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The Business of Sports Betting – Why Is It on The Rise?

Sports Betting
Sports Betting

The U.S. sports betting market has been expanding steadily since 2018 when the government uplifted the federal ban on online wagering. 

6 Reasons Why Sports Betting Business Is Booming in the USA

The latest significant expansion occurred in 2021 when 11 more states appeared on the sports betting map. So, one can now legally bet in 30 states, plus Washington D.C. 

The primary reason for this growth is that more and more states see online gambling as a steady revenue source.

North Carolina, Massachusetts, Florida, and Georgia will soon join the legal betting club. The state of New York greenlighted online gambling in January 2022, and its revenues soared to over half a million dollars by the end of the month. 

Interestingly, the states of Tennessee and Wyoming only accept mobile bets. 

1. Sportsbook apps make wagering easy

The country’s biggest sportsbooks have developed state-of-the-art mobile apps in a bid to attract young bettors, and it seems their efforts are paying off.

Since 2018, the number of occasional bettors aged 21-30 has grown by a third. 

This number will soar further as young Americans want to be part of the action in the most significant NFL, NHL, and NBA games by placing various live bets.

2. Live bets make you part of the action

The big players like FanDuel, Caesars, and BetMGM have struck partnership deals with big sports franchises across the country because the hottest sports events attract millions of viewers and almost as many bettors. 

Some sports channels encourage viewers to try their luck by running odds across the screens during the match.

3. Regular promo offers

Bonuses and promo codes also play a massive role in the industry’s recent growth. The latest DraftKings sportsbook offer is almost irresistible: deposit $5 and get $1,000 in free bets!

Not surprisingly, Americans wagered over $4 billion on last year’s Super Bowl game, considered by many the greatest NFL game in history. Analysts predict that the online betting market could exceed $40 billion in ten years.

4. Fast registration

Today, it’s easier than ever to open an account with an online sportsbook and start wagering. That’s yet another reason why sports betting’s popularity is rising across the U.S.

Gone are the old days when one needed a credit card to fund their online sportsbook accounts. Websites now accept more than a dozen of different payment methods.

For the time being, only three big sportsbooks in the U.S. accept crypto deposits: BetUS, BetOnline, and MyBookie. Considering how the crypto market is doing, their number isn’t expected to increase.  

Fast and secure withdrawals also add to online sports betting’s increasing popularity among young Americans. 

Once the sportsbook verifies your banking details, your winnings take 24-48 hours to show up in your account.

5. California braces up to legalize sports betting 

The market will further expand in November 2022, when California may draw a road map to legalize online gambling. Visitors and residents of The Golden State can now place bets at tribal casinos and race tracks. 

The states that have already legalized online gambling are working to lighten up the license application procedure. 

Even so, it will be a while before small newcomers are able to withstand the competition of online sportsbooks associated with land-based casinos.

6. Retail sportsbooks are still strong

Online bets accounted for less than 5% of the 2021 gross gaming revenue in the U.S. Eight states are yet to legalize online sports betting.

Bettors in Delaware, Wisconsin, Mississippi, New Mexico, North and South Dakota, North Carolina, and Washington can visit physical sportsbooks and racinos. There, they chat about sports and wager a few dollars on their favorite team or horse. 

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