Impact of Sports Betting Legalization in the US
Recently updated on May 3rd, 2019
Sports Betting legalization is continuing to expand in the United States. Radio companies in the country have said the recent moves are providing a much-needed economic boost in the broadcasting field. Up until recently, sports betting in the United States were considered illegal. There have been plenty of changes, however, making provision for this kind of betting.
Legalized Sports Betting was initially banned in 1992. The US Supreme Court Ruled that sports wagering is banned in all state, except for Nevada. Conversely, this ban was ruled as unconstitutional in May 2018. Considering the law governing the States, it now falls into the hands of the states to decide on a way forward. In recent weeks we have seen states such as Illinois, Minnesota, Indiana, and a few others move toward legalization of sports betting.
The legalization of Sports Betting is already witnessing some positive effects in the world of advertising. Entercom Communications Group has stated that the legalization of sports betting has begun to assist in increasing revenue.
Offshore Sports Wagering
A sports betting study by the American Gambling Association found that over $140 billion is spent by Americans on sports wagering on the black market. In fact, the main source would be offshore sportsbooks that allow US players. These offshore sportsbooks have been the only available options for US gamblers for over 20 years. At the moment the impact of the legalization of sports betting is not yet fully known. Senior executives of the offshore sportsbooks believe that the business they get from the US would increase rather than decrease.
The Effects of Sports betting legalization
Sports betting legalization had an impact that is already being felt in the states, and it is a positive one. Broadcasters are already seeing an increase in advertising. According to the CEO of Entercom, David Field, a study by Goldman Sachs that took place recently concluded that wagering on sports will grow to a total of $15 billion in the year 2022.
It is clear that from these statistics that the American market is waiting anxiously for the legalization of sports betting.
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