The snowballing of digitization has engendered mobile devices and the internet to transcend into dominant avenues for bettors trying to access the burgeoning global sports wagering market.
The casino industry bears testament to a novel phenomenon of a shift to computer or smartphone sports wagers that constitute 90% of every sports action occurring in a span of the next ten years, as reported by the East Coast Gaming Congress.
Yet another report by The Grand View Research states that the online sports betting market will escalate to an enormous $102.97 billion by 2025, accompanied by an 11.5% CAGR from 2019 to 2025. Therefore, the wave of the future is the avant-garde mobile sports betting.
The Changing Pattern
Two years after a milestone decision by the United States Supreme Court has revolutionized the relationship between sports leagues and the gambling industry. The federal statute termed as Professional, and Amateur Sports Protection Act of 1992 had limited regulated sports betting to chiefly Nevada for the past 26 years before being deemed unconstitutional.
Since the lionized striking down of PASPA by the Supreme Court in May 2018, a colossal $20 billion has been wagered using US sportsbooks. Twelve states in the US have endorsed online sports betting, comprising Tennessee and Virginia, that confers the sole option of online betting. An approximate 84% of wagers were placed online out of the $4.6 billion flutters with New Jersey sportsbooks in 2019.
The significant players in the US gambling industry are also undergoing metamorphosis. The gargantuan shares in the New Jersey market have shifted from the grasp of traditional gambling companies like MGM Resorts and Caesars Entertainment to Fan Duel and DraftKings, who etched their prominence through fantasy sports, who are now established, bookmakers and online casino operators.
Online Sports Market in the UK
The world’s first sports betting exchange was actualised in the UK. Bettors place wagers in an online betting pool instead of a fixed-odds system. If the online casino is licensed under the UK Gambling Commission, then the gamblers are showered the benefit of legally wagering on sports events.
The most popular variants of sports for betting include football, tennis, and horse racing. Considering only football, the revenue generated amounts to €450 million, with sports betting revenue contributing half of the online casino revenue.
Online Sports Betting in the US
The various states that allow sports betting include Nevada, Mississippi, New Jersey, New Mexico, West Virginia, and Delaware. According to the American Gaming Association, Americans illegally wager $150 billion annually in sports betting. Another restriction placed in sports betting is the restriction of placing flutter on single games.
The law that banned sports betting nationwide, PASPA, was made unconstitutional in 2018, enabling individual states to carve their own rules regarding sports betting in both online and offline platforms. This landmark judgement ushered an added $9 billion by the legal sportsbooks in the US.