According to comprehensive reports done by ICE Sports Betting USA, H2 Gambling Capital, and iGaming Business, sports betting in the USA will reach a revenue of more than $ 8 billion by the year 2030.
Sports Betting in the USA Will Reach More Than $ 8 Billion
H2 has done some serious research on the betting industry. It has concluded that there has been a rapid development of the gambling market since PASPA (the Professional and Amateur Sports Protection Act) was struck down. One year after that historical date, an estimated amount of $ 9 billion was placed in legal bets.
This result means that the betting companies generated a win of $ 600 million, thus allowing the US market to double for a period of 12 months. H2 is confident that by 2024 the market gross win will reach $ 6.02 billion, and by 2030 it will reach $ 8.42 billion.
The Future of Illegal Sports Betting
H2 believes that it won't be possible for illegal betting to disappear in the near future completely. This cannot happen as legal betting only accounts for around 4 % of betting gross win done offshore. H2 points out that there have been only a few legitimate, regulated operators that have been launched in comparison to the widespread illegal market.
However, H2 hopes that if the gambling operators, the legal regulators, and the sports leagues work in close collaboration, they will manage to deal with illegal betting and eventually channel customers to legal gambling. Even with these joint efforts, it is not expected legal betting to outgrow illegal gambling by 2030.
The Perspective of On-The-Go Technology
The future of US sports betting lies in mobile tools and the internet. According to a report of the Associated Press, the leaders of the betting industry will change to online sports bets. It is expected that in the next ten years, online sports bets will be accountable for 90 % of all sports betting events.
We can already see the shift to online sports betting. In recent years New Jersey has earned $ 3 billion in the form of sports bets, most of which were made online. Some companies as DraftKings and FanDuel, which were initially created as mobile applications for fantasy sports players, now control more than 80% of the gambling market in the state of New Jersey.
What Opportunities Should We Expect in the US Betting Market?
Today, after PASPA was struck down, some successful betting operators aim at bringing mobile gambling to customers in states like Pennsylvania, Delaware, New Jersey, Mississippi, West Virginia, Rhode Island, and Nevada in which mobile wagering is already made legal.
Having in mind the increasing number of online hackings, some bettors still find online wagering untrustworthy. Hacking, as well as illegal gambling, can be dealt with only through the collaboration of operators and regulators. One thing is for sure, betting companies can never gain the full trust of consumers until online hackings still occur.