Sports betting shows no signs of slowing down in the States.
Ark Invest estimates the U.S. sports betting market will hit $37 billion by 2025 — a significant jump from the current $9.5 billion value.
Eleven states have already passed the $1 billion wager mark. So far, Virginia has reached the milestone fastest, in just four months. In the first three months of this year, sports betting revenue reached $961.1 million in the U.S., according to the American Gaming Association.
Roughly half of all states have legalized betting in some capacity, and sportsbooks are doing what they can to cover the rest of the country. DraftKings and FanDuel contributed $20 million to legalize sports betting in Florida.
Fans and betting operators aren’t the only ones raking it in:
- Nielsen reported that the online gambling industry, primarily sports betting, spent $154 million on local TV advertisements in the first quarter of 2021.
- BIA Advisory Services estimates that more than $587 million will be spent on online gambling in the local-spot TV market by 2024.
- $11.5 million was spent on out-of-home sports betting advertising in 2020.
In line with the U.S., Technavio expects the global sports betting market to grow by $134 billion from 2020-2024. The betting market can improve once it cracks down on illegal gambling.