Supreme Court Sports Betting Case Could Alter US Gaming Market
According to a recent report from Eilers & Krejcik Gaming, LLC, a gaming industry focused data firm, as many as 32 US States would likely be offering legal sports betting within five years of a favorable court decision. That would add up to around $6 billion in revenue. If all 50 states legalized (and it’s not likely that Utah and Hawaii ever would) the total additional revenue would be more like $7-$15 billion, according to Eilers & Krejcik.
Chris Grove, the company’s managing director, points out that Americans are already spending upwards of $60 billion annually at offshore sports books. That amounts to around $3 billion in profits, he said.
Grove and company are extremely optimistic about the financial prospects of regulated sports betting and suggest that the legal market will dwarf the current black market saying:
We estimate that a properly regulated market could be worth nearly five times that amount, resulting in a financial windfall for sports betting operators, sports leagues and media and state governments alike.
While Grove is incredibly optimistic about the prospect of legal US sports betting, David Schwartz, director of the Center for Gaming Research at the University of Nevada Las Vegas is merely optimistic. In an interview with ABC News, Schwartz suggested that the legal sports betting market would be more like $1.4 billion and that growth would be considerably slower than what Eilers & Krejcik are suggesting.
Regardless of how big the market winds up being, if it winds up being at all, it’s clear that regulated sports betting would have a significant impact on the US gaming industry.
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