The U.S. sports betting markets have a new record. This is due in part to last year’s Supreme Court rulings allowing betting in more US states, the handle for all online sports betting has seen a $1.4bn rise.
Both public perception and political will have also become more acceptable as a major drive in sports betting. But as the industry is expanding rapidly, some players in the industry are going to fight.
September saw a whopping $1.4bn rise in legal online sports betting markets in the US. And with Nevada being the US’s biggest betting market, it took 40 percent of those profits.
The U.S. Supreme Court broke down long-standing federal sports betting prohibitions in May 2018. As a result, some types of legal sports betting have been adopted by some 14 states. A controlled market is now being offered by Illinois, Montana, New Hampshire, Tennessee and North Carolina.
Only this September Indiana joined them. Keep in mind that sports betting in all but four jurisdictions has been prohibited until now. Morgan Stanley is predicting that betting on sports will produce around $15 billion by 2025 if all Sates are legalised.
The take is on the up and up due to sports betting firms like Pokerstars gaining more media support. The overall handle was $6.6 billion last year. This year, September has already surpassed it at $7.8 billion. Public recognition has also helped things. Now, the major professional leagues in the United States are overcoming their previous opposition.
As a growing industry, all of this has helped cement sports betting. MGM Resorts and Hard Rock executives are all forecasting sports betting markets could pull in about $8 billion in 2025. By then, all 50 states are hoping to be on board.