Why Sports Betting is Now Booming in the US?
The iGaming industry, especially the sports betting sector, has undergone a huge revival in the United States of America in recent years, with 2020 having proven to be a big year for the industry.
Of course, many Americans had turned to the sector as a means of trying to earn some financial income because of the situation the world had found itself in, although there were a number of other huge reasons and factors that made sports betting incredibly appealing.
Naturally, there has been a huge boom surrounding the industry in recent years within the country, and with it predicted to continue to soar in the next few years with ever-changing factors coming into play, there is no surprise that there are a number of shockwaves that are being sent throughout the United States of America in regards to the opportunities that the iGaming industry seemingly presents.
Many states have already started to legalize sports betting
One of the biggest reasons why the online sports betting sector of the iGaming industry has gone through a huge boom and continues to prove successful is because of the recent change to laws and regulations by a number of states across the United States of America.
Whilst Nevada has always allowed for state-wide gambling to take place, May 2018 saw the US Supreme Court make a historic decision in which they allowed other states to legalize sports betting if they wished. Prior to the huge ruling, sports betting had been banned under federal law. However, it is still believed that around $150 billion had been wagered illegally each year.
Having spent a long time trying to advocate for the legality of sports betting, New Jersey became the first state to take the case to the Supreme Court and was able to overturn and end the federal ban that had been in place after it was ruled unconstitutional.
This decision paved the way for the sports betting industry to boom into what it is today, with a number of other states deciding to allow for the activity to be allowed within their borders as they regulate it as they deem fit. For example, Colorado is one such state that has allowed for sports betting to take place, with bettors using sites such as gamblecolorado.com to ensure they get the best and latest sports betting news, offers, and bonuses possible.
Of course, the ability for each individual state to be able to make their own decisions about whether they want to legalize and regulate online sportsbooks within their borders is a huge step for the United States of America.
It brings in a number of different opportunities to the country in a time of economic need, as the American sector becomes an untapped one that is full of potential and one that can prove to be an incredibly lucrative market for all that are involved.
As already mentioned, around $150 billion was already thought to have been estimated to have been placed on sports betting illegally, therefore there is a sum of money that could be used in ways in which each state may be able to benefit, as the iGaming industry is able to provide them with more taxable income than ever before.
Furthermore, the relaxation of legislation will also provide a number of new opportunities for businesses across the world to enter the market, with a number of British brands having already looked to enter and continue to build their portfolios after already acquiring much of the sports betting market that had previously existed.
iGaming industry can only further boom
Although the iGaming industry and sports betting is already huge player because of the boom that it has received over recent years, there is no reason why it can not further expand and grow in the future. Indeed, the sky is the limit where iGaming and sports betting are concerned, as there are so many different favorable factors that can help them to reach unimaginable levels.
For instance, technological advances are going to be one of the key reasons why the boom that has been felt will continue to be felt as the years roll by. With new technology, sportsbooks will be able to continue to improve the services that they offer and will be able to provide punters with certain things that they might not be able to provide at the moment. Furthermore, sportsbooks may be able to implement visuals and graphics, as well as better video streams that take sports betting to a whole new experience.
Conclusion
Sports betting has always had the potential to create a boom in the United States of America and the fact that legislation and regulations have started to be relaxed has only helped it continue to grow to levels that we are currently witnessing.
The iGaming industry and sports betting sectors still have plenty of room to grow, though, with plenty of innovative factors and opportunities working in their favor, so it would not be a surprise if we were to see sports betting skyrocket to previously unimaginable levels in the near future.
