Sports betting is a huge business. Casinos and online betting pull in billions in cash every year. However, despite the number of legal ways in which to bet on sports matches, there are still a considerable number of illegal betting activities that take place on sports. For example, of the $4.5 billion bets on the Superbowl last year, 97% of it was done illegally.This is all due to change in 2020, and we look at how.
Online is King
The shift to online betting is real. Nearly all casinos and bookmakers now have apps for smartphones and online website that can take bets. This is going to continue to change. Currently, around 40% of all Vegas betting is done by apps or online, and this is continuing to grow. While they would rather have punters in their casinos, this is just increasingly not being the case as people prefer the comfort of their own surrounding, so online is the way forward.
The legalisation of Sports Betting
The US is looking to legalise sports betting in 2020, and this will dramatically change the landscape of betting. Post-Legalisation, the US online sports betting market, will be the largest in the world, and this will dominate how betting develops. Based on the potential of the law going through, Microsoft has already prepared a real-time sports betting platform through mobile devices and apps. Legalising the market will cause the Vegas companies to lose their stranglehold on the market as new players such as Microsoft can enter the market.
Professional Sports Leagues Will Profit from Legalised Betting
Sports leagues like the NBA, NFL and NHL want legalised sports betting as they will partner with gambling companies to share profits from gambling. High profile team moves like the Oakland Raiders moving to a new stadium in Las Vegas and the NHL creating the Las Vegas Golden Knights demonstrates the leagues’ willingness to work closer with gambling establishments for the betterment of both the leagues and the gambling companies. The amount of money available to the leagues from embracing betting is enormous, and so they are going to want to be involved as much as possible.
Tech Companies Will Emerge as Mega Bookmakers
The opening of the market will mean those tech companies who can bring mobile apps and technology to the market quickly. Meaning companies such as Betfair will have to be more competitive with their commission as they are no longer the only players in the gambling industry. As mentioned above, Microsoft has already developed a platform that is ready to go. It will be no surprise if the other tech giants like Google and Apple want to get into the market. With their control on the tech platforms that companies need to use for online betting, this will mean they can explode into the market quickly and along with the brand trust behind them the market will be open to more and more people. No matter what happens, we will continue to see mobile betting and online betting go from strength to strength.