The United States is anticipating a verdict over the legalization of sports wagering, and the world is betting on it. The prospect of its legalization has made a British online gambling company step forward for seeking some profits from the market.
Smarkets Ltd., a company which runs a betting exchange, aims to invest about $5 million for creating a traditional sportsbook which they would launch in their home market in coming months, the Chief Executive, Jason Trost said.
"We are launching this to go into the US," Trost said in a phonic interview. He also added that he estimates the market of the US to be valued more than $10 billion to $20 billion if sports wagering gets fully liberalized.
The firmly held operator is among one of the many gambling firms who are willing to jump into the US market after the ban on wagering gets lifted.
The Supreme Court would give its pending decision by the end of June. In coming months it would be clear whether the prohibition on such gambling ends or not. Many lawmakers have proposed the bill which would legalize sports betting in their states to boost their revenues and economy.
Trost aims to take his company to greater heights by involving itself in sports betting globally.
The sports betting market of the United Kingdom is already crowded and competitive. Smarkets won't compile its odds. Instead, it plans to draw them from the betting exchange it has already been operating, where users are allowed to place bets on an event and act as the mediator or bookmaker. Trost thinks this would offer more significant odds than the traditional compilers.
"This is a huge opportunity. The people want best prices, but they do not want to go for exchanges, " Trost added.
Trost did not reveal the exact date for the UK introduction, but it is most likely that he won't want to miss an expected betting boom on Soccer World Cup that is scheduled to take place in June and July.