By TheNuts - Apr 18, 2023
USA Online Sports Betting’s Explosive Growth
Of all commercial gaming segments, sports betting experienced the biggest growth in 2022, with a startling 75% increase in revenue year over year.
This expansion outpaces the growth of all other gaming revenue sources combined. This covers video poker, blackjack, and online gambling.
What is the Cause of This Growth?
The sports betting market is expanding as a result of legalization, user experience innovation, and other new commercial prospects.
Governmental Legalization
A crucial element in this equation has been the legalization of sports betting at the state level.
In 2018, the federal restriction was lifted. It is now live and authorized, both offline and online, in 19 states as of 2020 and 33 states as of 2023.
Moreover, Kentucky and Tennessee prohibit live betting but do allow it online. Thus, the only source of revenue for the whole sector in these states is online gambling.
Modern Technologies
86% of sports bets are now made online, demonstrating how appealing this frictionless experience is to customers.
Several features are increasing the sports betting experience in addition to mobile betting, such as:
- In-game wagering
- Machine learning (ML) and artificial intelligence (AI) to improve prediction accuracy
- Using digital sportsbooks, forecasting customer behavior
- apps for mobile devices that stream live video
- New investment opportunities have flooded in as a result of all these developments.
Possibilities for Investing in Sports Betting
The internet betting industry is currently dominated by a select few large sportsbooks.
The two sites that American gamblers use the most are DraftKings and FanDuel. In actuality, more than 70% of bettors use one or both of these platforms.