{"id":125336,"date":"2024-04-04T14:53:00","date_gmt":"2024-04-04T18:53:00","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=125336"},"modified":"2024-04-05T14:53:42","modified_gmt":"2024-04-05T18:53:42","slug":"sports-betting-industry","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/sports-betting-industry\/","title":{"rendered":"The US Online Sports Betting Industry Is on the Rise"},"content":{"rendered":"\n<p>What\u2019s propelled the overwhelming growth of the US online <a href=\"https:\/\/www.shortform.com\/blog\/billy-walters-sports-betting\/\">sports betting<\/a> industry? What risks stem from the sector\u2019s largely unchecked expansion? How will sports betting evolve?<\/p>\n\n\n\n<p>The US online sports betting industry, now legal in 38 states, has grown exponentially in recent years due to increased digital accessibility and changing <a href=\"https:\/\/www.shortform.com\/blog\/norms-of-society-2\/\">societal norms<\/a>. Critics say the sector\u2019s unchecked growth is fueling Americans\u2019 gambling problem and increasing the potential for money laundering.<\/p>\n\n\n\n<p>Below, we&#8217;ll look at the rise of online sports betting and the dangers that come with it.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-online-sports-betting-industry\">The Online Sports Betting Industry<\/h2>\n\n\n\n<p>The online sports betting industry is on the rise. More than 1.77 million new users <a href=\"https:\/\/fortune.com\/2024\/02\/12\/super-bowl-sports-gambling-online-betting\/\" target=\"_blank\" rel=\"noreferrer noopener\">signed up for legal online betting accounts<\/a> in the two weeks leading up to this year\u2019s Superbowl. Wagers surged just minutes before kick-off, with nearly 15,000 transactions recorded per second. But as scores of would-be gamblers rush to place their bets on sporting events, are they considering the pitfalls of the booming sector?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-online-sports-betting-background\">Online Sports Betting <strong>Background<\/strong><\/h3>\n\n\n\n<p>Five years after the Supreme Court\u2019s 2018 <a href=\"https:\/\/www.businessinsider.com\/sports-betting-apps-online-gambling-lottery-draftkings-fanduel-2024-3\" target=\"_blank\" rel=\"noreferrer noopener\">legalization of sports betting<\/a>, this dynamic industry helped drive the commercial gaming sector\u2019s record earnings of $66.52 billion. US sports betting alone generated an unprecedented <a href=\"https:\/\/www.thestreet.com\/sports\/us-sports-betting-revenue-2023-hits-record#:~:text=Error%20Code%3A%20100013\" target=\"_blank\" rel=\"noreferrer noopener\">$10.92 billion in revenue<\/a>. <\/p>\n\n\n\n<p><strong>Sports gambling, now <\/strong><a href=\"https:\/\/www.slowboring.com\/p\/the-sports-gambling-industry-needs\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>legal in 38 states<\/strong><\/a><strong>, is becoming increasingly mainstream.<\/strong> Supporters of sports betting legalization say it\u2019s <a href=\"https:\/\/www.pbs.org\/newshour\/economy\/americans-bet-220-billion-on-sports-in-5-years-since-legalization\" target=\"_blank\" rel=\"noreferrer noopener\">brought additional tax revenue for states<\/a> and provided a regulated alternative to offshore gambling sites.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-catalysts-of-the-sports-betting-boom\"><strong>Catalysts of the Sports Betting Boom&nbsp;<\/strong><\/h3>\n\n\n\n<p>Experts attribute the sports betting industry\u2019s explosive rise, in part, to <a href=\"https:\/\/www.wsj.com\/articles\/sports-gambling-a-growing-money-laundering-risk-u-s-says-b13d5ab8\" target=\"_blank\" rel=\"noreferrer noopener\">increased accessibility<\/a>. Digital platforms like <a href=\"https:\/\/www.pbs.org\/newshour\/economy\/americans-bet-220-billion-on-sports-in-5-years-since-legalization\" target=\"_blank\" rel=\"noreferrer noopener\">FanDuel and DraftKings<\/a> have enabled users to place bets from the convenience of their smartphones.\u00a0<\/p>\n\n\n\n<p>Many online gambling companies are leveraging the popularity of digital sports betting to <a href=\"https:\/\/www.businessinsider.com\/sports-betting-apps-online-gambling-lottery-draftkings-fanduel-2024-3\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>expand their revenue streams<\/strong><\/a><strong> by branching into other forms of online gambling<\/strong>. For example, DraftKings recently acquired an app for online lottery ticket sales, and also hosts an online casino, targeting the average iGamer who spends upwards of $5,000\u2014five times that of typical sports bettors.