Report Says Regulated US Sports Betting Market Could Generate $11.9 Billion
The debate over legalizing sports betting in the US nationwide is heating up. Only weeks after losing the battle for New Jersey, Governor Chris Christie is still fighting a legal battle to legalize sports betting in the Garden State. The exact revenues that would be generated are not known but they are estimated to be in the billions. A recent report by global gaming analyst GamblingCompliance Research Services’ states the US would become the largest sports betting market if and when the federal ban on sports betting was eliminated.
Currently sports betting is legal only in four states Nevada, Delaware, Montana and Oregon. These currently only generate around $300 million of which most comes comes from Nevada. According to the report the US could generate revenues of $11.9 billion which is more than four times the current leading market of the UK which is $2.8 billion.
Revenues in California would generate around $1.3 billion if legal sports betting was expanded to tribal casinos. New York would generate an estimated $900 million according to the report.
GamblingCompliance’s managing director, James Kilsby said in a press release,” U.S. policymakers, casino groups and sports leagues have all begun to consider what a regulated sports-betting market would look like without the PASPA (Professional and Amateur Sports Protection Act) prohibition. States are already moving rapidly to regulate daily fantasy sports, but sports betting represents a far larger and more lucrative opportunity.”
Well worth remembering that the likes of NBA commissioner Adam Silver who have done rethink of their opinion on legalizing sports betting. While initially being against it, he has seen the light in that he has stated that fans will engage in betting irrespective if it is legal or not.