As the sports betting industry has continued to grow at an alarming rate, many people have been left wondering why this is the case. It is essential first to examine some of the industry’s statistics to answer this question. For example, did you know that in 2017, Americans wagered over $150 billion on sports? This figure includes legal and illegal bets, which means that the actual amount is likely even higher.
When you paint a broader picture, several factors have contributed to the rapid growth of the sports betting industry. So, let’s take a deeper dive into each of these reasons.
Sports Betting Trends in the Last Decade
The last decade has seen a few significant changes that have helped the sports betting industry grow. For one, there has been an influx of technological advancements that have made it easier than ever to place bets. In the past, people had to visit brick-and-mortar casinos or use shady offshore websites to place their wagers.
But now, dozens of legal and convenient ways to bet on sports exist. For example, in states like Nevada, New Jersey, and Pennsylvania, you can find physical sportsbooks at casinos. You can also bet online through apps and websites affiliated with these casinos. And in other states like Colorado and Illinois, you can bet online through licensed operators without ever having to step foot in a casino.
In addition to the technological advancements, another major change in the last decade has been the legalization of sports betting. In 2018, the Supreme Court struck down a federal law that banned sports betting in most states. This decision paved the way for individual states to pass their own laws and regulations surrounding sports betting.
Since then, over 20 states have legalized some form of sports betting, with more expected to follow suit in the coming years. As more states legalize sports betting, it will become even more accessible and convenient for people to place bets on their favorite sporting events. This is likely to lead to even more growth in the industry.
Reasons for the Growth of the Sports Betting Industry
Now that we’ve looked at some recent industry trends, let’s dive into why the sports betting industry has grown so much.
Increased Interest in Sports
The first reason is more interest in sports than ever before. The four major professional sports leagues in the United States – MLB, NBA, NFL, and NHL – are all experiencing a golden age. At the same time, college sports are also hugely popular, with schools like Alabama and Clemson regularly making headlines.
Of course, the increased interest in sports has led to more people betting on games. In addition, the internet has made it easier than ever to place bets, as you can now do so from the comfort of your own home.
The Emergence of Online Sportsbooks
The second reason for the sports betting industry’s growth is the emergence of online sportsbooks. In the past, if you wanted to bet on a game, you had to visit a brick-and-mortar casino or bookie. However, this is no longer the case, as there are now numerous online sportsbooks that allow you to place bets with just a few clicks.
What’s more, many of these sportsbooks offer sign-up bonuses and other promotions that can sweeten the pot. For example, the BetMGM Ohio bonus will match your first deposit up to a certain amount. As such, it’s no wonder that so many people are flocking to online sportsbooks.
The Rise of Fantasy Sports
Another factor contributing to the growth of the sports betting industry is the rise of fantasy sports. Over 60 million people in the United States and Canada now play fantasy sports, according to the Fantasy Sports Trade Association.
What’s more, many of these players are also interested in sports betting. In fact, a study conducted by the American Gaming Association found that nearly 80% of fantasy sports players also bet on sports.
The Legalization of Sports Betting
The most significant factor in the growth of the sports betting industry is the legalization of sports betting. Prior to 2018, only four states – Nevada, Delaware, Montana, and Oregon – allowed sports betting. However, this changed when the Supreme Court struck down a federal law prohibiting states from legalizing sports gambling.
Since then, many states have rushed to legalize sports betting, with more expected to do so in the near future. This has led to a boom in the industry, as there are now more opportunities for people to bet on sports legally.
All in all, these factors have contributed to the rapid growth of the sports betting industry in recent years. With more interest than ever before and more states legalizing sports betting, this trend will likely continue in the future.