Growth in US Sports Betting From $13 Billion to $150 Billion by 2023

Activate is a management consulting firm for technology, media, sports businesses and entertainment that is predicting growth in the US legalized sports betting sector from $13 billion to $149 billion by 2023.

This formula is based on the idea that 76% of US states must legalize sports betting and that three of those states would be California, Texas and Florida.

The odds of any one of these three states, let alone all three, legalizing sports gambling in the next three years is highly unlikely.

From LegalSportsBetting.com:

During the 2019 legislative session, two sports betting bills were introduced in Texas. Those bills were TX HB 1275 and TX HJR61, however, both bills died in committee without much action taken on them.

While Texas has a giant sports market, especially in terms of football, the state culture is often against gambling expansion. There are no commercial casinos in the state so passing a sports betting bill would have to come through a new set of progressive lawmakers.

In Florida and in California, the barrier to legalize sports betting comes at the hands of their Native American tribes. Both states are having trouble with their tribal compacts because the tribes don’t feel as though they are getting the exclusivity to certain games that are written in their deal with the state.

Tough negotiations will have to be had in both of those states in order to find a way in which sports betting could be legalized and thrive in those markets.

These numbers also require the vast number of these states incorporating mobile wagering.

In New Jersey, 80% of all sports bets made are done through a mobile device. In Pennsylvania, nearly 40% of all sports wagers were made over a mobile device and that number came only two months after online sports betting launched in the state, LegalSportsBetting.com points out.

States that allow sports betting only at casinos such as New York and Mississippi have not realized the same type of results.

The study also found that 46% of current sports bettors in states that recently legalized the activity said that the legalization has caused them to bet more frequently.

The study does not delve into the various restrictions imposed by certain states.  Oregon, for example, bans all forms of college sports betting online while New Jersey does not permit wagering on games that feature state schools.

- Aaron Goldstein, Gambling911.com