Regulated US Betting Could Generate $6bn Per YearJake Cooper | 25 Oct 2017
GamblingCompliance analysts have estimated the value of a future legalised sports betting market in the US to be worth anywhere between $2 billion and $5.8 billion. This estimation was made ahead of a key conference that will evaluate the country’s demand for sports betting among both industry officials and gambling insiders.
The Sports Betting USA Conference by Clarion Gaming will take place in New York City on November 14-15, and will see important gambling industry stakeholders attending. The conference will focus particularly on the Professional and Amateur Sports Protection Act (PASPA), as well as the possible advantages of a countrywide repeal.
The PASPA federal law of 1992 has prohibited all sports betting activity in all US states, expect for those that already have existing betting legislation. Because of this, the act has left Oregon, Delaware, Nevada and Montana to formulate their own regulations with regards to betting.
New Jersey to Appeal PASPA Laws At Supreme Court
Many other states believe that they too should be able to license and regulate their own local sports wagering markets – but sports leagues and US lawmakers have been reluctant to issue any repeals to the PASPA law in the past.
However, the status quo now appears to be changing as even sports leagues are beginning to see the potential benefits of regulated sports betting. Over the past 12 months, Las Vegas has gained its own football, soccer and baseball teams, which could significantly improve the value of its betting industry, while New Jersey is currently seeking to overturn the PASPA law and regulate its own market.
The Supreme Court will soon hear New Jersey’s appeal against PASPA, with many politicians and state representatives backing the state’s endeavour. If successful, the state (and home of Atlantic City) could set a national legal precedent that may encourage the regulation of US betting.
Sports Betting USA Conference To Test Market
In the meantime, GamblingCompliance has estimated that if 21 states allow betting through physical casinos alone, the market could bring in $2 billion in GGR each year. If 37 states legalised betting and extended this legislation to online and retail betting outlets, that figure would soar to almost $6 billion, with just five states accounting for 75% of these revenues.
The upcoming Sports Betting USA Conference will test the demand for such a market, and discuss the potential effects of a PASPA repeal. The conference will also focus on integrity in sports, as well as the harm being caused by illegal betting and how to further gaming growth.
The event will also discuss global sports betting and its impacts on professional sports integrity. Rick Parry, the former Premier League and Liverpool FC CEO, will also be present to talk about how English football and betting have developed a symbiotic relationship that has improved fans’ engagement with sports events.