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Since sports betting has now been legalized in more than 20 US states, media outlets and video services that want to integrate betting content, such as standard leagues, with live broadcasts—or at the very least, market to distinguish audiences for sports viewing and gambling—will face market opportunities as well as potential pitfalls in the coming years.
The American Gaming Association (AGA) maintains track of which states in the United States have allowed sports gambling, as well as which states have authorized betting but have not yet implemented it. It also keeps track of which states have current sports gambling laws and which states do not have legislation or have legislation that is no longer in effect.
According to the most recent available data, sports betting market growth was legal and operational in 21 states and the District of Columbia as of May 2021. Six more states had legalized betting but had not yet implemented live services, while 14 further states had active pre-filed legislation aimed at legalizing the practice. At this time, only nine states in the United States have no laws legalizing gambling.
According to a study conducted by the research and trading company Gabelli Securities and the United States Census Bureau, legalized sports gambling in the United States would produce $2.1 billion in profits this year, with revenues expected to rise to $10.1 billion by 2028.
Many other firms anticipate even greater profits from legalized sports betting in the United States, with Morgan Stanley predicting that the industry would be worth $15 billion by 2025 and Macquarie Research forecasting that the sector will be worth $32 billion by 2030. In addition, MGM Resorts International predicts that sports gambling will earn $13.5 billion by 2025, with participation in sports gambling expected in 38 states by that time.
While there may be some discrepancies in those forecasts, which could be due to differences in methodology, the overall conclusion is that gambling will generate significant new revenues for sports rights holders while also providing opportunities to integrate this content with traditional broadcasts and streams.
To do this, Dish Network, a satellite TV and virtual multichannel video programming distributor, and gambling app DraftKings announced a partnership in March 2021 that would integrate DraftKings content into live sports events. A DraftKings app will be available for Dish users who have a Hopper receiver, and they will be able to watch live games that correlate with their bets on their television screens. In addition, materials for fantasy leagues are included in the agreement. DraftKings aired two 15-second commercials during the Super Bowl in the lead-up to the announcement.
Another early entry into the US sports betting market growth industry is FuboTV, a video-on-demand provider that specializes in sports betting. According to co-founder and CEO David Gandler, the business now has market access permits in New Jersey, Indiana, and Iowa, which are subject to regulatory clearance and is in advanced talks with additional jurisdictions.
“Betting is neighboring companies which operate effectively together in business development plans since they target the same audience, “ he said. Gandler also stated, “Our study of users on our platform revealed that 20% of FuboTV viewers frequently gamble, and 22% of FuboTV viewers are prepared for a smooth experience to make their bets on FuboTV. “The number of individuals who would be eager to participate in the event is however overestimated.”
Jason Wiese, senior vice president and director of advanced analytics at the Vab (formerly the Video Advertising Bureau), is a member of the Van and is a sports gambling enthusiast himself. On the possibility of legalizing sports gambling, he said, “[It] has piqued my interest to an extraordinary degree.” Sports teams are experimenting with a new way of involving fans and encouraging younger people to attend athletic events. When we conducted our research, we found that 26 percent of individuals between the ages of 25 and 34 are more likely to watch more sports if they are actively betting on sports personally.“
Another indication of the growing popularity of sports gambling in the United States is the rebranding of the 19 regional sports networks owned by Sinclair Broadcast Group to Bally’s as part of a deal between the broadcaster and the casino operator.
Although these efforts have been successful, some experts are concerned about the relationship between sports and gambling.
According to JoAnna Foyle, senior vice president of stock relationships at The Trade Desk, “Gambling, in general, is a touchy subject for brands and advertisers. It’s simply not a location where some of the more conservative companies want to be, regardless of whether it’s legal or not,” says the author. “However, although it is not impossible that gaming will draw more participants and marketers, at the very least, the largest companies will be subject to scrutiny.“
Conclusion | Sports Betting Market Growth
In late 2020, the AGA attempted to stay ahead of brand safety and other issues by establishing a compliance review board to oversee the association’s Responsible Marketing Code for Sports Wagering, which was implemented in 2011. An important part of the project’s inspiration came from the experiences of European countries with sports wagering. In some cases, countries have implemented marketing arrests in response to questions about advertisements being served to underage customers or other inappropriate uses of gambling-related marketing materials. (Sports Betting Market Growth)
In the United States, it is too early to predict how the convergence of gambling and sports will play out. However, early indications point to a lucrative market with some potential pitfalls—much like tech firms, which have had to adjust their economic security with fears about the appropriateness of their product and marketing practices. (Sports Betting Market Growth)
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