According to research firm Bernstein, the online sports betting market in the US can be worth up to $ 23 billion, double the annual revenue of Las Vegas casinos.
Reuters news agency (UK) reported that the online betting sites have faced strange situations in the US. The US Supreme Court of 2018 allows states to legalize sports betting. However, the federal Wire Act restricts gambling by state. Only a few states have an opportunity for online sports betting like New Jersey, Pennsylvania and Delaware.
And these states have reaped the benefits. Sports betting in New Jersey grossed $ 4.1 billion year-to-October and online betting made up more than 90% in October. Sports betting, as well as other forms of home entertainment, attracted Americans during the blockade because of the COVID-19 epidemic.
Predicting many other US states will also “jump into” this field when the tax rate on online betting is often higher than 10% and is growing strongly. For a country with a large fanbase of football, basketball and baseball, online sports betting is still more acceptable than online casinos.
Massachusetts is considering adding online sports betting to the state’s economic development bill. Ohio and New York have made similar moves.
Dublin-based betting company Flutter Entertainment has invested $ 4.2 billion to increase its stake in American sports betting site FanDuel. Flutter Entertainment praised the US as “the market with the greatest opportunities available today”.