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-uncontrolled-growth-the-downside-of-limited-regulation\"><strong>Uncontrolled Growth: The Downside of Limited Regulation<\/strong><\/h3>\n\n\n\n<p>However, not everyone\u2019s a fan of the sports betting boom. Critics argue that limited state regulations and the lack of federal oversight are <strong>allowing the industry to <\/strong><a href=\"https:\/\/www.slowboring.com\/p\/the-sports-gambling-industry-needs\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>grow unchecked<\/strong><\/a>, creating a host of problems.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Calls to the National Council on Problem Gambling&#8217;s hotline have <\/strong><a href=\"https:\/\/www.pbs.org\/newshour\/economy\/americans-bet-220-billion-on-sports-in-5-years-since-legalization\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>increased 15% since 2018<\/strong><\/a>.<\/li><li><strong>The glamorization of betting through advertising can<\/strong> <strong>encourage addictive behaviors, <\/strong>mislead viewers with false promotions, and exploit <a href=\"https:\/\/www.shortform.com\/blog\/triggers-psychology\/\">psychological triggers<\/a> to encourage habitual betting.<\/li><li><strong>The US Treasury Department has also raised the alarm about the danger of <\/strong><a href=\"https:\/\/www.wsj.com\/articles\/sports-gambling-a-growing-money-laundering-risk-u-s-says-b13d5ab8\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>money laundering<\/strong><\/a> in sports gambling.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-looking-ahead\"><strong>Looking Ahead<\/strong><\/h3>\n\n\n\n<p>Experts say the future trajectory of online sports gambling hinges largely on <a href=\"https:\/\/www.businessinsider.com\/sports-betting-apps-online-gambling-lottery-draftkings-fanduel-2024-3\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>how many states choose to legalize it<\/strong><\/a><strong> and the degree of caution they exercise in doing so<\/strong>. Its growth potential remains robust, with states like California and Texas <a href=\"https:\/\/www.thestreet.com\/sports\/us-sports-betting-revenue-2023-hits-record#:~:text=Error%20Code%3A%20100013\" target=\"_blank\" rel=\"noreferrer noopener\">yet to jump on the sports betting bandwagon<\/a>. <\/p>\n\n\n\n<p>Analysts foresee changes in both<strong> <\/strong><a href=\"https:\/\/www.goldmansachs.com\/intelligence\/pages\/why-us-sports-betting-could-become-a-45-billion.html\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>the types and nature of sports betting<\/strong><\/a>:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>As app-based wagering gains popularity, gamblers <strong>will shift from traditional predictions about final game scores to high-risk, high-reward parlays<\/strong>, which combine various bets. <\/li><li>Alongside these changes, <strong>new developments like <\/strong><a href=\"https:\/\/www.pbs.org\/newshour\/economy\/americans-bet-220-billion-on-sports-in-5-years-since-legalization\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>microbetting<\/strong><\/a><strong> are emerging<\/strong>. They allow players to make quick, successive wagers on specific events within a live game, creating a dynamic blend of live sports viewership and wagering based on real-time developments.\u00a0<\/li><\/ul>\n\n\n\n<p>Moreover, some anticipate that industry growth will <a href=\"https:\/\/www.pbs.org\/newshour\/economy\/americans-bet-220-billion-on-sports-in-5-years-since-legalization\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>spur comprehensive partnerships<\/strong><\/a><strong> <\/strong>between sports teams, leagues, and stadiums with betting operators, media companies, hotel chains, and beverage companies.&nbsp;<\/p>\n\n\n\n<p>However, critics caution that with growth comes responsibility, arguing for <strong>federal regulation and advertising restrictions <\/strong><a href=\"https:\/\/www.slowboring.com\/p\/the-sports-gambling-industry-needs\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>to mitigate sports gambling\u2019s harmful effects and protect consumers<\/strong><\/a>. Notably, even the American Gaming Association has urged the US Treasury to <a href=\"https:\/\/www.wsj.com\/articles\/sports-gambling-a-growing-money-laundering-risk-u-s-says-b13d5ab8\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>establish guidelines for new forms of legal gaming<\/strong><\/a><strong>, such as sports betting,<\/strong> under the anti-money laundering law and the Bank Secrecy Act, and to regulate illegal offshore gambling platforms.