The US sports betting industry is a multi-billion dollar business. It is centered around professional athletics. There are seven states that have legalized sports betting in recent months. Several more are set to follow later this year. These markets are not yet fully regulated, though.
In Maryland, sports betting is a relatively new phenomenon. Residents can bet on popular teams in Maryland online or in-person. Currently, there are two layers of oversight, including the state lottery and the state’s gaming control agency. Each entity has its own responsibilities.
A major player in the sector is DraftKings. This fantasy giant re-branded itself into a sportsbook and now takes bets on NFL teams. DraftKings has also expanded its presence into several other states. One of its partners is the Baltimore Ravens.
Another of the most important facets of official sports betting is the data used to price bets. Professional leagues want their sportsbooks to use official league data. That data will provide bettors with more accurate odds and a quicker information flow. Currently, bookmakers are using commercial data feeds.
Official sports betting is a good example of a high-tech industry. Sportsbook operators are using a variety of technologies to keep up with the demands of today’s customers. Today’s market is a multi-billion dollar one, and it’s expected to grow to hundreds of billions of dollars in the coming years.
The Maryland Lottery & Gaming Control Commission approved Bally’s qualification for an online sports betting license last week. The commission awarded 20 sports betting licenses. Other regulatory bodies have followed, but it’s not clear if the market has been launched yet.
On May 14, 2018, the U.S. Supreme Court made sports betting legal in seven states. However, it is still illegal in other states, such as D.C. and Nevada. For a long time, the NCAA and other major professional sports leagues maintained a line against legalized sports betting. While the NFL has argued that legalized sports betting threatens the moral thread of sports, many fans of the New Orleans Saints don’t share this opinion.
The PGA Tour has also taken a leading role in the official betting game, and the amount of money wagered on its events has grown by more than 50 percent in just the past two years. Additionally, the PGA Tour’s multi-year partnership expansion will see the Tour and its players and sponsors grow their involvement in the wagering space.
Many other operators are waiting in the wings, however, and the sports betting industry in the US is not expected to slow down. With several more states set to follow in the next few years, the United States is likely to become a hub of sports betting.
Until recently, the sports betting industry has been dominated by gambling parlors in Pennsylvania and New Jersey. However, mobile sports betting is becoming a reality in the U.S. Several top sportsbooks have rolled out mobile apps. Using a mobile browser, users can now download these apps and sign up for a free account. Mobile apps also offer the same features as desktop sites, and a few sites even have special bonuses for signing up.