The year 2021 will prove to be a dynamic time for the global economy, as Covid has thrown many businesses and industries into unfamiliar waters with uncertain futures. However, the iGaming industry is going through a revival and is predicted to soar within the next few years, with new opportunities for business and entertainment easily visible on the horizon.
With these opportunities, shockwaves are being sent throughout the US, as many more states are proposing new laws related to gambling in an attempt to move the stagnant legislation that currently prohibits many forms of gambling in the US.
In May 2018, the US Supreme Court made a historic decision to legalize sports betting country-wide. Prior to that, the federal ban on sports betting meant that Americans bet an estimated $150 billion illegally every year, and the issue of unregulated gambling remains a hot topic. New Jersey first brought the case to the Supreme Court after long years of advocating for sports betting legalization.
Finally, the federal ban on sports betting was struck down after being ruled unconstitutional, allowing individual states to legalize and regulate their own bodies of sports betting services. Sportsbooks have been opening all over the country ever since.
This is a huge step for the United States entertainment industry, and as more states open legislative doors, brands across the world are showing greater interest in broadening their horizons and pushing into the American market, and British brands are already discussing strategies to enter the U.S. market. In a race to put the best product on the market first, it seems likely that the established gambling brands in the US will either look to partner with or acquire these existing operators.
Bally’s is the latest name to launch an app, as companies try and look for solutions to try and reach as many people as possible according to gamblecolorado.com. The pandemic and the associated lockdowns have meant that more and more people have shown interest in online gambling, and so the use of apps comes as no surprise here.
Projections show that the American sports betting market could be worth $245 billion in just five years, once online sports betting is fully legalized and implemented in all 50 states. The economic projections for the American sports betting market vary wildly, but it’s safe to say all economic projections are looking very promising.
At this stage, the big takeaway is that Americans play on their phones and that they’re mainly into sports betting at the moment. Furthermore, American sports preferences may vary a great deal from those of European players. According to Statista’s research, 77% of bets were made on football, and other research shows that 24% of all bets were made specifically on the NFL.
And now we’re talking about American football, not soccer. In second place we have basketball and horse racing. This is a close draw, and there are conflicting reports. That said, horse racing seems to be the second most popular sport. In third place, we have baseball, followed by soccer and MMA in fourth and fifth place.
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