(MENAFN- SW Growth AB)
Eleven states in the United States are set to launch betting operations in their territories in 2021 – Arizona, Connecticut, Florida, Louisiana, Maryland, Nebraska, North Dakota, South Dakota, Washington, Wisconsin and Wyoming. Eight of them are waiting for a further protest from sports gambling regulators, two are awaiting a statement from the native tribes, who will have the opportunity to work with sports betting, and Washington state is just waiting for the first bet to be made. . – which should occur in the fall in the United States.
In addition to the eleven mentioned above, the betting market is legal in 22 other US states. Of course, the most famous place in Nevada – where the city of Las Vegas has become a tourist destination due to luxurious casinos, gambling possibilities and important sporting events – is also motivated by gambling. online gambling OLBG.com has already revealed the legal and most relevant aspects US online casino sites.
The United States predicts that the betting market alone will move around $ 4 billion (R $ 20.7 billion) in 2021. The estimate was made by specialist research firm Eilers & Krejcik Gaming.
The North American betting market has always been strong and has achieved impressive numbers. But starting in 2018, it exploded after the federal decision that allowed other US states to legalize gambling in their territories. Before that, only Nevada had this authorization.
Online sports betting can make New York the largest legal market in the United States
New York could become the largest legal sports betting market in the United States, capable of generating $ 20 billion a year in betting, if Governor Andrew Cuomo implements his proposal to legalize the activity in the state, according to PlayNY, which provides news and analysis of the New York gambling market. But the state may fall short of that potential if mobile sports betting is administered as a monopoly by the New York State Gaming Commission.
“There is no doubt that New York would almost immediately become the crown jewel of the US legal sports betting market. The devil is always in the details, but opening up a market that could be worth over $ 20 billion a year in betting can be a watershed moment for the entire industry, ”said Dustin Gouker, chief analyst at PlayNY .com.
“On the other hand, a state monopoly, like the one proposed by Governor Cuomo, would be a mistake that could limit the cap for New York forever,” Gouker added.
With an open market like New Jersey, New York can generate over $ 1 billion in gross gaming revenue per year from over $ 20 billion in gambling, according to PlayNY projections. While the tax structure has yet to be decided, if taxed the same way for retail sports betting, it would generate over $ 100 million in tax revenue per year.
A report by gaming researcher Eilers & Krejcik Gaming in February 2020 estimated that New Yorkers had bet $ 837 million on New Jersey in 2019.
“Mobile sports betting will undoubtedly attract billions of bets to New York City, and it’s easily one of the most valuable markets that has yet to be legalized,” said Eric Ramsey, analyst at PlayNY.com . “It’s going to be a big deal no matter what, but the Cuomo plan has a chance to significantly lower the cap on potential income.”
Several states have structured their online sports betting operations as a state monopoly. States like New Hampshire, which hired DraftKings to operate the state’s online sports betting site, have signed up with major sports betting brands with positive results. Others, such as Montana, Oregon, and Rhode Island, directly handle online sports betting. Typically, this translates into removing control from a state by an average of 50% of market potential, according to PlayNY research.
A state-run bookie allows it to capture a larger portion of gross gaming revenue, making it attractive to state governments. But a monopoly wouldn’t do much to help the plight of New York racetracks and retail casinos. And bettors end up with fewer options and less attractive promotions, among other issues.
The future of sports betting around the world
The future of sports betting around the world lies in in-game betting. Another term for this phenomenon is micro-betting. Sports bets interspersed with real-time statistics for each game provide this data to bettors. With bets on things like individual batting results. Total points or assists for a basketball player. And which team will score a touchdown on their next shot?
The possibilities associated with micro-betting seem endless. All of this equates to an increase in sports betting income across all industries. And for more people who watch sports around the world.
Another of the many sports betting trends is live streaming. Live streaming increased by 50% during the coronavirus pandemic due to social distancing regulations and full and partial blocking. All over the world people have had to stand still. It has become a gold mine for tech companies in the sports betting arena.
Legal warning: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility for the accuracy, content, images, videos, licenses, completeness, legality or reliability of the information contained in this article. If you have any complaints or copyright issues related to this item, please contact the supplier above.