200 years ago, the government-sanctioned lotteries filled the whole country. At the time, the US didn’t have a stable central government. Still, proceeds from lotteries were used to establish universities, build cities, and somehow finance the revolutionary war.
All through, gambling was thriving. Not until 1919, when the betting industry witnessed its first case of corruption on a national scale. Allegedly, players from the Chicago White Sox were paid $10,000 each to rigout the tournament in favor of the Cincinnati Reds. A severe backlash ensued, then boom! The Federal Government outlawed sports betting in most states and hiked all sports gambling in Nevada.
In 2011, voters, mainly from the state of New Jersey, put pressure on the government. And in a referendum, they decided to see the institution of legal sports betting. Several reasons were provided, but the most overarching include the need to boost the surviving casinos in the Atlantic, and the need to offer economic benefits to the state.
Today, a May 2018 Supreme Court’s ruling allows any of the 50 states to define each of their own sports gambling laws. The move enables legalized sports betting across collegiate and professional games in the year. This brings to an end to Nevada’s 50-year, federally endorsed, monopoly.
In the wake of a new betting era, the setting of sports betting is shifting drastically as millions of US residents are on the brink of being let in to gamble. According to the most up-to-date news about sports betting in the USA, 5 states approved legal sports betting months of the decision. And more had joined by the end of 2018. Based on this, the total industry-wide revenue from regulated sports betting rose from $ 261.3million in 2017 to $ 430.2 million in 2018.
Indeed, the continually evolving hi-tech advancements, the nature of sports betting is destined for a facelift. The internet alone has compelled the amendment of existing betting laws. Next.
Sports betting continues to be a relatively-around niche, and it’s a favorite past time for the Americans. As of today, 2 dozen states and more are lining up to activate new regulations on the books or consider the legislation. For this reason, by 2024, about 40 states could allow sports gambling, Gambling Compliance reports.
Many online users say they’ve placed a sports bet in the last year. But with the rising sports betting market, this number is set to escalate. As it appears now, by the end of next year, approximately 50% of Americans will be living in states that feature some sports betting. Well, according to the American Gaming Association, about $150 billion is bet annually in gray markets well-organized by bookies and legitimate offshore sportsbooks.
Lifting the ban has created a huge moment in American sports, which has continued to produce incredible storylines and scenes. Speaking of which, in May, New Jersey crushed Nevada, becoming the leading state in monthly sports betting for the first time. The Garden State transacted $318.9 million in bets taken and $15.5 million in revenue, topping Nevada’s $317.3 million total bets made and $11.6 million earnings.
