Sports betting in the US might impact UK bookmakers
The world of gambling is facing exciting times, especially in the US, as they start to embrace sports betting after years of resistance. State governments and major team owners are starting to accept the custom, with 8 states having now made it legal, with bills still pending in 15 more. Over half of those pending bills include the permission for mobile betting, with this digital revolution having helped the sports betting market enjoy rapid growth.
How will this impact on the UK betting market?
The UK ranks as the largest sports betting market in Europe, aided by the early approval of online gambling. Figures from the Sports Business Daily revealed that 11% of the UK population claimed to have had at least one bet at a casino in 2018, with more than 6% doing so online.
However, since sports betting was legalised in some US states, share prices in British betting companies have fallen. The shift in the US means that sports betting organisations operating in the UK will now be forced to compete far harder for the international markets.
Stronger regulations in the UK will boost the US markets
The move to legalise sports betting in the US also comes at a time when the UK and other countries have tried to implement stronger regulation on the betting industry to restrict its power and influence over live sports. This follows complaints about the 2018 World Cup and the number of advertisements that apparently glamorised gambling.
Given some of these factors, it is likely that US sports betting will soon be the global market leader, especially with new partnerships like the one between MGM Resorts International and the National Basketball Association (NBA). In addition, during the recent Super Bowl, the American Gaming Association (AGA) estimated that an incredible $4.76 billion (£3.64 billion) in bets were made.
Sports betting is a huge market
Currently, sports betting accounts for approximately 70% of the global gambling revenue, beating all other sectors like lotteries, casinos, and other forms of gambling. It is a huge market to be involved in, so UK bookmakers will have to start coming up with innovative ways to protect their market share. This increased competition could be good news for punters though, who can expect to see even better odds on offer.