The laws on sports betting in the US are starting to be relaxed, with around 20 states expected to legalise the practice in the next five years, something that will open up a new and potential huge revenue stream for bookmakers.This is clearly something that bookies are already aware of, with Paddy Power Betfair confirming they are in the early stages of merger negotiations with FanDuel.
States leading the way
Nevada is, as is often the case, front of the pack here with legalised gambling having existed for a long time, New Jersey, one of few states which offers legalised online gambling, is expected to be the next to join.After that, states such as Delaware, New York, Pennsylvania, and West Virginia are expected to be at least on the way to legalising sports betting by the end of 2018.The federal ban on sports betting in the US was brought in back in 1992, and until May 14th (2018) it had stood stoic, but the new laws mean that massive opportunities will present themselves for bookmakers, and bring a huge industry out of the shadows.
Sports gambling in the US
Sports betting may not have been legal for the last two plus decades, but that hasn’t stopped everyone, with the American Gambling Association (AGA) estimating that $150 billion is wagered every year, mainly illegally, by US citizens.Gambling companies both sides of the pond are excited by the opportunities this will present, with bookmakers and casinos alike poised to take advantage of that possible revenue once it becomes legal in the relevant states.Expect many more UK and US companies to look at mergers in the current years, following in the prospective footsteps of Paddy Power Betfair and FanDuel, who are hoping to be the trendsetters here.