The sports betting sector is a big deal, with this niche accounting for much of the entire gambling industry.
Indeed, it is an activity that is incredibly popular with millions and millions of people all around the world, with many enjoying the fact that they can place a wager on their favorite sports, teams, and sporting stars to further enhance their passion and viewing entertainment.
Sports betting has been incredibly popular across Europe and Asia for decades, with the industry continuing to grow in popularity for various reasons, however it has since begun to emerge in the United States at a rapid rate.
Naturally, some have started to query whether the market will become the biggest in the world, and there are several factors that would suggest it has every chance in doing so. We explore those factors in this article and suggest why the U.S. has the potential to become the biggest sports betting market on the planet below!
Legalization of the sports betting industry
As mentioned, Europe and Asia are perhaps known to be market leaders when it comes to sports betting, with the gambling activity having a strong history within many of the countries in those continents, as well as a strong affinity with individuals.
However, America could be about to overtake as a market leader, especially since the decision in 2018 by the Supreme Court to legalize sports betting within the country following a case that New Jersey had argued before the nine seated justices.
Indeed, since the ruling that saw the old federal law disbanded, several states have since decided to act and introduce their own legislation that has since allowed residents and visitors to those that have permitted the activity to legally participate in wagering.
Unsurprisingly, there have been several instances where states have been able to create records in terms of the revenue that they have been able to generate, with Pennslyvania continuing to show strong results and eclipse previous records that they have been able to make.
There are still a number of populous states in the country yet to make a decision – California, and Texas – whilst Florida continues to flip-flop regarding what the legal status of sports betting is, therefore there is still a huge amount of potential for the U.S. market to grow and become the biggest in the world, even if states such as Hawaii, Idaho, Vermont, and Utah do not appear to have any plans or desire to embrace it in the future.
Newer payment methods are being made available
Another reason why the U.S. sports betting market could grow to become the biggest in the world is due to the variety of payment methods that are being made available to use, with newer options continually being added by sportsbooks and operators nationwide.
Indeed, there are a number of betting sites accepting PayPal now as they have made it easier for customers to deposit funds into their accounts, whilst some are also embracing newer payment technologies in order to get new players on board.
For instance, there is the possibility to use cryptocurrency at some operators as they have started to acknowledge how popular this payment method is, although it is a method that is still not as widely accepted as digital wallets like PayPal.
New betting apps
Additionally, the level of accessibility and convenience has been made even better for players who wish to participate in sports betting activities via the use of new betting apps that have been brought to the market.
Punters are now able to download their favorite apps straight to their smartphone or tablet devices and enjoy a betting session whilst on the move. Of course, the introduction of these apps will mean a wider audience is targeted, thus allowing for the U.S. sports betting market to grow and potentially become the biggest in the world.
Sportsbooks creating partnerships with leagues
Given the emergence of legal sports betting, it is hardly a surprise to see so many sportsbooks looking to deploy several different marketing tactics to give themselves as much exposure as possible to attract new customers.
Many will have used conventional methods including TV commercials, however there are several operators who have managed to become the officially licensed sportsbook for certain sports leagues around the country.
Indeed, the NFL has partnerships with several sportsbooks, as do the NBA and the NHL, thus perhaps highlighting just how big the U.S. sports betting market could potentially be in the future.
Can the U.S. sports betting market become the biggest on the planet? There is every chance that it could give the factors mentioned above, and it really would not be a surprise if it were, either, as it seems to be on its way already!