Since 2018, when the US Supreme Court struck down PASPA, more states are eager to legalize sports wagering. While the sports betting industry continues to grow, a recently released paper by Bonus Seeker reveals that when multiple operators are offering mobile sports wagering, the revenue from the activity is maximized.
The US Sports Wagering Market Continues to Grow
The popularity of US online sports betting continues to grow. Before being struck down by the US Supreme Court in 2018, PASPA restricted sports betting for 25 years to Nevada only. However, once the Supreme Court deemed PASPA unconstitutional, sports betting started to expand rapidly. Although nearly two dozen states have legalized the activity, a dozen other states are in the process of legalizing it.
However, the difficult task of legalization was left in the hands of lawmakers in each state. Furthermore, it is up to them to decide whether to allow retail-only sports betting, online-only sports betting, or both. Some states have legalized both retail and online sports betting to be offered by multiple operators. On the other hand, other states chose to have a single operator offer the activity.
While each option has its ups and downs, one of the most profitable ways for generating high revenue from taxes for each state, proves to be sports betting offering both online and retail by multiple operators. Having multiple operators offering legal sports wagering makes the market more competitive. Furthermore, the legalization of the activity and offering multiple options for legal wagering on sports significantly reduces the share of the black market or illegal operators.
A New Report Reveals That Mobile Sports Betting Holds Incredible Potential
Earlier this week, Bonus Seeker, the leading US sports betting comparison site published a new report that provides an insight into the growing US sports betting industry. One of the key findings of the report is that more US states are realizing the high potential of mobile sports betting. The report found out that the highest revenue is achieved via mobile sports betting offerings by multiple operators.
According to the paper, states that don’t offer mobile sports betting receive significantly fewer bets compared to states that are offering online wagering. Furthermore, the report acknowledged that the highest sports betting handles last year were recorded in Pennsylvania, New Jersey, Illinois, Nevada, Colorado, West Virginia, Iowa, and Indiana. All those states have multiple sports betting operators who are offering mobile sports betting.
Last but not least, the report revealed that in those states, mobile betting was responsible for approximately 80% of all wagers, with the only exception being Nevada. However, the report specifies that although Nevada did not reach such a high percentage of shares from mobile sports betting, still, the activity was responsible for more than 50% of the wagers.