It’s no secret that sports betting is popular around the world. For years, people in Europe, Asia and in some parts of North America have been able to bet legally on single game sports. It was difficult to truly gauge the potential of the sports betting market, though, because some of the world’s largest regions — including Canada and the United States — outlawed the practice, for the most part. That changed recently, as the U.S. put the power of deciding sports betting legislation in the states’ hands, and Canada is pushing for legalization of single game sports betting, too. All of this is adding up to a huge potential market for sports betting. In fact, in the U.S. alone, industry experts predict that the sports betting market will be worth roughly $7 billion to $8 billion by 2025.
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U.S. market is growing quickly
The predictions for the future of the U.S. sports betting market were made at the NYC Sports Betting Investor Summit, which was held recently. It’s been a little more than a year and a half since the U.S. Supreme Court overturned a law that banned sports betting. This made it possible for all states to legalize sports betting in whatever form they choose. As of now, 14 states have legalized the practice, and more are working on it.
Morgan Stanley, an investment firm, predicted sports betting in America would generate approximately $7 billion in revenue in the next five years. That number is larger than the $5 billion the firm predicted only one year ago. The prediction is based on expectations for how many new states could join the fray and legalize sports betting in some form. If all states legalize the practice, Morgan Stanley said the total market in the U.S. could reach $15 billion by 2025.
In total, the predicted $7 billion in revenue would represent a little less than 20% of all revenue from commercial casinos in the U.S. as of 2018. It may be a small number overall, percentage wise, but it’s still brand new revenue most of these casinos didn’t have two years ago. Try your hand at sports betting at the online sportsbook below.
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There are still kinks to work out
Not everything has been rosy for sports betting in the U.S. so far. Various companies flocked to New Jersey and other states where sports betting was legalized, and it’s not certain that all will survive long-term. The simple fact that there is so much competition has meant that companies have been forced to spend heavily on marketing and promotions to attract new customers to their sportsbook over their competitors’.
As Seth Young, the CIO for PointsBet, said: “It’s a war out there. At the end of the day, there’s going to be a lot of carcasses out there on the road.”
For sports bettors, one frustrating aspect of sports betting in the U.S. has been the hurdles they’ve had to overcome to deposit money in their accounts. While sports betting may be legal in some states, not all major credit card companies are allowing online transactions to sportsbooks or gambling in general. This has meant that while 80% of sports betting transactions in Europe are done via credit card, only 30% in the U.S. have been done that way so far.
While this and other hurdles are sure to abound in the future, there are plenty of positives for sports betting in the U.S. so far to show Canada that the same could happen for them. To get in on the sports betting action, check out the online sportsbook below.
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