Legal sports betting in the US could become a $6 billion industry in a five-year time frame should the U.S. Supreme Court rule in favor of New Jersey’s petition.
The Philadelphia Tribune reported that at least 32 states will legalize sports betting right after the SC decides that the federal government cannot prohibit states from offering such gambling, citing an Eilers & Krejcik Gaming, LLC (EKG) report.
According to the report, legal sports betting in the 32 states will be worth more than $6 billion.
“We estimate that a properly regulated market could be worth nearly five times that amount, resulting in a financial windfall for sports betting operators, sports leagues and media and state governments alike,” EKG managing director Chris Grove said, according to the report.
Data presented by EKG showed that offshore sites and bookies corner the majority of the $60 billion in wagers that Americans place annually. Domestic US sports betting, on the other hand, handles a mere $3 billion from American customers.
The firm, which tracks state-by-state gambling legislation, paints a rosy picture for the American sports betting market, saying that the industry will be worth around $7.1 billion to $15.8 billion if all the states legalize sports betting.
In the scenario that the firm envisions, EKG predicts that at least 14 states will jump on the legal sports betting bandwagon within two years should the high tribunal sides with New Jersey. These states are Colorado; Connecticut; Delaware; Indiana; Massachusetts; Michigan; Mississippi; Montana; New Jersey; Ohio; Nevada; Pennsylvania; Virginia; and West Virginia.
Meanwhile, EKG expects 18 states to follow suit within five years: Arizona; California; Idaho; Illinois; Iowa; Kansas; Kentucky; Louisiana; Maine; Maryland; Missouri; New York; North Carolina; North Dakota; Oklahoma; Vermont; Washington and Wyoming.
The states of Alabama; Arkansas; Florida; Georgia; Minnesota; Nebraska; New Hampshire; New Mexico; Oregon; Rhode Island; South Dakota and Wisconsin could all allow sports betting in their respective jurisdiction within seven years.