Sports betting comes to you

 


The second earth-shaking story of 2018 was the Supreme Court’s strikedown of PASPA, the 1992 legislation that had kept states outside of Nevada from legalizing new sports betting. Since May, Delaware has started offering straight-up sports wagering (it had previously been offering only multi-game parlays) and New Jersey, Pennsylvania, Mississippi, West Virginia, and Rhode Island have begun offering sports betting.


From an absolute dollar standpoint, sports betting has not meant much…yet. Case in point: in October, Delaware, New Jersey, Mississippi, and West Virginia (combined population 14 million) earned about half of Nevada’s total sports betting win. Nevada’s population is about three million. The key is in how sports betting fits in with the rest of the state’s gambling offerings. In October, sports betting accounted for less than three percent of Nevada’s total gaming revenue.

In New Jersey, it provides almost five percent of revenues, indicating that sports betting has the potential to be a much larger part of the revenue mix in markets outside of Nevada. This explains why gambling operators and manufacturers alike have raced to get involved in sports betting. While it isn’t a large piece of the revenue pie at present, it is a growing piece, which is often more important to shareholders.

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