It may have taken some time for the United States of America to have fully embraced the idea of legal sports betting, however now that it has, there is no denying the number of benefits that are being experienced since doing so.
Of course, up until the2018 Supreme Court case that New Jersey put together and won, sports betting was not permitted within the country, which would have led many looking to use a number of offshore sportsbooks in order to partake in betting activities.
However, the decision to rule in favor of New Jersey paved the way for sports betting within America and saw a number of better legal alternatives sportsbooks and sites like Bovada to be made available to residents, which is a huge benefit to punters, as well as the U.S. as a whole.
U.S. benefits by introducing new revenue stream through taxation
Indeed, the decision to permit the activity to take place within state borders means the nation will be able to generate a significant amount of revenue each year and recapture any of the revenue that would initially have been lost.
This is done by the country adopting a new tax legislation that allows for it to build its coffers and reap back huge sums of money at a time when the economy has been impacted in a significant way for the first time in a while.
Figures that have been researched and collected by the American Gaming Association showed that Americans had legally placed sports bets worth around $3 billion for the first in a single month in October 2020, with figures also suggesting that sports betting revenues were up 53.5% across the country year-on-year. In monetary terms, the figure is thought to have been around $237.5 million.
Further research that was conducted showed that a new sports betting national record had been set in New Jersey in December 2020, with it being the fifth month running, with $996.3 million taking in sports bets for the entire month.
Global sports betting market size is too good to miss out on
Indeed, it is hardly a surprise that the U.S. has decided to fully embrace legal sports betting, though, when the figures that are available highlight just how valuable the gambling activity already is and how valuable it can potentially be within the future.
Given the findings of a study that was completed by Zion Market Research, the sports betting industry across the globe has been increasing at a rapid pace and is expected to grow to an astronomical rate in the future.
Findings show that a revenue amount of $131.1 billion was achieved in 2020, but in 2028, that figure is expected to increase to approximately $179.3 million. Additionally, the sports betting market is also expected to register the highest gains in regard to adoption rates, with it being suggested that it will increase by 8.83% between 2021 and 2028.
Conclusion
Although it has taken the great nation a while to catch up with many others within the world that already permit it, sports betting is going to be something that the United States of America will be able to greatly benefit from. Additional, and much-needed, funds will become available, whilst punters will be able to feel more protected as they can bet legally within their state borders.