As sports betting is being legalized throughout the United States, it will likely reach all of its states in the following years. In May 2018, a federal ban on sports betting has been lifted by the Supreme Court which allowed the states to start legalizing and regulating their sports gambling industry. So far, twenty states have legalized some sort of sports gambling. As always, startups go where the disruption is and they are seriously in the sports gambling industry for a projected by 2030 to be $81 billion industry.
No More Black Markets
The US black market has an estimated $150 billion of wagering yearly through either illegal websites or those guys in the backroom of the bar that has billiard tables. No more black markets. Sports betting is available online and at casinos, in the states where it has been legalized. Still, it is expected that legalization will occur in pretty much all of the states in the following years.
Startups need to be more disruptive
Last year, a $17.5 million funding went to the Action Network, a startup that provides insights and news about sports betting. So far, they are averaging some 2.5-3 million unique visitors per month.
According to Marc Edelman, a professor of law at Baruch College and a consultant on legal and business in sports betting implies that advice providing websites will be in high demand now with legalized sports betting. Additionally, some interesting sectors for startups are audience development and identification for casinos and social networks for sports betting.
Startups Joining the Sports Betting Frenzy in the United States