the law that mandates bettors to register at a sportsbook in-person before they can place bets online through their mobile devices. This decision was truly advantageous for FanDuel and DraftKings, the two sportsbooks leading the online market, as it helped them bridge the gap with BetRivers. As a result, when sports betting was legalized in Illinois in late March, BetRivers was the first mobile sports betting app to go live.

    Apart from local sportsbooks, offshore sportsbooks are also trying to grab their fair share of the US sports betting market. For example, William Hill based in the UK, and PointsBet, based in Australia, are expanding their operations in the US, and they are currently looking to take over major media markets, like Chicago, which is a clear indicator of the ad wars signs that are to come in the future.

    Similar stories can be heard of in other parts of the country as well. DraftKings and FanDuel comprise nearly 80 percent of the US market, thereby evolving as the country’s most recognized sportsbook names. However, the number of competitors who are angling for their share of the market is on the rise. From what can be seen from Wall Street estimates, the hot sports betting category will outperform the sales of alcohol and legal cannabis market soon, hitting the $20 billion mark annually in the country.

    Sports Betting: An Expanding Industry in the United States

    As stated earlier, the sporting betting arena is pretty rewarding. In 2019, the value of the sports betting market was estimated to be around $216 billion. So, looking at the figures, you will quickly get an idea about the number of people interested in wagering on sports.

    Furthermore, betting on sports offers an atypical way of entertaining and pleasuring yourself. After, it allows sports enthusiasts to feel like being a part of the outcome while also trying their luck and bringing home some winnings. After all, isn’t wagering a great way to cheer for your favorite team while minting some extra cash?

    The Supreme Court striking down the federal ban on sports betting has brought about many changes in the industry. And from what we have seen so far, the future has a lot in store for this industry.

    What are the Top Sports in the United States?

    When it comes to wagering on sports, football proves to be American’s most favorite game, and the Super Bowl is the leading event. But, in fact, it is not just popular in the US, but also in other parts of the world where sports betting is legal.

    Additionally, the American Gaming Association reports that the new gambling law will result in nearly 26 million people wagering on the outcome of the football season—the highest number the US reached to date. Furthermore, a recent survey states that around 82 percent of football fans plan to bet on the grand finale.

    Apart from football, basketball is also an essential sports betting market, especially betting on the NBA.  After all, the basketball league has been one of the most opinionated sporting leagues as far as the legalization of sports betting is considered.

    According to experts, sports betting legalization can help the industry as nearly $50 million is spent on wagering with offshore operators every year. Hence, generating revenue through this method will prove to be highly profitable.