Why Sports Betting In The U.S. Will Continue To Blossom

The online and mobile sports betting industry in the United States has been a giant success and money-maker across the country, with nearly 30 different states legalizing a form of it.

Back in 2018, the Supreme Court of the United States ruled that the Professional and Amateur Sports Protection Act of 1992 (PASPA) was a violation of the country’s Tenth Amendment. 

The PASPA had barred sports betting from taking place in most parts of the nation, but the SCOTUS’ ruling meant that all 50 U.S. states could legalize it if they so desired. Soon after the historic ruling, the states of New Jersey, Delaware and Mississippi launched mobile and online sports betting.

There are several states that could soon legalize sports betting as well, including Ohio and Kansas. The expectation is that Caesars Sportsbook in Ohio goes live by Jan. 1, 2023. Other sportsbooks that would likely go live In The Buckeye State include FanDuel, BetMGM and DraftKings.

If it launches, residents of Ohio would be able to bet on the state’s many professional and popular collegiate teams. This includes the Buckeyes’ football team, the NFL’s Cleveland Browns and Cincinnati Bengals, the NBA’s Cleveland Cavaliers, MLB’s Cincinnati Reds and Cleveland Guardians as well as the NHL’s Columbus Blue Jackets.

Regarding Kansas, there is optimism that the state will launch legal mobile and online sports betting by the fall of this year. That would fall in line with the start of the college football and NFL seasons.

On the north side of the border, the Canadian province of Ontario launched mobile and online sports betting in April. Ontario became the first Canadian province to launch it, and perhaps more will soon follow.

With more states likely to legalize sports betting by the end of the year — or by the first quarter of 2023 — it’s safe to say that the industry will only continue to flourish over the long run.

2021 Was A Record Year For Sports Betting In USA

According to data from the American Gaming Association, several records in the U.S. sports betting world were set in 2021.

According to the American Gaming Association, 2021 marked a mammoth $53.03 billion total in annual commercial gaming. It was noted that this was “a 21.5 percent increase from the previous high in 2019.”

Unsurprisingly, the Las Vegas Strip led the way with a 2021 revenue of $7.05 billion, according to the data. The Atlantic City market in New Jersey was a distant second with a revenue of $2.57 billion.

The Chicagoland market in Illinois was a close third with $2.01 billion in revenue, followed by Baltimore/Washington DC ($2 billion). In all, nine markets generated at least $1 billion in revenue — and 15 surpassed the $800 million mark.

2020 was greatly impacted by the COVID-19 pandemic, as were large portions of 2021. So we shouldn’t be surprised if 2022 turns out to be a much bigger year for online sports betting in the country, especially with more states on the verge of legalizing sports betting.

Sports Betting Boom: Look No Further Than New York

Though plenty of states legalized and launched mobile/online sports betting well before New York, the Empire State alone is a prime example of how much the industry can take off in any given part of the country.

The state of New York launched sports betting in January of this year. In February, Gov. Kathy Hochul announced that New Yorkers placed close to $2 billion in mobile sports wagers within its first 30 days of launching.

New York puts the tax revenue from sports betting towards good causes. The money goes towards supporting youth sports programs, education, property tax relief and gambling addiction services.

New Yorkers have since placed more than $6 billion worth of sports bets since it launched in January. Keep in mind that the 2021 NFL season was in the final weeks when sports betting went live in New York.

The 2022 NFL season will commence in September, so New Yorkers will be able to place wagers on the Giants, Jets and Buffalo Bills throughout the course of the year. Given how popular football is in The Empire State, one can only imagine how much more sports betting will surge over the final quarter of the year.