Sports Betting has taken the U.S. by storm, with its expansion among players of all ages. The year 2023 just witnessed a grand economy of $268 billion. In 2018, the U.S. Supreme Court framed a directory to form rules within the area. The American Gaming Association governs and is the regulatory body of the U.S. The AGA is speculated to earn $100 billion per year annually. But, the revenue of 2023 is around 27.5% more than the prior year. The AGA further noted that the figures would increase per year, as the available data do not include two major states, Kentucky and Arizona. AGA currently governs around 38 states, including the district of Arizona. Five major states, namely Kentucky, Maine, Massachusetts, Nebraska, and Ohio have contributed to the largest generation of revenue.
In 2023, legal sports betting attracted a large section of wagers primarily due to the popularity and Fandom of the NFL. There are other quite popular sports too like college football championships, MLB’s postseason, and the latest seasons of the NBA and NHL.
Legal sports betting is of extreme importance, for generating the highest income. The land-based casinos have generated a 3.3% gain, while all iGaming platforms have shown a dramatic increase of 22%. Gambling taxes are also important due to a fair share revenue generation of 24.7%.
Biggest Brands in Sports Betting
In 2023, DraftKings and FanDuel are the biggest firms. While DraftKings has generated a gross income of over 220%, FanDuel is geared up to take over the U.S. market soon. The duopoly of FanDuel and DraftKings has taken over the sports betting industry in the majority. Even sports media monger ESPN joined the contribution by generating a net worth of $2 billion by striking PENN Entertainment. Both these brands have labored to influence more wagers across the states, with the highest contributions from Pennsylvania and Massachusetts. By the end of 2027, ESPN is projected to have a strong threshold of around 20% of the gambling market share. Other media entertainment firms have collaborated to induce content readership and enhance betting slips.
The data listed on SportsbookReview.com records the duopoly of FanDuel and DraftKings which has taken control of 70% of the gambling market, and other smaller firms are witnessed to be disappearing. For example, some operating companies like FoxBet shut down in August. Other firms like Malta-licensed Unibet have control in a few states primarily.
For the merchandising popularity, none could beat the Fanatics, especially after their recent $225 deal with PointsBet.
The Spread of Legal Sports Betting
As for the records of 2023, sports betting is permissible in 38 states, along with Washington D.C, and 26 states among them enable the directory of online betting schemes. The AGA has very recently added Vermont, Missouri, and North Carolina to the list, having permission for sports betting. Interested players over 18 can simply use Androids or iOS with a stable internet connection for placing their bets. Sports betting is the fastest-growing gambling sector, with an increase of 75% in revenue since 2018.
College and university campuses have become the most accessible areas of sports betting. With the introduction of online gambling, students tend to place bets on their college football teams. It is almost as if they have “Caesarized” college life by implementing popular media, casinos, companies, etc.
Increasing Troubling Behavior in Sports Betting
Sports betting is a lucrative industry indeed but is currently witnessing an issue of the breach of rules and regulations from both players and coaches. The star player, Shane Pinto had to deal with repeated accusations on the grounds of “activities related to sports wagering”, followed by the immediate suspension of the players. The NFL too witnessed the suspension of over 10 players for violating game rules. These players had serious charges of breaching the integrity of the League, and gambling charges on betting within team facilities.
Universities and colleges have become grounds for underage gambling practices. The football and baseball team at Lowa State has found 5 minor wagers, guilty of accusations of underage gambling. Some coaches have also been found guilty of charges, such as the coach Bohannon at Alabama, followed by forceful resignation of a few others.
Precaution to Trouble Behavior And Problem Gambling
It is no secret that colleges and universities have become the breeding centers for problem gambling. However, the AGA and the educational Authority are on a mission to take control of the situation. Students and athletes are pursued to follow a self-diagnosis, followed by Responsible Gaming practices by several agencies like the ‘Miami University Institute of Responsible Gaming’. Some of the educational centers like the University of Oregon, and the University of Colorado have acknowledged the ills of problem gambling and educating young minds on precautionary procedures.
The NCAA is currently handling the recurring charges of trouble behavior. Charlie Baker, the current president, has been urging the state to reframe and update state laws to protect from issues of betting harassment. Though of much priority, these issues are not put on the same pedestal as the regulations governing ‘name, image, and likeness’ (NIL) rules. Both politicians and organizations are criticizing the current sports betting rules, which are nowhere comparable to the protection rules under any organizational NIL market value.
Conclusion
The sports betting industry in the US has expanded considerably in terms of revenue generation and size. Primarily, two power moguls, DraftKings and FanDuel control the gambling market, but the merchandise trade is under the prowess of the Fanatics. While popular leagues like the NFL could source the maximum earnings for both the state and the players, it is to be noted that sports betting has its roots in universities and colleges. This indeed resonates with a positive response towards the gambling market which has generated around $268billion since 2018. But the prime pitfall comes in the growing chances of trouble behavior, that pushes young athletes and underage gamblers to addictive behavior.
This story originally appeared on Upscalelivingmag
