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Why Online Sportsbooks Continue to Be Popular Across the US

March 10, 2020
online sportsbook success in the USA

Online sportsbooks are growing in popularity across the US. With the lifting of the federal ban on sports betting, more states have legalized sports betting, making the revenue and sales to increase as a result.

Today, more people bet on sports online on such events as the NFL Super Bowl, which is regarded as the most popular sporting event in the US. Each year the number of Super Bowl bets placed in online sportsbooks is increasing tremendously. That’s why we can say that the event is growing in popularity among sports fans and, thus, online sportsbooks.

Also, with the lifting of the federal ban on sports betting, bookmakers are rushing to stamp their authority in the recently created US market. Betting giants like William Hill have consequently formed partnerships with US media firms like CBS Sports to leverage on this opportunity.

Revenue and Sales

Sports betting in the US had been monopolized in Nevada before it became legal in other states in 2018 when the Supreme Court lifted the existing federal ban on sports. After the ban was lifted, sports betting was legalized in other states, which have seen the revenue generated to increase dramatically.

Sports betting is legal in eleven states, including New York, Iowa, Delaware, New Jersey, and Nevada. Seven states have passed the law to legalize sports betting pending a launch date. The expression states waiting for launch dates means they are just waiting to ensure they have their rules already set so that the betting services can follow them.
Nevada has been leading in the amount of revenue among sportsbooks across the nation. The state was the first to legalize and regulate sports betting in 1949, but online sports betting was legalized there only in 2010.

Since then, people have wagered billions of dollars every year, which has generated hundreds of millions of revenues. Besides being the pioneer of sports betting in the country, the state has among the lowest tax rates.
Delaware was the second state to legalize sports betting after Nevada on 14 May 2018, the day the ban was lifted. According to Forbes, all the states use a revenue-sharing model as their tax system. The model involves sharing revenue between the state, casinos, scientific games, and the horse racing industry.

New Jersey is the biggest market for sports betting outside Nevada since there are a lot of gamblers in the state who prefer to play online. According to The Time, about 80% of all gamblers in NJ play through sportsbook apps or websites.

How Super Bowl Was Huge for Online Sports Betting

The Super Bowl is the biggest entertainment event in the US and one of the most popular events for sports enthusiasts and gamblers. It provides a great opportunity for gamers to play and make some good money. Last year, Super Bowl recorded one of the biggest numbers of bets among online sportsbooks in the US.

As sports betting expands in the US, the amount of money wagered by gamers on the Super Bowl is expected to keep growing. The event is expected to continue being the single most betted activity in the history of the US.

In 2019, bets amounting to $6 billion were made during the Super Bowl game between New England Patriots and LA Rams. The number rose by 15 percent this year, and the number of American adults wagering on the Super Bowl was 26 million.

Those 26 million players placed bets worth $6.8 billion in the game between Kansas City Chiefs and San Francisco 49ers. Of this, a staggering 5 million bets were placed through online sportsbooks. This number is 19% more than the previous year.

Nowadays, more states are now offering online sportsbooks, which have helped to increase the percentage of legal bets in the country. According to Sportsbook Advisor, such services accept a variety of payments, with some of them allowing bets in bitcoins to the convenience of betters.

William Hill and Their Recent Deal

As seen on The Wall Street Journal, British Betting giant William Hill has struck a deal with US media firm CBS Sports. The media firm offers several sports news, highlights, as well as analysis. They cover such popular sports as American football, basketball, and golf.

It is estimated that CBS Sports website gets around 42 million visitors every month. This deal will provide bookmaker access to a larger audience and a great opportunity to diversify its products and get more airtime for its brand. William Hill will also get a chance to push its brand to sports punters in the new market, which is the US.
The deal allows the British bookmaker to be the sole provider of betting odds in all CBS platforms, including their fantasy football platform beginning March this year. They will also be able to advertise their products on CBS Sports website.

Growing Popularity of Online Sportsbooks

The popularity of sportsbooks is expected to continue rising and registering increased revenues. Since people can now place bets online for their Super Bowl favorite team, the popularity of the sport is expected to see more bets and increased revenue. The partnership between media firms in the US and foreign giant betting firms is also expected to increase the popularity of online sportsbooks.

Bob Johnson, a journalist at NJGamblingFun, noted, “There has been a rise in online casinos which has been attributed to improved internet technology. As the quality and popularity of online casinos continue to rise, so is the advancement in technology. When the two are growing at par, it’s expected the popularity of online sportsbooks will continue to increase, too.”

Final Thoughts

Online sportsbooks are highly popular among American citizens because of the convenience of placing bets and tracking your progress. Super Bowl has highly contributed to the extent of sports betting and resulted in the biggest bets at online sportsbooks. Thus, there is no wonder that the sports betting industry will continue expanding over other states, and technology advancements will make online sportsbooks even more convenient to use.

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