Sportsbooks Expected To Make Billions Thanks To Supreme Court Ruling
Sportsbooks in betting markets are expected to reap billions in revenue. They will eclipse more established markets in the United Kingdom within five years, according to analysis. This is so because of the recent Supreme Court ruling. Are you ready for some betting?
H2 Gambling Capital is a leading gambling data business. They forecast that regulated gambling businesses in the United States could increase their net revenue from $200 million to $4.88 billion by 2023. Talk about a huge deal.
Therefore, according to the report. Sportsbooks and casinos typically see an average 5% net gain from sports gambling. For the reason that that part of that 5% placed through legal entities will be taxed and allocated for the state the entity is in. Do you agree?
During that same time, H2 forecasts that UK gambling will grow from $3.56 billion annually to $4.67 billion. This is $21 million less than the amount forecasted for the US.
The revenue increase is considered good news for the sportsbooks. Also, for state governments that are planning to take advantage of the Supreme Court’s ruling.
H2’s analysis assumes up to 19 states will legalize sports gambling in the next five years. Nevada had been the only state where sports gambling was allowed, but with the ruling, states like New Jersey, New York, and Pennsylvania are expected to legalize sports gambling as early as next year.
Delaware, which already allowed some forms of sports gambling that were grandfathered before the federal ban took place in 1992. The state is expected to follow New Jersey. Also, have sports gambling options available shortly.
Updated Sports Gambling Laws
Iowa, Mississippi and West Virginia, which also had approved some sort of gambling legislation, are also expected to legalize sports gambling within a year.
Right now, there are eight states that either have or are all but assured of legalizing wagering by 2019. More are soon to follow.
In conclusion, California will be the largest state to consider sports gambling, thanks to the efforts of Assemblyman Adam Gray, who introduced legislation that would repeal the state constitutional amendment banning betting.