A Look at The Booming Sports Betting Industry In The U.S. As More States Join The Market

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Several parts of the United States have enjoyed a giant growth in sports betting wagers and tax revenue over the last four years, and the popularity and financial aspects of the industry will only continue to grow over the long run.

Sports betting was illegal in the United States for nearly 26 full years, beginning in late 1992. On Oct. 28 of that year, the Professional and Amateur Sports Protection Act of 1992 (PASPA) was signed into law.

But in May 2018, the Supreme Court of the United States made a history-changing decision by overturning the act. The Supreme Court ruled that the PASPA was a violation of the country’s Tenth Amendment, and the decision gave every U.S. state the option to launch legalized mobile/online and/or in-person sports betting.

Soon after the ruling, the states of New Jersey, Mississippi, and Delaware went to work in legalizing it. To date, over two dozen American states have since launched sports betting, and other states will soon join the industry.

This includes the states of Kansas, Ohio, and Massachusetts. The highly-anticipated Kansas sports betting launch expected this September will feature special welcome/early registration bonuses from the DraftKings and FanDuel sportsbooks.

DraftKings is giving out $100,000 in free bet sweepstakes plus $100 in free bets for those who register early. FanDuel is giving out $100 in free wagers on launch day plus a $1,000 “No Sweat First Bet.”

Fans in Kansas will be able to place wagers on the state’s many collegiate clubs as well as professional sports teams close to the state such as the NFL’s Kansas City Chiefs and MLB’s Kansas City Royals in Missouri.

 

Ohio & Massachusetts Will Soon Join The Fold

Even if Kansas doesn’t end up launching sports betting by September, there’s a strong probability that it will go live before the end of 2022.

Kansas isn’t the only state that will open its doors to mobile/online sports betting soon. Ohio and Massachusetts, two of the nation’s biggest sports states, are on the verge of joining the growing list of states.

The Buckeye State is expected to launch sports betting by Jan. 2023, and there won’t be any shortage of sports teams to place wagers on. Ohio has the NFL’s Cincinnati Bengals and Cleveland Browns, the NBA’s Cleveland Cavaliers, MLB’s Cleveland Guardians, and Cincinnati Reds as well as the NHL’s Columbus Blue Jackets.

The Ohio State Buckeyes headline the state’s prominent college programs. The Buckeyes football team, one of the premier NCAA football programs, is always among the top favorites to win the national championship.

Earlier this month, Massachusetts Governor Charlie Baker signed a sports betting bill that paves the way for betting to eventually go live in the state. However, it should be noted that state officials aren’t in a hurry to launch it.

Brad Hill of the Massachusetts Gaming Commission stated, “that this isn’t something that’s going to happen overnight”, per Colin A. Young of the State House News Service.

Unlike Kansas and Ohio, there is no timeline on when sports betting could actually go live in Massachusetts. But Baker’s decision to sign the bill is definitely a nice starting point in The Bay State.

Massachusetts has four of America’s most storied professional sports franchises the NBA’s Boston Celtics, the NHL’s Boston Bruins, the NFL’s New England Patriots, and MLB’s Boston Red Sox.

Given the giant following and consistent success of Boston sports teams —six Super Bowls for the Patriots, four World Series for the Red Sox, and one world title apiece for the Sox and Celtics in the 21st century — one can only assume that Massachusetts could quickly emerge as a national leader in sports betting.

 

New York Quickly Took Over As The Leader In Betting

The nearby state of New York launched sports betting in January of this year.

In early July, Gov. Kathy Hochul announced that the state had reached $302.3 million in tax revenue through mobile sports bets. By March, New York had already taken in more than $6 billion in sports betting wagers.

New York has three NFL teams the Buffalo Bills, New York Jets, and New York Giants. They have two NBA clubs (the Brooklyn Nets and New York Knicks, two MLB franchises (New York Yankees and New York Mets), and three NHL teams (Buffalo Sabres, New York Islanders, and New York Rangers).

Massachusetts and Ohio have smaller populations than New York. But the bottom line is that it’s impossible to ignore the rapid success that The Empire State enjoyed in sports betting, and Ohio and Massachusetts could also emerge as leaders once state officials launch it.