U.S. Potentially The Largest Legal Sports Betting Market In The World
Global gaming research firm GamblingCompliance has called the U.S. sports betting market a “sleeping giant” as it believes that it could potentially become the largest legal sports betting in the market. With the NFL season about to kick off experts believe that up to $95 billion is expected to be wagered on the NFL and college football season. Most of this would be illegal as the only state to currently offer legal sports betting is that of Nevada.
This year has seen six other states including Mississippi, New York, Indiana, Minnesota, South Carolina and Texas considering some sort of sports betting bill. Most notable is the state of New Jersey which has been fighting a long battle to get sports betting legalized in the Garden State.
The figure of $12.4 billion in estimated annual revenues mentioned by GamblingCompliance would make the U.S. sports betting market bigger than the UK and 11 times bigger than Italy’s gambling revenues. The question over legalizing sports betting on a federal level has been ignited in the last year with traditional opponents like NBA Commissioner Adam Silver doing a turnaround and actually calling for a nationwide policy that would protect the integrity of the game while offering fans the option of a regulated sports betting market.
The American Gaming Association this week released figures that show that only about 4 percent of the estimated $95 billion that will be spent this season on the NFL and college football season will actually be in the form of legal sports betting. AGA president Geoff Freeman went on to call for a change in policy as the current status of Nevada being the only state to offer legal sports betting was clearly failing, He said,” Illegal sports betting is reaching new heights of popularity in America. It’s clear that a federal ban on traditional sports betting outside of Nevada is failing.”