Sports betting is a popular way to wager on games and sports. It is a multibillion dollar industry, and its legalization has varied by state. Currently, 31 states have legalized sports betting. Nine more are expected to do so by 2022. While legalizing sports betting has many benefits, it can also result in financial problems for some people.
After the Supreme Court struck down the federal ban on single-game betting, almost two-thirds of US states have approved sports betting. Sports betting is available through mobile apps and in-person sportsbooks. Even before the Supreme Court decision, interest in legalizing sports betting was growing. The only states that don’t allow sports betting are North Carolina and Mississippi.
The market for sports betting is gaining popularity due to a number of reasons. The influx of middle-class consumers seeking entertainment and extra income is driving the industry. Additionally, the number of sports leagues is increasing. This will facilitate the growth of different segments within the market. The fixed odds wagering segment is anticipated to lead the market by 2020, while the eSports betting segment is predicted to grow at a CAGR of over 15% over the same period.
The Global Sports Betting Market report offers an in-depth analysis of the industry, its competitors and the latest trends. It also presents detailed market data, including historical and current market sizes. It also includes a competitive analysis of key market players, and regional breakdowns.
Safety of funds
There are several reasons why you should be cautious about the safety of your funds when betting on sports. First, it’s important to know that the state of your betting account is not the same in every jurisdiction. Some jurisdictions require a separate bank account for each player. In New Jersey, sports betting operators must have at least $500k in funds to cover any open bets. Second, you should know that sports betting operators are required by law to file monthly attestation with state gaming enforcement. Lastly, you need to make sure that you’re not gambling with your money.
Another way to ensure safety is to use a credit card or an e-wallet for your funds. These options are safer than cash, and you can transfer funds to your bank account through your smartphone. If your credit card is stolen, you can contact your credit card provider to get your money back. Using an e-wallet will also ensure that your personal savings are secure.
There is an enormous growth opportunity for sports betting advertising on both national and local television. In 2017, online/digital sports betting advertisements increased in 180 of the 208 Nielsen-monitored DMAs and the total spend in 185 DMAs exceeded $300,000. While gambling activity remains limited to a small number of states, advertisements for sports betting are growing in most of the country’s 208 DMAs.
Legal sports betting has created a golden opportunity for betting companies. Experts predict that sports betting companies will spend anywhere from $500 million to $1 billion on advertisements this year. It is a huge opportunity for brands and media companies. According to media consultant Brad Adgate, sports betting companies will spend more than $300 million on advertising in the fourth quarter alone.