As New York readies for the upcoming Sports Betting USA Conference, scheduled for next month, the gaming analysts, GamblingCompliance released a report this week, estimating that the country’s legal sports betting market could be worth nearly $6 billion.
Both of these – the report and the upcoming conference – could impact the Supreme Court’s decision on whether or not to repeal the nationwide Professional and Amateur Sports Protection Act. The Supreme Court is due to hear New Jersey’s appeal in December this year.
According to the report, should 21 states legalize sports betting at land-casinos only, the market would see gross gaming revenue of $2 billion. The best case scenario, however, would be if 37 states go that route, and sports betting is offered not only at land casinos but at retail outlets, stadiums and on online platforms. In that case, the market could be worth as much as $5.8 billion.
GamblingCompliance forsees a market that would see states responsible for their own players, prohibiting bets from crossing state lines so that those states who opt out of a sports betting market won’t be affected.
The key players in a legalized market would be Nevada, Pennsylvania, Massachusetts, Illinois and New Jersey, according to the report.
In the meantime, the Sports Betting USA Conference, being organized by Clarion Gaming for November 14-15, will focus on the integrity in sports, and will feature a number of key speakers.
Clarion promises 50 panelists who will give their viewpoints on a legalized and regulated sports betting industry in the United States, and the country’s growing appetite for wagering on sports.
One of the panelists, Vic Salerno, noted: “This conference, the first of its type to be held in the United States, will hopefully be a guide for future forums and in the process achieve the legalization of sports betting across the USA.”
Salerno pointed out that there was ample evidence that Americans wanted to bet on sports and they do so. He said that by legalizing and regulating the market, it was possible to put in place measures that protect the integrity of sport, consumers and the vulnerable.
He also said that it was important to educate the legislators and regulatory authorities.
“Betting on games legally will help keep the game honest by seeing where the money is being bet and tracking who is betting,” he said.
