How to Capitalize on the Fast-Growing Sports Gambling Industry
Remember when Nevada was the only state where you could place a legal, regulated bet on a sporting event? Neither do I, and that was just two years ago.
As 2020 begins, according to Legal Sports Reports, 20 states have legalized and regulated sportsbooks after a landmark Supreme Court ruling in 2018. Seven of those states allow online sports gambling. About 20 other states have or had pending legislation regarding sports gambling, signaling the potential for it to become legal in the majority of the country.
Even with just the 20 states, the US sports betting market is expected to be worth about $1.5B next year and ~$2.75B by 2023, according to a study by GamblingCompliance. The future market could be vast. By 2030, H2 Gambling Capital estimates it to be worth $81B. According to the American Gaming Association, some $150B is wagered illegally on sports — through bookies, offshore sites, etc. — by Americans every year. That number, $150B, nearly matches the current market size of the regulated global sports gambling industry, which is centered mainly in Europe, Asia, and Australia.
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