Sports betting is the wave.
An October 2020 study from the American Gaming Association indicates that Americans legally bet an estimated $3 billion. The study also shares that sports betting revenue was up nationwide last year by 53.5 per cent year-over-year which added up to $237.5 million.
That’s huge! Now, what’s the fascination?
Well, sports betting isn’t new. It’s been around a long time, but it has gained popularity because of social media. In fact, Las Vegas clubs and betting rooms process a large number of bets every year.
Over the web, sports betting has become an industry that creates billions of dollars in income.
In the era of a recession and COVID-19, all 50 states could use the money. The state of New Jersey has been enjoying steady growth since its launch in June 2018.
After recording more than $4.5 billion wagered in 2019 – the first full calendar year of legal betting – New Jersey finished 2020 with $6 billion in wagers placed. NJ.com noted that in the state of New Jersey, the largest sports betting market in the nation, 92% of bets last year were made online.
“Sports betting is the in thing and it seems like it is here to stay,” says hoops historian and NBA Insider of Bally Sports Network, Brandon ‘Scoop B’ Robinson.
Scoop B partnered with Bovada and hosts an Instagram Live show every Thursday at 5 PM with Porn star legend turned Sirius/XM radio host, Lisa Ann.
“People are home, working from home, quarantined and watching the most constant form on television: sports. They want to make money, they’re making money, they’re talking about sports. It’s a form of entertainment, communication with friends and a sports fans version of a side hustle.”
The state of Illinois posted a record $633.6M for sports betting in the month of March. According to the Illinois Gaming Board, it blew past the previous record of $581.5 million set in January as Illinois joined Nevada, New Jersey, Pennsylvania, and Indiana as the only states to clear $3 billion in handle in the post-PASPA era dating to May 2018.
CBS San Antonio reports that Americans placed 4.3 billion dollars in bets on Super Bowl 55 – making it the single biggest legal handle in American history.
Bettors in some states have been left on the sidelines, with states like Texas are still looking to get in on the fun and currently, lawmakers are looking at two bills that could place casinos in the state’s major metro areas and another allowing online betting.
The big state of Texas isn’t the only one looking to legalize betting.
So is California.
Because California is the most populous state in the US, with the most developed economy, the stakes are high. In 2016, Democratic Assemblymember Adam Gray introduced Assembly Bill 1573.
That proposal failed.
In 2017, Gray fired back with Assembly Constitutional Amendment 18, which would allow sports wagering ‘only if a change in federal law occurs.’ Then in 2019, Gray introduced ACA 16 with the help of Senator Bill Dodd. This time he had a powerful ally in state Senator Bill Dodd. Dodd introduced matching legislation in the Senate.
Mobile betting may be a great option for the state of California. New York is making headway with it.
In fact, New York Governor Andrew Cuomo has signed a bill that will bring mobile sports betting to the state. According to The Action Network’s Darren Rovell: New York state senator Joe Addabbo estimates that first bets will come in before the end of 2021 and will be fully functional by the Super Bowl.