Legal sports betting is now a possibility in 30 states, with more states expected to join in the coming time, which reflects the numbers of people who bet. They have never been higher. In other words, the market exploded in 2021, doubling in size, with a large sum of Americans wagering for more than 52.7 billion dollars last year, which a report from Morning Consult shows.
Legalization plays a big role
One of the more obvious reasons why the sports betting market is now blooming is since online sports betting finally has made it to more states. In 2021 11 new states launched legal wagering, which of course has made it more accessible for more Americans.
More than a third of the U.S. population, around 112 million Americans, can now wager on sports legally, without leaving their home. In New York, sports betting officially became legal on January 8th, and the state immediately received millions of dollars in bets. The available sportsbooks in the State, which are only four, received more than 600 million dollars in bets in the first two operating weeks.
And this is just in one state. If you look broadly at the American landscape, you can see that in a short time, betting has become extremely popular. Nearly 1 in 5 U.S. adults say they bet on sports at least once a month, by the end of 2021. Comparing the results with the same survey conducted at the beginning of the year shows that only 10 percent of U.S. adults reported placing a bet once a month. It’s an increase of 80 percent in just a year.
Estimated to continue growing
The sports betting market is right now experiencing booming growth, and one should not count on that it ends here. Quite the opposite. The market is right now estimated to generate between 7 billion and 8 billion dollars in revenue by 2025, which is a large sum compared with the annual revenue from 2019, where the market as a whole pulled in over 900 million dollars – with less than half of the states having launched a legalized wagering market.
Besides the fact that more and more states are legalizing online sports betting, we also see a small boom in the number of new sports betting operators across the country. This means that there is, even more, to be aware of and navigate around, especially if you’re new to sports betting. The amount of information, including the huge amount of marketing and advertising attracting people to place bets, makes it difficult to create an overview of how the market actually works, and more importantly; which provider one should choose. If you want to learn more about betting, there are luckily great services available that can help you get a hold of it all. Click on the link and learn more.
Advertising does really play a big role when it comes to sports betting, and experts also state that the increase in sports betting across the U.S. is affected by the huge increase in the digital marketing from some of the country’s biggest sportsbooks. More than 1 billion dollars were invested in marketing and advertising – thus, it is important to stay concentrated and not the least updated if you’re considering jumping on the bandwagon and start wagering on sports.
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