Sports betting refers to predicting the outcome of a particular game or a championship cup and placing a bet on it. It has become widespread in several sports, including football, baseball, basketball, horse racing, auto racing, etc.
In the United States, any state can legalize sports betting following New Jersey’s Supreme Court victory in 2018. Sports betting is currently legal in 25 states, which is half the country. These include Colorado, New York, Nevada, New Jersey, Florida, Michigan, and more.
The COVID-19 pandemic has also acted as a blessing in disguise for the sports betting industry. Here’s how.
An Increase in Online Sportsbooks and iCasinos
With people not going to attend sporting events physically, online betting plarforms and icasinoshave seenan increase in users. Many legal sports betting websites on the internet have seen their businesses flourish during the pandemic as the number of their consumers increased due to a preference for online sportsbooks over traditional bookmakers. By using online sportsbooks, they can bet and earn money from the comfort of their homes.
More than 47 million people placed their bets on the 2021 March Madness. According to the American Gaming Association, the number of online bets placed on the event has tripled since 2019.
Sports Leagues Selling Data to Betting Companies
Now that sports betting is increasingly becoming legalized in the United States, sports leagues have also started selling official data of teams to various sports betting companies. This is to profit from the explosion of the sports betting industry.
The NBA, for example, has authorized sports betting partnerships with more than 20 operators all over the United States. This ensures that fans who are betting on the sport have access to information about the tournament and the teams so they can participate in it legally. These contracts are worth hundreds of millions of dollars—sometimes even more.
People Are More Interested in the Industry
Since sports betting has become a legal hobby or industry in many places in the U.S., a more significantnumber of people are starting to view it as a possiblewayto make money. Even those that aren’t sports fans have begunfollowing the sports betting scene. The pandemic gives people sufficient time to do their research about a sport, the teams in a particular league and, which sections have a better chance of winning. By doing research, they can make more accurate predictions before betting on a game or a tournament. Business owners of large corporations are also very interested in sports betting and often invest large sums on favored teams to make more money.
Alt-text: A baseball match going on
Habitual Gamblers Shifting to Sports Betting
The COVID-19 pandemic has put severe mental stress on a lot of people. In the gambling industry, concerns of problem gambling and gambling disorders are widespread. Despite the lack of sporting events, many habitual traditional or online gamblers have shown interest in and gravitated towards sports betting instead of regular gambling. This increases the risk of addiction within the sports betting category too.
But many betting companies have already taken measures to deal with the problem effectively. Betting websites keep track of who visits their page and how often. To prevent habitual gamblers from forming addictions, they impose bans upon them for a certain period. This makes those gamblers unable to visit their website and gamble for a few days or weeks. When the ban is lifted, they can continue to bet again.
New Sports Emerged as Havens for Sports Bettors
The inability to hold several major sporting events in 2020 due to the pandemic caused dismay for sports fans and sports bettors alike. But this led them to set their sights elsewhere. As a result, the rise of table tennis betting came into being. Who would’ve thought that table tennis betting would be so popular before the pandemic?
8.8 million U.S. dollars were bet on table tennis in March of this year alone in Colorado, with the figure going over 11 million dollars in January. The reasons for this, according to bettors, were simple. It was a fast-paced and exciting sport—the matches weren’t as long as those in football or basketball. Its unpredictable nature also added to the thrill factor, making more people bet on it. Even after mainstream sports largely returned to the limelight, table tennis betting remained as one of the most bet on sports.
Sports betting is a hobby that Americans are increasingly picking up onto pass thetime and make quick cash. It requires little to no effort and only some research and luck for a person to earn a good amount of money by placing a bet on a team they think might win. Expert sports bettors have spent countless hours researching trends and analyses of various sports to determine the outcomes that they bet on.
About the Author:
The author is an experienced sports handicapper at Charlie’s Sports. They have spent years in the betting industry and watched countless matches from different sports. They are highly invested in the sports industry and hope for the legalized sports betting industry to flourish.