The past year has been great for sports betting especially in the United States where after years of federal resistance, the country’s Supreme Court finally lifted the federal ban on sports betting by abolishing the Professional and Amateur Sports Protection Act (PASPA). As it stands, a total of 8 states have legalized sports betting with many more expected to join in soon – about 15 are still mulling over legislative bills on the same.
As of this writing, sports betting accounts for nearly 70 percent of global gaming revenue which is quite interesting especially considering how lucrative the other forms of gambling including poker and lotteries are. In fact, according to recent media reports, the industry is expected to grow to a whopping $155.49 billion by 2024. This just goes to show how important the gaming industry is to economies all around the world. The legalization of sports betting was clearly meant to drive a fortune back to the economy of the United States. It is also expected to revitalize the hundreds of casino operations that have been going bankrupt while at the same time increasing revenue for casinos whose earning have stagnated due to lack of new and appealing offerings.
This massive growth has been largely attributed to the digital revolution of the past decade. These include such developments as virtual betting and the rapid rise of mobile betting, both of which have become key considerations for gamers and gaming operators all over the world. Fortunately, it is about to get even better.
The United Kingdom’s Gaming Industry
The growth of the sports betting industry is, of course, not unique to the United States and applies to other markets as well, even the ones that have always had sports betting industries. One of the places where sports betting has been legal for a very long time and continues to thrive under a reasonable degree of regulation is the United Kingdom.
The UK is currently ranked as the largest sports betting market in Europe and when compared to the United States it is way ahead – this is largely because of early liberalization of the online betting industry. Online sports betting is now legally enjoyed by a decent portion of the country’s population which means the country gets to collect a huge sum of tax revenue for other projects. However, like any other industry, there been have shortcomings in various areas and the ever-increasing competition in the country is not making operating any easier. That said, the opening up of international markets such as the United States opens up more opportunities for UK-based operators. Now that is what we call a win-win situation.
