Online Sports Gambling Poised for Breakout

Issue 103

In June 2018, sports gamblers wagered $310 million for the month. In October 2021, they wagered $7 billion for the month — a more than 20-fold - 2,158% increase with 84% bet volume happening on mobile devices across platforms like Draft Kings, Barstool Sports Book, and FanDuel.

Legal sports betting in the United States — once confined to Nevada — has far gone mainstream. Since the Supreme Court in 2018 ended federal bans on the industry’s expansion, dozens of states have legalized it, and a multibillion-dollar betting boom is afoot. More money is now wagered on sports in New Jersey than in Nevada. California, which may become the biggest market of all, will vote on legalization next year.
As betting expands, the boundaries that once separated gambling from sports media and professional sports leagues are disappearing. Apps make sports betting possible on mobile devices, which gives it a foothold across America and threatens the business of brick-and-mortar casinos. And this is only the beginning; the industry is poised for explosive growth.

Source: Bloomberg