The Rising Trend in Sports Betting in the US
Statistics from e-marketer.com forecasts that 7.9 percent of US citizens who use the internet will join sports betting in 2022. This translates to 19 million sports gamblers in the country. Compared to 2021, this will be a 31 percent rise in online sports gamblers.
Currently, the sports betting market in the US is valued at $83.65 billion. Its forecast up to 2030 is expected to record an average of 10.2% year-to-year growth to reach $182.12 billion.
More states are legalizing sports betting
Currently, reports from American Gaming Association show that 30 states have legalized sports betting. Legislation has allowed the states to offer sports betting at both legal retail and online/mobile sportsbooks. More states are already in the process of legalizing sports betting.
Michigan online betting was officially launched in January 2021. Within ten days from the launch, Michigan residents had wagered $100 million in sports betting. By the end of 2021, sportsbook applications in Michigan had recorded a gross of $3.7 billion in the handle. The gross earning recorded was $292.2 million.
Sports betting is a relatively new market
Sports betting has remained illegal in the US for many years. It exploded after the key supreme Court ruling in May 2018. The court struck down the law that banned sports betting. This was the time when many states rushed to legalize sports betting. Some states are yet to legalize sports betting to date.
Although the US gambling market is still new, the citizens quickly embraced the activity due to its convenience and benefits. This is one of the reasons why the market is exploded positively and is continuing to record exponential growth.
The hope that other states will legalize sports betting provides hope that the market will not slow down but will continue to grow. On the other hand, more sportsbook developers are on the rise.
There are more than 80 sportsbooks in the US market currently. They provide more than sports wagering opportunities to sports lovers in the US. This includes other online games such as playing online poker.
Internet and technology are the main contributors to betting growth
The internet has been key to the fast growth of the sports betting sector being experienced in the US currently. Gamblers easily install sports betting apps and begin to place bets on various teams. The apps allow multiple sports bets, deposits, and withdrawals. New technologies are rising fast. It is impacting the sports betting field greatly. It helps enhance online security and provides more sports betting options to US citizens.