The results of several studies into the future of sports betting in the United States have all shown the same bottom-line conclusion: The industry will continue to see fast growth and generate billions of dollars each year.
Union Gaming recently published a press release, predicting that the US sports betting market has the potential to increase the total amount of revenue to an eye-watering $2.5 billion by 2021. This is as long as the market continues with its current momentum.
Mergers, acquisitions and partnerships that took place last year in the industry, will start to bear fruit in the coming few years, and will play a role in increasing this revenue.
Highlights of the press release include:
- The sports betting industry has become more mainstream and acceptable to the public in recent times. This is mainly due to companies such as Yahoo Sports partnering with well-known gambling brands (eg. MGM).
- Revenues from these above partnerships will increase at least ten-fold in the coming years, as more and more states seek to offer legal and regulated sports betting.
- Union Gaming predicts that by 2025, the US sports betting market will be worth around $8 billion per annum.
Another study took its predictions one step further and explored the state of the global sports betting market. According to Transparency Market Research, online gambling and sports betting will be worth nearly $130 billion by 2026 on a global scale.
An increase in the popularity of online gambling due to its increased availability and easier access to electronic payment methods, is just one of the factors that will contribute to this number.
Around 11 new states are set to jump on the sports betting wagon this year, joining the 13 others who have already legalized it. If more states go down this path, the $8 billion predicted by Union Gaming could grow significantly higher.