Online Betting Expected to Reach $80bn by 2020
Scott Morris | January 24, 2018
Online betting is an exciting market to be in these days. The regulations are changing constantly, but in the favor of online betting. Many US states are looking to this market as a possible tool to help them get out of drowning debt or at the very least create more revenue. They know that money is already being wagered using local bookies, online methods, or by using a Vegas Beard (Beard: Someone who places a wager for another person (aka “runner”). So, they are figuring why not get a piece of the action and keep it in state.
As many as 18 states are expected to challenge the antiquated legislation that is currently on the books this year. They are following New Jersey’s lead in wanting to be able to offer its residents sports betting options. New Jersey officials have said they are ready and waiting. They have also iterated that once the laws change they are poised to go into instant sports betting mode. You can almost picture them twiddling their thumbs while the Super Bowl is playing on a screen behind them.
Blockchain and New Markets
The fact that Bitcoin has basically woken everyone up to an emerging virtual world of finance and risk, should be reassuring to those in the online betting industry. The more people understand something the less they are afraid of it. Sending and receiving money anywhere in the world with a few clicks has made governments think about how fruitless their efforts to control people’s financial actions may become. Instead of trying to stem the action of market participation, they are now aiming to understand it and, of course, find ways to tax profits.
This same model applies to the action of sports betting. If someone creates a windfall of money for themselves by betting baseball in 2018, the powers that be want to make sure they get a piece of the winnings. A sports betting blockchain regulated by the government of wherever you live is a reality that is in the not too distant future.
Changing Estimates
A recent estimate had the online betting revenue estimated to be around $60 billion by 2020. Another source just released their estimation to be closer to $80 billion based on the changes in financial sectors brought about by Bitcoin.
When you consider that worldwide the gambling industry is estimated to be worth somewhere around $3 trillion, then you truly realize the upside potential for the online sports betting business.
