In the recent NCAA men’s basketball tournament, bettors across the nation legally placed nearly $5 billion in betting. This number was way beyond the bets of the last Super Bowl. The difference in the numbers has taken the gambling industry by storm, and that too a good one.
Analysts of the market are predicting that the surge will continue for a while. All this could happen because the states have started accepting sports betting. Presently, almost 40 states have legalized sports betting or in the process. Statistically, approximately 74 million Americans have entered the legal market since 2019.
Sports Gambling market
The U.S. sports gambling market is progressing, yet the rate at which it is rising isn’t steady. For instance, Flutter Entertainment claims to be $25 billion by 2025, whereas states like California and Texas are still battling political hurdles. However, since New Jersey revealed that a total of $118 million from sports gambling is collected as revenue in 2018, other states have started stepping up. For the past four years, New Jersey has collected more than $118 million in sports gambling-related taxes. The pandemic has posed several challenges to the American economy, and many see legal sports betting as having the potential of bringing in millions.
Major factors that rule the sports betting world are the key components like teams and platforms for betting. Mobile betting has provided a convenient environment for betters.
Apps for sports betting are user-friendly and offer live wagering offers. These wagering offers are both before the match or in-game wagers. Live wagering features adjusted odds as a game or event unfolds. These factors have contributed to the unprecedented rise of the sports betting industry.
Not too long ago, the NFL refused to run a Las Vegas tourism television ad during the Super Bowl because of its firm anti-gambling stance. But currently, television Networks like ESPN and Fox Sports are producing betting-centric shows.