The US is rapidly becoming one of the largest betting markets in the world. It is only recently that the laws in the country have been changed to allow various kinds of betting where it was previously not allowed. This means that the US is a fast-growing market that is, doubtless, going to have a profound effect on the world of betting. Today, we’re going to look at a few key ways that change will take place, from the expansion of sports betting, to legal changes, and everything in between. Let’s get started.
1. Sports betting
The single biggest change to the world of betting from the US market is undoubtedly going to be the sports betting industry. Until quite recently, sports betting was illegal in more or less all forms throughout America. There was a federal ban on sports wagering which was in effect until 2018. When it was lifted, some states wasted no time in legalizing the practice.
States like New Jersey, New York and Delaware have since legalized sports betting, and seen it instantly become a huge industry. Around 18% of US adults of legal age reportedly bet on sports at least once a month.
With the sheer number of massively popular sports in the US, from baseball, to football, to basketball and hockey, there is an enormous potential market for the betting. The number of bettors has been rapidly increasing, by over 30% from the 18 months after the federal ban was lifted.
Simply, this will introduce huge new markets to international betting, too, and that is one way that the US is going to change the world of betting.
2. Online casinos
Sports betting is still not legal in every US state, and neither are online casinos. However, they are being quickly legalized in many areas, and this, too, is going to have a big impact on the overall industry. Currently, online casinos are legally available in New Jersey, Michigan, Delaware, West Virginia, Pennsylvania, and Connecticut.
Again, the simple fact is that the US is an enormous market that will bring a great deal more demand to casino developers. There will be a huge new market to fill, and that will drive innovation from casino app and website developers.
As the online casinos are expanded to more states, there will be more and diverse online casino games for the population to play with sites like FortuneJack providing online options for all states within the US, which will then be watched and copied internationally.
3. The law
It is no small feat to change the laws regarding online betting in the US, and this could well have a knock-on effect on global regulation. As mentioned, it was only in 2018 that the federal ban was lifted, allowing states to make their own decisions about how to allow betting.
Undoubtedly, other countries where online betting is not allowed in any capacity will see an opportunity to follow suit. Countries such as Singapore, Cyprus, and Qatar, where betting is not allowed in any capacity, could take this as their chance to modernise their laws. This, too, would have a big impact globally.
4. New markets
Finally, the fact is that there is countless potential untapped markets in the American scene which will now be able to be more easily bet on worldwide, as well as in the US. American football is one of the most watched sports in the world, with around 400 million worldwide fans.
Other sports, like basketball, and even big horse races like the Kentucky Derby, will introduce lots of great new opportunities for things to bet on. This will have an effect both in the US and worldwide.
So, clearly, the world of betting is in for a big shake up with the expansion of the US market. Sports betting is undoubtedly going to be the industry that is hit the hardest and fastest, with the new US sports markets opening up to the outside world as well as domestically. But you only need to look at the betting markets of nations where such bets have been legal for a long time to predict how these things will play out. Casinos and every other form of online betting will shortly follow.