What has changed since the ban was lifted?
Now that the Federal ban is lifted, each state must determine the legal status of sports betting on its own. According to available information, 14 States will legalize sports betting within the next two years. Another 18 are preparing to legalize betting activities in the next 3-4 years. The situation in the other States remains uncertain. As a rule, local legislation that prohibits their activities on a specific territory puts a stick in the wheels of bookmakers.
Native Americans also began to fight for their share of the new market. Not so long ago, one of the “tribal” casinos in new Mexico announced the beginning of betting activities. According to state law, gambling and sports betting are prohibited, but this measure does not apply to Indian reservations. This precedent may give the native American population a good reason to look for loopholes in regional legislation.
Where can I bet on sports?
In addition to Nevada, sports betting has long been available in Delaware, Oregon, and Montana. However, in the form of a lottery. Mississippi and West Virginia foresaw the cancellation of PASPA in advance, allowing betting activities on their territory before the Supreme court’s decision. The same applies to Pennsylvania, but a license worth $10 million and a tax of 36% (4 times more than in neighboring new Jersey) do not attract businesses.
Rhode island in June this year announced that the launch of a regulated sports betting market in the state will take place in October, but later the deadline was moved to November.
New Jersey won the most from the repeal of the Bradley Law. It was the local authorities who were the most ardent opponents of PASPA, eventually achieving its final abolition. Atlantic city is the second gaming center in the United States after Las Vegas, so the reasons for new Jersey’s dissatisfaction with the monopoly granted to Nevada are quite clear. Now the betting market is developing dynamically in the state, the lion’s share of which is accounted for by playing online. For example, the volume of bets made in September was $ 184 million, of which 104 million were made on bets made on the Internet.
Online betting, by the way, is not available anywhere except in new Jersey: even in Nevada, only land-based operators operate. The total volume of bets in turn has almost doubled compared to 96 million dollars in August. In July, this amount was $ 41 million. Growth is expected in October, especially if you take into account the start of the largest North American leagues.
Bookmakers in the US: pros and cons
The greatest concern about the legalization of betting activities throughout the United States is expressed by North American sports leagues. In particular, they are concerned that with the spread of sports betting, the number of match-fixing will also increase. Especially in College sports.
Also, the financial issue remains unresolved. Despite the fact that the legalization of sports betting can bring significant dividends to the leagues, it is not yet possible to agree with bookmakers about specific figures. Teams that want a share of the revenue of local bookmakers also have their own interests. The situation is made worse by the fact that legalization may not affect all States, and therefore some clubs risk being at a disadvantage. The same applies to teams from Canada, where the monopoly on sports betting is held by the state.
The main advantage of legalizing betting activities in the United States is a significant inflow of funds to the Treasury of a state and the creation of jobs. For example, last year, the total profit of the American gaming industry was almost 77 billion dollars. With the legalization of sports betting, this indicator is expected to grow faster.
In General, despite the obvious obstacles, the future of the sports betting industry in the United States looks very bright. Thus, according to the Zion Market Research, which, in particular, analyzes the prospects for the global online betting market, North America was recognized as the most promising market in the world.