As the US sports betting market continues to expand, more promising figures are being published based on the data available. It was recently revealed by research published by a sportsbook review platform that, by the end of 2022, the US sports betting revenue was up 70%. It had swollen from a total of $44 billion in 2021 to more than $74 billion in 2022. This growth was easily achieved owing to the majority of US states now having their doors open to sports betting practices.
Out of every state in the country, it was New Jersey that topped the pile, sitting pretty on a total contribution worth $31 billion. Even though NJ was by far and wide the national leader in sports betting, Nevada wasn’t far behind, sitting on a total of $27 billion. It was highlighted that since the Supreme Court changed the laws on sports betting, a growth of 744% in wagering has been observed.
Use It To Improve It
In almost every state, sports betting practices have been introduced on the promise that they’ll – in some way – improve the quality of life in the space itself. From a gambling perspective, everything is tightly regulated and well-governed, and there’s a chief goal to keep everything operating in as sensible and responsible a way as possible. That’s something that was identified by the reviewing platform in their comments based on the report:
‘It’s clear that as sports betting becomes more accessible across America, the money wagered could increase exponentially, too. This is good for governments as they can tax it and utilise Americans’ love of betting to build and improve the nation at local and national levels. It’s important, however, to be aware of the risks of gambling and never gamble if you can’t afford to lose the money.’
Most avenues of sports betting – including esports betting – have exploded in recent months across the United States. There are very few locales that haven’t legalised sports betting practices to this day, one of which is California, which recently saw millions of residents vote against legalising gambling in the state. Despite a campaign worth more than one hundred million dollars, betting operators looking to move into California were unsuccessful in their venture and must try again in the near future.
Even though there were promises made that the taxes obtained on betting revenues would find addiction and homelessness charities in the state, residents were still unwilling to open their doors to the idea of sports betting.
In an article published in WSN, experts explored 2023, taking a look at exactly how operators can turn a bigger profit in the ever-expanding US sports betting market. There were claims that marketing efforts must evolve, encouraging users to go far beyond the simple use of promotions and free bet offers upon signing up to a platform. There’s a long road ahead, but it well and truly is underway for the United States.
