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The United States Supreme Court ended federal bans on expanding the betting industry in 2018. Since then, betting has spread far beyond Nevada, where it was once confined, and dozens of states have legalized sports betting. The result is a multi-billion-dollar betting boom. As the industry expands, it is also changing in dramatic ways.
For decades, players could only place bets in brick-and-mortar locations such as the famous casinos of Las Vegas. With so many sportsbooks in the market and the proliferation of smartphones and other devices, the smart business move for sportsbooks is developing betting apps to beat their competition. These apps also provide players with several benefits.
The main benefit is convenience, as players can place a bet wherever they are as long as betting is legal in their state. The good news is that many states have bills in the works to make sports betting legal.
For example, there is a pending bill in North Carolina that will likely be passed in 2023 and that will open up the landscape to sportsbooks and players. Also, there are already some North Carolina sportsbooks putting everything in place to ensure their services are available once it does.
Second, sportsbooks can provide players with convenient payment options that make depositing and withdrawing cash easier.
Another change happening in the betting landscape is sportsbooks providing players with many more betting options. It is now easier than ever for sportsbooks to provide these additional betting options because they can access more data than ever before.
They need to do this because there is additional competition as more sportsbooks enter the industry, and they also need to attract new players who are new to betting and thus looking for reliable sportsbooks.
In addition to players preferring mobile apps to physical betting locations, they are also choosing apps over websites. In states that have already passed betting laws, such as Illinois, New Jersey, and Pennsylvania, mobile apps have already overtaken websites for the number of bets placed and the amount of money wagered by players.
We expect this trend to continue as more states legalize sports betting due to the benefits of mobile app betting outlined above.
Since the betting industry generates billions of dollars in revenues annually and does not seem to be slowing down, an increasing number of sportsbooks are entering the market. These businesses are using several marketing strategies to gain market share as the fight for customers intensifies.
A common tactic is establishing direct partnerships with media companies, entertainment companies, and sports teams to ensure as much visibility of their businesses as possible.
It is now common to see betting lines from different betting companies scrolling across the screen during a broadcast or for their logos to feature prominently in stadiums and alongside ads sanctioned by teams. We have already seen the latter work well in baseball, where this year FanDuel became official betting partner to the MLB for North America.
As more states legalize sports and online betting, we expect the laws they enact and stakeholders in the betting industry to continue reshaping the industry. We can also expect more features, offerings, and services that benefit players.