Skip to main content
110% Deposit Bonus from mBit

US Sports Betting Market Could Reach New Heights, Leapfrog UK by ’23

Financial analyst GamblingCompliance published a study, which predicts the nascent US sports betting market to earn a revenue of US$3.1 billion by 2023.

The largest sports wagering market could one day be in the United States, according to a financial report.

A recent study by analyst GamblingCompliance—titled U.S. Sports Betting – Sizing the Post-PASPA Opportunity—projected the newborn US sports betting market in 2023 to generate a gross gaming revenue (GGR) of US$3.1 billion. This was after the Supreme Court of the United States (SCOTUS) in May struck down the Professional and Amateur Sports Protection Act (PASPA), a decades-old act prohibiting all states but one—Nevada—from legalizing sports betting.

GamblingCompliance estimated the country’s sports betting market to earn a paltry amount of just above US$500 million in GGR, one year after the removal of the sports wager prohibition. However, it predicts that the revenue will increase twofold by 2020, and will continue to rise by more or less US$500 million per year, before reaching the report’s 2023 estimate.  

In five years, the study sees the US challenging other countries in the gambling scene and becoming the largest regulated sports betting market in terms of GGR. The US$3.1 billion estimate is only three percent higher than United Kingdom’s reported current GGR of US$3 billion, the second largest in 2017. The study also stated that, if legislation processes go unexpectedly smooth, the US earn as much as US$5.2 billion and surpass number one China’s estimated US$3.9 billion GGR. For comparison, the markets behind the UK barely reached half of the British country’s GGR. Meanwhile, Hong Kong and Italy have posted a combined GGR of US$2.9 billion, while France earned US$1 billion.

The report noted that its numbers are larger than the analyst’s figures in September 2017. Back then, GamblingCompliance calculated a US$2 billion GGR for the US come 2023. The study attributed the rise to the “increased confidence in the rollout of online and mobile betting at the state level.”

| Related: US Teams Looking to Sign William Hill After States Legalize Sports Bets

State Sports Betting Renaissance

Legislators from different states across the country have proposed several bills that will legalize sports betting after the act that bans sports wagering was declared unconstitutional. The highest court in the United States, voting 6-3, ruled that power to legalize and ban sports betting within the individual state governments, and not the federal government in the capital.

Justice Samuel Amlito, delivering the Opinion of the Court, wrote:

“The legalization of sports gambling requires an important policy choice, but the choice is not ours to make. Congress can regulate sports gambling directly, but if it elects not to do so, each State is free to act on its own… Our job is to interpret the law Congress has enacted and decide whether it is consistent with Constitution. PASPA is not.”

With that legal hurdle out of the way, states quickly moved to enact sports betting legislation. Currently, three out of 51 states can offer legal sports wagers. The state of Nevada—home of casino haven Las Vegas—was exempted from the restrictions placed by PASPA. Meanwhile, the state of Delaware recently legalized sports betting in June, with Gov. John Carney making the state’s first wager. At the same month, New Jersey Gov. Phil Murphy signed into law his state’s own sports betting bill.

Gov. Murphy, in a tweet, wrote:

“[We’re] finally making the dream of legalized sports betting a reality for New Jersey. This is the right move for our state and will strengthen our economy.”

Sports news site ESPN reported that the states of Mississippi, New York, Pennsylvania, Rhode Island, and West Virginia are edging very close to legalizing their own laws on sports wagers. Meanwhile, the GamblingCompliance report predicts New York to overtake Nevada to become the largest sports betting state by 2023. In contrast, California, Florida, and Texas are projected to be left behind because of lobbying and legal obstacles present in those states.

| Related: SCOTUS: Law Banning Sports Betting Unconstitutional

1xBit Live Gaming Cup Play with Cryptos

LATEST CASINO NEWS & INTERVIEWS


News

5 Ways You Can Enjoy ‘Crazy Time’ by Evolution Gaming Using Bitcoin

July 7, 2020

Evolution Gaming surprised the iGaming world with its groundbreaking ‘Crazy Time’ TV game show-inspired casino game that you can enjoy in Bitcoin casinos.

5 New Flaming Slots at Ego Casino

July 6, 2020

Made by some of the best software providers, these slots are filled with the best aspects of gambling. Ready for an unforgettable adventure at Ego Casino?

New Blueprint Gaming MegaWays Slots You Can Enjoy in Bitcoin Casinos

July 6, 2020

Ted: MegaWays slot and Wish Upon a Jackpot: MegaWays slot join the rich portfolio of games featured in Bitcoin casinos powered by Blueprint Gaming.

Interviews

Interview with Gregor Rozic, Sales Manager at GameART

July 7, 2020

We’ve had the opportunity to talk to GameART Sales Manager Gregor Rozic, who has 10 years of experience in online gaming on casino and poker content.

Interview with Magnus Leppäniemi, VP of Marketing & Head of Esports at Esports Entertainment Group

June 30, 2020

We had the opportunity to talk to Magnus Leppäniemi, VP of Marketing & Head of Esports at Esports Entertainment Group and member of Vie.gg Advisory board.

Interview with Elise Cray, Marketing & Operations Manager at iTech Labs

June 23, 2020

We talked to Elise Cray, Marketing & Operations Manager at iTech Labs, in charge for Online Gaming systems certification and Quality Assurance testing.

CHOOSE CASINOS NOW
Your Message
LEAVE A MESSAGE
RESET PASSWORD

Please enter your email address:

LOGIN TO BBC
No account yet? Register here
Forgot Password? Click here
JOIN US NOW
Already have an account? Login
Forgot Password? Click here