This year, more Americans are betting on sports online, with the Super Bowl in 2021 and the NCAA March Madness attracting billions more dollars in wagers than last year’s events.
The American Gaming Association claimed that bettors placed $4.3 billion on Super Bowl LV, making it “the highest single-event legal handle in American sports betting history.” The entire amount of money wagered by bettors is referred to as a “handle” in sports betting. With sites like FanDuel and DraftKings, almost 7.6 million people bet on the game, up 63 percent from 2020.
Meanwhile, more than 47 million Americans have wagered on March Madness, according to the group. Since 2019, the amount of internet bets on the tournament has tripled.
On a global scale, including in the US, the COVID-19 epidemic significantly influenced the gaming industry. This resulted in the shutdown of casinos, gambling venues (such as gambling lounges, taverns, hotels, breweries, etc.), and lottery outlets and the deferral of sports events with betting systems.
The online gambling industry in the United States was valued at USD 2,178.29 million in 2020, and it is anticipated to grow at a CAGR of 17.34% over the forecast period (2021-2026).
Experts believe that two phenomena are driving this expansion. For starters, sports betting is becoming increasingly allowed in more states. Second, during the coronavirus pandemic, which has compelled hundreds of millions of people to stay at home, online sportsbooks have grown in popularity.
“The pandemic had a lot to do with Americans not going to physical locations anymore,” said Casey Clark, the gaming association’s senior vice president. “You weren’t attending in-person sporting events or brick-and-mortar sportsbooks [where gamblers may wager on various competitions],” says the author.
The Supreme Court’s Decision Unlocks the Floodgates
A 2018 Supreme Court verdict that threw down a federal rule prohibiting betting on football, basketball, baseball, and other sports was another game-changer. The judgment states the green light to legalize sports betting. Many jurisdictions jumped at the opportunity.
Sports betting legislation was crafted and passed in Arkansas, New Hampshire, Indiana, and other states in 2019. According to Clark, this legislation went into force in 2020, kicking off the current sports betting boom. Sports betting is already legal in 25 states, with another 16 exploring similar legislation, including California, Massachusetts, and Ohio.
“Gambling is now allowed in more than 100 million people’s homes,” Clark added. “That was only in Nevada less than three years ago.”
The Popularity of Live Casinos Is Growing in the USA
Due to the country’s strict rules, the brick-and-mortar casino sector is still in its infancy in the country. Software companies such as Evolution Gaming and Ezugi, on the other hand, have been awarded licenses to offer brick-and-mortar casino games in NJ.
As a result, global businesses are heavily investing and entering this industry to expand their regional footprint and consumer base. For example, Evolution Gaming’s first brick-and-mortar casino studio debuted in Vancouver in January 2018. Blackjack, American Roulette, Slingshot Roulette, and Baccarat are among the games available at the New Jersey studio’s ten tables.
In addition, Evolution Gaming has agreements with PokerStars Casino New Jersey, Ocean Resort Casino, and 888casino, among others. Apart from important players, software companies pursue coalitions and accessions as a crucial strategy for achieving consolidation and optimizing their services. Evolution Gaming, for example, bought Ezugi, a brick-and-mortar gaming provider, in January 2019. Caesars even bought William Hill and opened in the Michigan market. Bovada, BetOnline, Ignition Casino, MyBookie, The BoVegas Cashion, and 5Dimes are just a few of the well-known operators that offer brick-and-mortar casino games.
While the United States continues to lag behind its northern neighbor (Canada) in the online gambling casino stakes, it is making strides to catch up. The fragmented nature of the United States’ legislative system is the fundamental reason for its tardiness.
Despite the fact that online betting is legal under federal law, several states prohibit it.
More than a dozen states have authorized online gambling, with a few others imposing severe regulations and others outright prohibiting it.
The wind, on the other hand, appears to be blowing in one direction. The Professional and Amateur Sports Protection Act of 1992 was overturned by the US Supreme Court in 2018, ending the government’s prohibition on sports betting.
The market has been relocated away from conventional gambling to online gaming. Several operators have gone digital as a result of the closure of many gaming facilities. Many players have improvised their online gambling services, and bingo companies have transferred their procedures online, boosting the sector.