Sports is a lucrative industry. Among others, one area that is raking billions of dollars is betting. While it remains illegal in many parts of the United States, it is estimated that legalized sports gambling will be a $10-billion-dollar industry. What makes betting a big business even if many states are reluctant in its legalization? Keep on reading and we’ll explore some of the reasons.
Before we start, if you want to venture into the sports betting business and see how it works, make sure to check out Sharpbookie. You can run your fantasy sports betting website and see if being a bookie suits you!
1. Americans Love Sports Betting
This is one of the biggest reasons why the sports betting market is a thriving sector. In a report from the American Gaming Association, it has been revealed that about 8 out of 10 Americans are in favor of legalizing sports betting in their state. The same report also notes that more than 39% or 100 million Americans are current or potential bettors. To add, their research also shows that sports betting could have an economic impact of up to $41.2 billion annually. With all of these numbers, it is obvious that Americans are patronizing sports betting. There is a huge market that can be tapped if sports betting becomes legal in more states than its current status.
2. Being a Bookie is Easy
The thought of being a bookie can be intimidating for many people. As a novice, you will have a lot of things to learn. However, many resources are available online, making it easy for you to learn the fundamentals. Plus, if you need a pay per head software that will help you manage your booking platform, there are plenty of options available. You can choose from multiple packages that are available to suit your needs and projections. You can also offer online casinos beyond sports betting, which is a good way to grow your audience and make your website more engaging.
3. More States Will be Legalizing Sports Betting
Another reason for the explosive growth of sports betting is the fact that more states are considering its legalization within their areas. As of January 2020, a report from CBS Sports notes that more than half of the country has already started the process of legalizing sports betting. Since the lifting of the federal ban in May, new legislations have been passed in many states in support of betting. This swift move means that there is a bright future for sports betting, so now is the time to consider tapping this opportunity if you are looking for a new venture to pursue.
Sports betting will be a bigger business in the years to come. This is a result of the passion of the Americans, ease of entry in the market, and the legalization in more states, among other things.