With multiple sports betting organizations competing and flowing up with fund raisers and trustworthy partnership and with the leading betting sports being ‘The NFL’, the US Online Sports Betting Market is projected to rise to a CAGR of ~12% by the year 2028.
STORY OUTLINE
- The turning down of Professional and Amateur Sports Protection Act led to companies to shift from illegal to legal growth.
- With increased smartphone adoption and high amount of internet penetration, market growth skyrocketed over the years.
- ‘The NFL’ makes maximum market output in the US online sports betting market.
- Rise in fan engagement and incorporation of new betting products will pave a new way for rise in the US online sports betting market.
1.The turning down of Professional and Amateur Sports Protection Act led to companies to shift from illegal to legal growth.
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- The PASPA or Professional and Amateur Sports Protection Act was turned down in 2018 by the Supreme Court, making betting legal.
- Supreme Court reviewed case Murphy v NCAA, stating that it violated Tenth Amendment of the United States Constitution.
- New Jersey had a rough toe-to-toe with NCAA regarding the legalization of sports betting in Atlantic City, where the plaintiff won with majority votes.
- The bringing down of PASPA, made the other legislative states to work with legalising sports betting.
According to Ken Research, the US Online Sports Betting Market is rising with a surge in enormous fan base, social media connectivity and increased smartphone and internet penetration, has marked a rise in the market. With major players like DraftKings, FanDuel, BetMGM, Caesars Entertainment, PointsBet, market surge is evident with legal betting, a projected CAGR of ~12% by the year 2028 is to be observed. The NFL is currently the leading growth maker which is currently making the most percentage of output for the US Online Sports Betting Market.
2.With increased smartphone adoption and high amount of internet penetration, market growth skyrocketed over the years.
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- With a 93% increase in smartphone adoption, US online sports betting market is going through an advantageous rise in growth.
- Global digitization has led to a 98% increased internet penetration, leading to the proper adoption of online sports and legal betting.
- With 5G infrastructure, US skyrockets in the adoption of online sports betting with profiting for both sides; companies and users.
- The prevalence of smartphones and robust internet connectivity has facilitated the rise of in-play betting and live streaming, marking a proper growth.
3.‘The NFL’ makes maximum market output in the US online sports betting market.
- With enormous Fan base and longer sessions, The NFL has a massive fan engagement running from September through January with culminating in Super Bowl.
- Online sports betting platforms offer a wide range of betting markets for NFL games, including point spreads, moneylines, over/under totals, player prop bets, and more.
- Via official league sponsors or through deals with the individual teams, NFL increases the visibility of online betting.
- With the new Fantasy football, at least 70% of the sports engagers create virtual teams with real NFL players betting on player performances, boosting the market growth.
4.Rise in fan engagement and incorporation of new betting products will pave a new way for rise in the US sports betting market.
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- With 51 Mn people betting on super bowl, a massive surge of the US online sports betting market is seen.
- At least 2 out of 5 people are betting on the super bowl, resulting in the standing population that are currently increasing the market size constantly.
- With the increasing number of bets placed, US crosses over 1 Bn USD over the course of years.
- With Social media integration and community aspects, betting becomes more influential for a long period of 5 months every year, rising the growth even more.
CONCLUSION
The US Online Sports Betting Market had once been restricted from legally being organized in any state, except for a few. But with the removal of PASPA, the traditional betting market along with the online sports betting market has made exceptional growth. With everyday rising fan base and high penetration of internet and smartphone, The US Online Sports Betting Market propels itself towards the top every year.https://kenresearch.hashnode.dev/can-the-us-online-sports-betting-market-reach-a-cagr-of-12-by-2028-ken-research