In less than two years, the legalization of sports betting has spread significantly, spurred on by a now infamous US Supreme Court ruling overturning the Professional and Amateur Sports Protection Act (PASPA).
What was legal in just the states of Delaware, Nevada, Montana, and Oregon prior to May 2018 has now grown to encompass 21 states today.
While sports betting was traditionally an under-the-radar, hush-hush topic – despite its prevalence –NBA Commissioner Adam Silver has described the subject as now being “brought out of the underground and into the sunlight.”
Much like the prohibition of alcohol in the US, sports betting used to be unregulated and thus less safe. Today, with legalization in full swing,the regulation of sports betting allows those wishing to indulge to do so in a safer, fairer environment.
In fact, the phenomenon is gaining wider acceptance, with partnerships between major sports leagues, casinos, sports books, broadcasters, and even individual teams being inked at lightning speed. These partnerships in turn allow for a variety of creative wagers and exclusive promotions.
For example, the MLB, NBA, NHL, NFL, and UFC have formed deals with sports betting partners such as:
• MGM Resorts
• FanDuel
• DraftKings
• FoxBet
• William Hill
• Caesars
These deals don’t just mean increased revenue, they also allow for real-time data sharing, and access to branding such as logos and digital assets including social media platforms.
For bettors, the main advantages of having such direct access to official league data in real-time is the ability to get betting lines both before and during games. Additionally, in order to convenience customers, this emerging market is now growing exponentially on mobile platforms. As opposed to having to physically go to a brick-and-mortar establishment to place a bet, users can now do so from the convenience of their couch.
With all of the new and sudden changes, it is easy for a prospective bettor to experience information overload, which can be intimidating.
In order to alleviate this concern, new companies are entering the marketplace with the goal of providing user friendly, easy-to-use tools and services that still utilize the advanced data and statistics employed by major sports leagues and gaming operators.
One such company, Sidelines, features services such as an odds comparison platform, which tracks, analyzes, and presents users real-time lines provided by all legal US sports books. Furthermore, the company provides analyses on players, teams, and games for all major sports, in addition to data-produced market predictions.
The appearance of such companies is but one of the many expected opportunities coming to fruition and reflects some of the indirect consequences of legalized sports betting, including job creation. In fact, according to a 2017 Oxford Economics report, US GDP stands to gain over $11 billion per year as a result of job creation, tax revenue, and investment. Much of this capital can be reinvested by state governments to fund infrastructure projects, education, and social initiatives aimed at aiding the elderly and disabled.
The legalization of sports betting has obvious benefits. As opposed to keeping it in the black market, states and businesses are beginning to see the opportunities it presents. After all, betting has always existed, regardless of its legal status. So why not capitalize on it and put it to good use?