Globally, the sports betting market is one of the fastest-growing sectors. The United States happens to be among the key regions where the activity continues to gain the attention of consumers. This is even truer now thanks to the legal and regulated sports betting market the residents of the country have been enjoying for the past few years.
Perhaps the most notable aspect of sports betting is the online betting culture that is present in nearly all aspects of the gambling industry. It has just been three years since the US Supreme Court abolished PASPA, but online sportsbooks have taken off. The states that have legalized sports betting have made it possible for bettors to place sports bets online. That is just the beginning though. More states are expected to follow suit very soon.
The Dynamics of Regulated Sports Betting in the US
Regulation goes hand in hand with the law and this is no different in the United States. The goal is to ensure that concerns about malpractices are reduced. In essence, it allows for the games to remain fair and free of malicious influence. Moreover, the regulated betting environment strives to offer the much-needed consumer protection to minors and vulnerable individuals.
For a long time, online sports betting was illegal according to federal law. Given the lucrative nature of the sector, it was a lucrative revenue source that states were missing out on. As such the regulation of sports goes well beyond the integrity and consumer protection aspects. States like Pennsylvania, Nevada, New Jersey and West Virginia are already recording impressive revenue figures from sports betting.
Where to Bet
As it stands, any state can legalize sports betting. Several notable gaming markets have followed this route. These are the jurisdictions you will want to be in if you have an interest in locally-regulated sports betting. The full list of states with online gambling includes:
- New Jersey
- West Virginia
- Rhode Island
- New York
- New Hampshire
- Washington D.C
- South Dakota
Generally, aside from the online sports betting-friendly states listed above, over half of the country has some form of sports betting. Online betting is likely to become a reality in more of them soon. As if that is not enough, even the remaining states are beginning to warm up to the idea of legalizing the activity. For instance, several of them have bills under consideration. After witnessing just how profitable the sector is, it is no surprise that this is now a consideration for them.
What About Offshore Sportsbooks?
The only option other than illegal underground sportsbooks that US sports bettors had were offshore sports betting sites. This betting market is arguably the most lucrative betting sector on the planet. Not only did it offer US players more options but the operators also had the freedom to cater to other jurisdictions.
With the arrival of regulated sports betting in many states, there has not been a lot of optimism about the future of offshore sportsbooks. Even so, offshore sportsbooks do not seem to have dwindled in popularity. These offshore gambling sites still offer bettors a lot more variety than the majority of the locally-regulated gambling operators. This is in terms of both betting options as well as the available betting markets.
Besides, in the states where online sports betting is yet to be legalized, they remain the best options. Finding them is a breeze and they now offer lots of safety and security features for US players. That puts them really close to the US-based gambling sites when it comes to customer protection.
Among the key drivers of the growth of online sports betting in the United States are some amazing emerging trends. Most notably, we have the mobile betting culture that has now taken the betting industry by storm. Smartphones and tablets have become synonymous with modern entertainment and communication culture. Their power as a popular access method for modern gambling experiences is unmatched. Operators have taken full advantage of this.
Over the past few years, the surge in mobile sports betting applications has only increased. That is not about to stop anytime soon. As such, it is safe to say that mobile sportsbooks are going to be the most important vertical in gambling soon. All the investments being channeled to such offerings as well as the financial forecasts are proof of this.
Another important trend that is redefining regulated sports betting is the increased interest in newer sporting activities. eSports is perhaps the most notable of these. While it is not necessarily new, it is a sector that was a rather niche market for a long time. That is no longer the case. Today there are new sites dedicated to eSports betting and even existing operators now offer these markets. The future looks even brighter for the rapidly-growing sector.