Wagering on sporting events, and in particular mobile sports betting, is a popular hobby throughout the country but as each state moves forward with its legalization and launch, it becomes clearer just exactly how many Americans bet on sports. Sports betting is seen to be a $150 billion industry, and this is assumed to be a conservative estimate. An article from Legal Sports Betting said that roughly 50% of US residents are projected to live in a state that has launched legal sports betting by the year 2024. As of now, over a quarter of US residents live in a legal sports betting state and this number is expected to rapidly jump if and when one or all of the three most-populated states (California, Texas, Florida) legalize their industry.
Another article, this time from Bloomberg added: “Legal sports betting in the U.S. — once confined to Nevada — has gone mainstream. Since the Supreme Court in 2018 ended federal bans on the industry’s expansion, dozens of states have legalized it, and a multi-billion dollar betting boom is afoot. More money is now wagered on sports in New Jersey than in Nevada. California, which may become the biggest market of all, will vote on legalization next year.
For decades, sports betting was an add-on at most casinos. It added to the flavor of the place, but the real action (and revenue) was at slot machines, keno, roulette and other table games. Now, betting on games and mobile sports betting is surging. Goldman Sachs Group Inc. predicts the online market could reach $39 billion in annual revenue by 2033 — up from less than $1 billion today. Digital betting has been behind this surge. Like many online activities, it got a huge boost from the Covid-19 lock downs.” Active Companies in the markets today include Champion Gaming Group, Genius Sports Limited, DraftKings, Penn National Gaming, and Roblox.
The Bloomberg article continued: “As betting expands, the boundaries that once separated gambling from sports media and professional sports leagues are disappearing. Digital apps make mobile sports betting possible, which gives it a foothold across America and threatens the business of brick-and-mortar casinos. And this is only the beginning; the industry is poised for explosive growth.” Legal Sports concluded: “Football is the most popular sport in the United States, and consequently, it sees the largest influx of sports betting fans every year. The Super Bowl and NFL season alone outperform every other sport for sports betting operations each year, with college football events also seeing massive action at online sportsbooks.
Those betting on the NFL are typically active week to week, meaning steady action for the sportsbook operators. An estimated $100 billion is wagered at licensed sportsbooks during the NFL season, with billions wagered on the Super Bowl LV alone in the US. While not as popular as the NFL, NCAA College Football games still generate hundreds of millions for sportsbook operators throughout the year. The American Gaming Association predicted more than 45.2 million Americans bet on the 2021 NFL season and expect a further increase in 2022.” You can read more on the growth and popularity of mobile sports betting here.
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