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What\u2019s propelled the overwhelming growth of the US online sports betting industry? What risks stem from the sector\u2019s largely unchecked expansion? How will sports betting evolve? The US online sports betting industry, now legal in 38 states, has grown exponentially in recent years due to increased digital accessibility and changing societal norms. Critics say the sector\u2019s unchecked growth is fueling Americans\u2019 gambling problem and increasing the potential for money laundering. Below, we&#8217;ll look at the rise of online sports betting and the dangers that come with it.<\/p>\n","protected":false},"author":8,"featured_media":125339,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,48],"tags":[727],"class_list":["post-125336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money","category-sports","tag-articles","","tg-column-two"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The US Online Sports Betting Industry Is on the Rise - Shortform Books<\/title>\n<meta name=\"description\" content=\"The online sports betting industry is on the rise in the US, and with it, so too is gambling addiction. Here&#039;s a look into the growing hobby.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.shortform.com\/blog\/sports-betting-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The US Online Sports Betting Industry Is on the Rise\" \/>\n<meta property=\"og:description\" content=\"The online sports betting industry is on the rise in the US, and with it, so too is gambling addiction. Here&#039;s a look into the growing hobby.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.shortform.com\/blog\/sports-betting-industry\/\" \/>\n<meta property=\"og:site_name\" content=\"Shortform Books\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-04T18:53:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-05T18:53:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/s3.amazonaws.com\/wordpress.shortform.com\/blog\/wp-content\/uploads\/2024\/04\/man-online-sports-betting.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1117\" \/>\n\t<meta property=\"og:image:height\" content=\"625\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Hannah Aster\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Hannah Aster\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.shortform.com\/blog\/sports-betting-industry\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/sports-betting-industry\/\"},\"author\":{\"name\":\"Hannah Aster\",\"@id\":\"https:\/\/www.shortform.com\/blog\/#\/schema\/person\/f39f52830e4f7039a16e45d12354542f\"},\"headline\":\"The US Online Sports Betting Industry Is on the Rise\",\"datePublished\":\"2024-04-04T18:53:00+00:00\",\"dateModified\":\"2024-04-05T18:53:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/sports-betting-industry\/\"},\"wordCount\":655,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/sports-betting-industry\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2024\/04\/man-online-sports-betting.webp\",\"keywords\":[\"Articles\"],\"articleSection\":[\"Money\",\"Sports\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.shortform.com\/blog\/sports-betting-industry\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.shortform.com\/blog\/sports-betting-industry\/\",\"url\":\"https:\/\/www.shortform.com\/blog\/sports-betting-industry\/\",\"name\":\"The US Online Sports Betting Industry Is on the Rise - Shortform Books\",\"isPartOf\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/sports-betting-industry\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/sports-betting-industry\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2024\/04\/man-online-sports-betting.webp\",\"datePublished\":\"2024-04-04T18:53:00+00:00\",\"dateModified\":\"2024-04-05T18:53:42+00:00\",\"description\":\"The online sports betting industry is on the rise in the US, and with it, so too is gambling addiction. 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