Sports Betting Reaches $10 Billion on a Nationwide Level

2018 was a landmark year for gambling in the US, as the Supreme Court delivered a landmark verdict which gave individual states the power to legalize sports betting if they wished to do. Thus, states had a lot of room to maneuver with specific regulations. Since the decision was made, 13 states have expanded their gaming laws.

While there were concerns about safety, game fixing, and other perils, legal sports betting has so far been a success. The industry quickly reached the 11-digit mark in profits at the end of Q2, with even more states being primed for legalization in the upcoming months. Despite the fact that illegal gambling generates 1500% more revenue, it’s still a move in the right direction.

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Overcoming Legislative Hurdles

It’s not every day that federal legislation is proclaimed to be in violation of the U.S. Constitution. This happened in May of 2018, during the Murphy vs. National Collegiate Athletic Association case. With a landmark ruling, it suddenly became possible for states to modify sports betting-related legislation without permission from the Federal Government. Theoretically, all 50 states can legalize this form of gaming, without particular restrictions.

With the Professional and Amateur Sports Protection Act practically void, many states have passed bills establishing legal sports betting. Even though the $10 billion number seems impressive, it still pales in comparison to two things – illegal gambling revenue and potential legal revenue.

Nevada and New Jersey at the Forefront

One of the concerns which surrounded this seminal judicial ruling was a possible imbalance between the states. This became obvious when the first-year report came in, with New Jersey and Nevada producing 88% of total revenue from sports betting. Thanks to Las Vegas, Nevada’s $5.3 billion profit dwarfs Atlantic City’s $3.5 billion. Why is there such a large margin between these two powerhouses and the other states?

Much of this discrepancy has to do with the lack of online betting, which, for example, resulted in New York missing out on 75% of potential customers. It is believed that many states don’t have the necessary legislative infrastructure to oversee the expansion of gaming. Many experts see this hesitance as the main reason for the unfurling of illegal betting.

How critical is the situation, exactly? According to reports, illegal gambling is an industry that rakes in $150 billion on a yearly level. Bookies still hold a significant advantage over licensed sites because they don’t require players to pay their losses until a certain limit. Despite the risk of being swindled by a bookmaker, gaming outside the law if flourishing. What can states do, then?

Exploration of New Wagering Options

Even though placing bets physically is still mandatory in several states, there are other solutions to help the market grow. Of course, changing several laws and regulations at the same time is challenging, but legislators can agree on small-scale measures to ensure sustainable growth. One such idea is in-play betting.

Already prominent in many European countries, this form of gaming involves placing bets through mobile apps after the game had already started. Players who missed out on wagering before the tip-off would still be able to earn money via various outcomes on a time-centered basis. The possibilities are innumerable, as odds would be created for every betting market.

What is the current state? There is not enough convincing proof for everyone to try in-play betting, but sportsbooks in Nevada have reported it as approximately 20% of their total revenue. However, this can be attributed to the large number of blowouts in the NFL and NBA, but experts predict that the popularity of this market will increase as more people catch on. There is also a lack of information on how much quarterbacks impact game outcomes, in addition to existing variables.

Nearing Legality

In recent years, even outside sportsbooks have taken measures to protect themselves from various accusations. Allegedly, most sites use tools that track each player’s individual bets. Even though they get charged for illegal gambling, it’s possible for them to prove that a player made a bet on purpose.

Experts deem this as the final step before country-wide sports betting.

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