Until recently, there were only a few places within the United States where it was legal to place bets on sporting events. The Professional and Amateur Sports Protection Act of 1992 (PASPA) essentially outlawed running sportsbooks with the exception of Nevada, Oregon, Delaware, and Montana. Some other exceptions for horse and dog racing and jai alai were also included within the law.
This put the United States at odds with Europe, where sports betting is commonplace both online and in physical betting shops and casinos. Tens of billions of euros are generated from wagering across Europe, as well as in other regions.
The law has been under pressure for several years, and the 2018 Murphy v. National Collegiate Athletic Association case in the US Supreme Court resulted in the striking down of PASPA.
This led to a rush among several states to begin allowing online sports betting, with Nevada and New Jersey among the first to do so. There are now 13 states that allow some form of online wagering.
Online casinos have also been permitted in five states, with more expected to open up in the future. In places where they’re allowed to operate, the market has been flooded with major operators who have used their experience from other regions to put together a strong offering for the US consumers.
This has resulted in some of the best casino bonuses and offers made available to players in any country around the world. With some brands offering as much as $1,000 of bonuses to new players.
The Biggest Market in the World
The United States has the largest economy in the world, it’s also got most of the world’s biggest sports leagues. It’s no surprise then that the US is tipped to become the biggest online betting market in the world.
In 2017, before PASPA was struck down, gross gaming revenues from legal businesses totaled more than $150 billion, up from $92.27 billion in 2008. With online sports betting and casinos now in operation, these figures have skyrocketed.
In just the first month of New Jersey allowing online wagering $250 million of sports bets were placed. This figure has grown substantially in the almost two years since. Online casino revenues have also grown at a similar rate.
According to Market Watch, annual revenues from the US online betting industry are expected to reach almost $95 billion by 2025. It shows that there’s a lot of room for growth for the online bookmakers operating in the country.