This 2021, global sports betting operators are very excited with the opening of the US Sports Betting Market. This industry is constantly innovating, evolving and growing with new mergers and acquisitions especially with the new US States legalising online betting and opening up. The future is set to be very bright together with the constant rise of the Asian iGaming, Social, Casino and Poker markets. And not forgetting the connected African eGaming markets which is gaining a lot of traction and interest from European Sports Betting Operators.
The digital economy was already heating up, but once COVID-19 struck, gas was proverbially thrown into the fire, accelerating the shift to online across every industry. Gambling was undoubtedly caught in the fire, but it’s perhaps one of the industries most well-equipped to flourish in a post-COVID-19 world.
Think about it: the most-hit industries are those that crowd groups of people in a confined environment conventions, concerts, and yes, casinos. But unlike the first two examples, the casino experience can be virtually replicated online (minus the good-looking cocktail waitresses, of course). And believe us, a number of platforms are doing just that as the Internet is rife with online casinos and sportsbooks. These exist in both offshore and regulated form. *Source
The Online Sports Betting Landscape Today
Despite shortened seasons, canceled tournaments, and low sports programming viewership in 2020, online sports betting thrived in the U.S. According to reported figures, sports bets placed, or ‘the handle,’ soared by 39% on a year over year basis from roughly $13 billion in 2019 to $18 billion.
Sports betting in various formats is legal in 21 states and Washington DC, but online betting has accounted for most of the incremental growth. While only 15 states and Washington DC have legalized ‘online’ sports betting, in our view the market has burgeoned based on its convenience and entertainment value.
Since it legalized online sports betting in mid-2018, for example, New Jersey has seen its online handle soar to $15 billion, half of which took place in 2020. Today, 90% of all bets in the state are placed online, as shown below. *Source