The Chicago Bulls opened their NBA season on the road against the Boston Celtics with a convincing win, 108-82. The victory comes amid a flurry of legal sports betting activity in states across the US following last month’s Supreme Court ruling that struck down a federal ban on the practice.
According to industry analysts, sports betting is expected to generate $4.8 billion in revenue this year, with $1.5 billion of that coming from mobile devices. The rapid growth of legalized sports betting is reflected in bullish stock prices for several leading gambling companies, such as Caesars Entertainment Corp., which saw its stock price triple following the Supreme Court decision.
While some opponents of legalized sports betting worry that it could lead to increased instances of game-fixing, others see it as an opportunity to boost tourism and tax revenue in states where it is legal. “I think there are clear benefits to legalizing this activity,” said Nevada state assemblyman Ira Hansen. “It will create jobs and economic activity as well as increase state revenue.”
Even in states that have not yet legalized sports betting, there has been a noticeable increase in interest among consumers. “I’ve never seen anything like this before,” said Jeremy McDermott, co-founder of research firm Sportradar AG. “People are just lined up at the bookies.”
In light of the strong consumer demand, more and more casinos are looking to get into the sports betting business. MGM Resorts International, which already operates casinos in several US states, announced earlier this week that it would be partnering with British gambling company GVC Holdings Plc to offer online sports betting in New Jersey starting later this year.
With so much money on the line, the race is now on among US states to legalize sports betting and reap the associated economic benefits.
CHICAGO, IL - The Chicago Bulls lost their season opener 108-105 to the Philadelphia 76ers on Wednesday amid a legal sports betting frenzy in US states.
The Bulls were favored to win by 4.5 points, but failed to cover the spread as Philadelphia rallied in the fourth quarter. According to sports betting data provider VSiN, $185 million was wagered on the game in Nevada, and 80 percent of those bets were on Philadelphia.
“It was a great game to watch,” said Tom Goldberg, a 44-year-old IT consultant from Chicago who placed a small bet on the Sixers. “I’m just glad I didn’t put any money on it.”
Legal sports betting is now available in nine US states, including Nevada and New Jersey, where sports books took in $319 million in bets on last year’s Super Bowl alone. In Illinois, which legalized sports betting in June, regulators are still working out the details of how the industry will be regulated.
A recent study by Eilers & Krejcik Gaming found that 33 percent of American adults surveyed said they would be likely to bet on a sporting event if it were legal in their state. That number is expected to grow as more states legalize sports betting.
“Sports betting is becoming increasingly mainstream, and we expect that trend to continue as more states legalize it,” said Anthony Ruggiero, a senior analyst at East Coast Gaming Advisors. “That should benefit all the stakeholders involved in the sports betting industry, including casino operators, gaming equipment manufacturers and even broadcasters.”
A recent study from Purdue University has shown that NBA teams are profiting from sports betting being legalized in certain states. The study found that the average NBA team saw their net worth increase by about $5 million thanks to sports betting legalization.
The research looked at how the legalization of sports betting in states such as Nevada and Delaware affected NBA teams. The data showed that, on average, the value of an NBA team increased by just over 1%. This may not seem like a large increase, but when you consider that the total value of all 30 NBA teams is currently around $24 billion, it amounts to a significant gain.
The research also looked at how legalization of sports betting changed the way fans watched and followed games. It found that, overall, fans were more likely to bet on games and follow teams that were successful. This could be due to the fact that people are more likely to gamble on games where they have some knowledge or understanding of what is happening. As a result, it is possible that teams who have a good record will see an increase in viewership and profits from legalized sports betting.
So far, only a handful of states have legalized sports betting, but this number is likely to grow in the future. As more states legalize sports betting, it is likely that NBA teams will continue to profit. This could lead to an increase in the value of NBA teams as well as new sponsorship deals and other forms of revenue.
In May 2018, the US Supreme Court overturned a 26-year ban on sports betting, which paved the way for states to offer legalized sports betting.
Now, more than half of US states have legalized sports betting in some form, with several more expected to follow suit in the coming months.
This has led to a surge in interest in legal sports betting, as people look to place bets on their favorite teams and players.
This has been particularly beneficial for NBA teams, as they have been able to generate increased revenue from sponsorships and ticket sales.
The Chicago Bulls, for example, saw a 20% increase in sponsorship revenue in the first season following the legalization of sports betting.
This is likely to continue in the years ahead, as more and more states legalize sports betting.
The NBA season tipped off last night and fans around the United States cheered on their favorite teams. But while most of the attention was on the action taking place on the court, a growing number of sports bettors were keeping an eye on the betting lines.
This is because legal sports betting is expanding in the US, with more and more states opening up to it. And as this happens, the NBA and other sports leagues are seeing an increase in gambling-related revenue.
For example, in Nevada—the birthplace of legal sports betting in the US—the NBA brought in $100 million in gambling-related revenue last year. This was an increase of 10% from the year before and accounted for 5% of the league’s overall revenue.
This trend is being seen elsewhere in the US as well. In New Jersey, which launched legal sports betting in June 2018, gambling-related revenue for the NBA was up 31% in September 2018 compared to September 2017.
And it’s not just the NBA that is benefiting from this growth in legal gambling. The NFL, MLB, and NHL are also seeing a rise in gambling-related revenue. This is likely due to the fact that more people are now able to place bets on games thanks to legal sports betting.
As states continue to legalize sports betting, it will be interesting to see how much more money these leagues can bring in from gambling-related revenue. This money can be used to fund various things such as player salaries, stadium upgrades, and marketing efforts.