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US Sports Betting Could Generate Over $12bn Per Year
- September 10, 2015 By Nemanja L. -
While many recognize the huge potential of the United States gambling market, the recent study has shown that the country’s sports betting market could generate huge revenues in the future.
Gambling is currently legal only in Nevada, New Jersey and Delaware, while some other states such as California and Pennsylvania are in the process of passing new online gambling legislations.
Meanwhile, GamblingCompliance has conducted a survey that estimates that US sports betting market could be worth up to $12.4 billion annually, obviously provided that gamers from around the country are allowed to place wagers both online and on the high street.
These figures should give United States government something to think about since said projection would be five times greater than the value of current UK sports market.
Illegal Bets Proving a Major Issue
Bettors across the USA are getting ready for the start of the new NFL season and it is estimated that some $95 billion worth of wagers would be placed on senior and college matches, with just $2bn of this amount to be wagered in licensed Nevada Sportsbooks.
With Nevada being the only state where it is legal to bet on sports, including single-game betting, it is hardly surprising that illegal betting market is still huge in the United States.
New Jersey’s attempts to legalize sports betting have so far been in vain, with the state sued by the professional sports leagues and losing two straight appeals in federal court.
NBA Softens Stance on Sports Betting
At the moment, the likes of Indiana, Minnesota, Mississippi, New York, South Carolina and Texas are weighing up sports betting frameworks, with NBA one of the professional sports leagues that appears ready to reconsider their stance.
There are absolutely no doubts that both individual states and federal government would benefit from a fully regulated gambling market, and it is just the matter of persuading those conservative politicians that the current state of affairs is doing more harm than good.
It is believed that USA gamblers placed some $5.5bn on last year’s Super Bowl through illegal channels, as opposed to mere $143.6 million placed with licensed Sportsbooks, which can give you a clear picture on all the drawbacks of maintaining status quo.