In May 14, 2018, the United States Supreme Court repealed the Protection of Professional and Amateur Sports Act (PASPA) and thus opened the doors for the evolution and legalisation of betting on sports. Thus, on the 14th of May 2022, the 4th anniversary of one of the most promising areas in the gaming industry is celebrated.
New Opportunities in the Bid’s World
Bill Miller, CEO of the American Gaming Association, says that since the decision was made, 35 states have already legalised bids, letting half of adult Americans to stake. The government received more than $ 1.3 billion in taxes from legalisation. Since May 2018, a total of $ 125.4 billion has been placed on sports games and competitions.
Over the past four years, various media sources, leagues and teams have created 310 partnership agreements. Miller notes the disengagement from the status quo:
- encourages the formation of coalitions;
- brings benefits to teams and leagues;
- draws people in increasingly.
The Illegal Market is Still a Direct Threat
Bill Miller adds confirmation of the failure of the government’s ban on legal bets, especially when it provoked interest from Wall Street representatives. Miller, referring to his political past, points to the velocity of the decision to legalise the sphere, and he clarifies that legitimate sports staking is an excellent blocker of the illicit sphere, and also brings incredible money from taxes.
Based on surveys by American Attitudes conducted in 2020 and 2021, approximately 75% of adult Americans who support the legal gaming business maintain the extension of the sphere.
Referring to Miller, regulated gambling already occupies 85% of searches in regulated markets such as New Jersey and Pennsylvania. However, AGA’s CEO points out to the public the growth of searches of illegal bookmakers, which amounted to almost 40% during the pandemic. He says such companies are seen 3.6 times more often than fully legitimate.
It turns out that 55% of Americans, who bid, did not know they were involved with an illicit operator. This led AGA to appeal to the United States Department of Justice to start investigations and prosecution of illegal companies.
Based on the latest data, in the first three months of 2022, the return on sports betting grew by 64.6% compared to the same period in 2021. Moreover, the legal rate for the quarter was twice the first quarter of 2021 profit and stood at 102.3%. All of this points to a strong consumer need to expand the number of states with legal rates.
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