Favorable Regulations Build Momentum for Online Gambling

The popularity of online gambling has grown significantly in the United States. Now, laws and regulation are becoming more favorable for the service providers in this sector, and the pandemic has created the right environment for them to prosper. According to estimated data by the American Gaming Associating, gamblers placed USD 4.3 Billion in bets on Super Bowl LV, marking “the largest single-event legal handle in American sports betting history.” About 7.6 million people placed bets on the game through platforms like FanDuel and DraftKings, a 63% increase from 2020. According to a report by CBS News, Casey Clark, a Senior Vice President at the gaming association explained that “the pandemic had a lot to do with Americans not going to physical locations anymore… You weren’t going to in-person sporting events and you weren’t going to brick-and-mortar sportsbooks [where gamblers can wager on various competitions].”

Sports betting is a major segment of online gambling. A report by the Chicago Sun-Times indicates that New Jersey gamblers set a nationwide record for the most money bet on sports in a single month, spending almost USD 668 Million in August on events including resurgent baseball, basketball and hockey seasons that had been interrupted by the outbreak. As a result of the evident spike in demand, Morgan Stanley reported that it now projects that the domestic sports betting industry will reach revenues of about USD 7 Billion by 2025, a major increase from the USD 5 Billion projected in June 2018 and reiterated last December, Casino.org reports.