According to new GamblingCompliance projections recently published, Nevada’s annual sports wagering revenue is also likely to be overtaken by the states of New Jersey, Massachusetts and Pennsylvania by 2023, while New Jersey and Pennsylvania’s revenues to each reach US$300 million.
The report touted the US Northeast region to become “the epicenter of sports betting expansion in the years.”
GamblingCompliance noted that it might take time for majority of the states to enter the sports betting market. Five years from now, the report said that only seven states may join Nevada in the sports betting business.
The problem lies in shaping the sports betting policies of each state, according to the report. It cited California, Florida, and Texas as having the potential to become lucrative sports betting markets despite “local legal and lobbying obstacles.”
Nevertheless, the report predicts the US will eventually surpass UK and China as one of the largest sports betting markets in the world. By 2023, GamblingCompliance said the US legal sports wagering market will be worth between US$3.1 billion and US$5.2 billion in annual revenue.
The latest sports betting market projection was issued after New Jersey and Delaware approved sports betting in their respective jurisdictions in the wake of the Supreme Court’s PASPA repeal. The states of Mississippi, Pennsylvania, Rhode Island, West Virginia and potentially New York are all set to follow before the close of the year.
Source: GMB / Calvyn Aire
