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The Lucrative Business of Online Sports Wagering in the United States

Legalized sports wagering in the United States – once restricted to Nevada – has gone completely mainstream… almost. Following the inception of the industry’s expansion when the Supreme Court removed federal bans in 2018, countless U.S. states have legalized gaming activity. A multibillion-dollar sector has been let loose. More money is bet on sports in New Jersey than in Nevada. And California, a state with the potential to topple them all, is awaiting a vote on legalization. 

With the expansion of online wagering continually progressing, the outer limits that previously parted gambling from sports media and pro sports leagues are evaporating. Digitalized media with sports betting apps have made life simple, and bettors can utilize their mobile devices to wager. This gives the industry a huge advantage throughout America and is a menace to the original business or brick-and-mortar casinos and establishments. In addition, the online world of wagering in the U.S. has barely started; the industry is assured to witness a frenzied growth in the years to come. 

Today’s online sports betting landscape is already off to an incredible start – the money and areas are muddled, and the continuous partnerships created between gambling establishments, sports leagues, and media channels are assisting in an exponential online wagering boom. 

To understand the significance, you have to compare the figures from the past. Sports bettors wagered $310 million in June 2018, but in October 2021, $7 billion was gambled. 

Historically, sports wagering was nothing more than casino addition. But these casinos would often generate the majority of their profits from roulette, slot machines, blackjack, poker, and various other table games. Sports betting is becoming the core of gambling profits in today’s era. Goldman Sachs Group Inc. anticipates the online betting market could surpass $39 billion in annual revenue within the next ten years. And with a helping hand from the Covid-19 pandemic, online wagering assisted this market with a significant boost. 

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A bigoted approach spread the belief that betting was sinful. History in the United States would keep this sentiment despite the hypocritical advancements of state lotteries and legalized casino gambling. However, times are changing, and gambling is omnipresent worldwide and finally in the U.S. 

Available betting odds can be seen on our TV screens throughout sporting broadcasts. Pro teams and sports leagues have built direct relationships with the most prominent gambling establishments. Media and entertainment associations – including the likes of Disney – have engaged in deals and left an open door. 

Mobile gambling is now the most preferred method for sports bettors to place their bets. Practically everybody has a smartphone now where you can download the majority of apps. Sports gambling companies are trending towards double digits in billions of profit this year, and if stubborn states like California join the market, these profits will soar to exceptional heights. 

 The state of California owns the potential to become the biggest draw in America’s exploding sports betting market. 

Smaller states such as Arkansas – which is one of the most recent provinces to legalize online wagering – are proof of how culturally and populous-domineering areas like California could take advantage. 

The initial month of online sports betting in Arkansas received a considerable number of sports bets. Casinos in Arkansas that offer online wagering witnessed a near $3 million raise in the month of March when compared to February’s figures. The case of established sportsbook Caesars in Arkansas did exceptionally well in their debut month. 

With the added benefits of promo codes and bonuses that most casinos can’t match, the well-experienced Caesars sportsbook will be challenging competition for local casinos unless they can establish a partnership. 

The number of states following Arkansas’s footsteps continues to grow, and most of America has done so since the Supreme Court cleared the legalities in 2018. However, despite significant interest from national industry characters, California hasn’t. 

California natives are praying this will be altered in late 2022, when voters will gather in November with hopes to succeed in entering the industry. 

“California is the holy grail of U.S. sports betting markets,” said Daniel Wallach, an advisor for burgeoning sports wagering states. “This will be a half-a-billion-dollar battle for control of the most lucrative betting market in the world.” 

 Currently, 33 American states and Washington D.C. have made a move to legalize sports betting, allowing the industry to provide billions of dollars in revenue once they’re in full operation. After two decades, the vast growth came when Congress authorized Nevada a monopoly on athletic wagering in America. 

Should California legalize it, sports wagering will undoubtedly stem into every region of the U.S. “Many people basically think the rest of the country will legalize it if California does,” said John Holden, an Oklahoma State University professor. 

The problem is California is the power plays. Horse tracks, card rooms, Native American casinos, and established operators like DraftKings and FanDuel seek authority in a market that could potentially evolve into America’s most extensive online sports betting market. 

The power struggle puts platform leaders like FanDuel and DraftKings against state tribes who’ve highlighted their ascendancy is at stake. 

Native American tribes had already confirmed a ballot that allows sports wagering on tribal land when foreign gambling companies arrived, putting forward $100 million for a push that would enable them to have authority in any online wagering activity. The same measure is anticipated to pass in November in a further reach for control of online betting that has become the essence of all the gambling disputes in California. 

It’s not complicated to understand why online wagering has been a critical concern for the parties involved; for every $100 bet on sports, $80 or $90 are placed with online sportsbooks. People have adopted the practice of placing bets online instead of visiting a local bookmaker or casino for a plethora of reasons, including price, convenience, and traveling.   

Red Note: 3 June 2022

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