Region:North America
Author(s):Rakib Das
Product Code:KROD191
The US online sports betting market has been experiencing significant growth and expansion over the past few years, especially since the unprecedented arise of Covid-19. This growth was largely fueled by the United States Supreme Court's decision in May 2018, which was to overturn the Professional and Amateur Sports Protection Act (PASPA), previously restricting legal sports betting to just a few states.
After the abolishment of PASPA, individual states in the US gained the authority to legalize sports betting within their borders. Many states quickly moved to pass legislation and set up regulatory frameworks to allow for legalized sports betting. As a result, the US online sports betting market has been seen making rapid expansion and is projected to continue growing and reach massive lengths by 2028. The US has been expanding ever since in its sports list including betting even in major sports league like the NFL and NBA. Simultaneous betting and live-cash withdrawal, are amongst those things which allows customer to engage more, beneficially retaining more number of customers, generating huge revenues. US Online Sports betting industry is supported by some of the major players that oversee today’s betting and money exchange, actively streaming around the globe. Some key players like DraftKings, FanDuel, Ceasers Entertainment etc. to provide seamless, server secured and encrypted betting on government aired sports.
By Sports Type: The National Football League (NFL) is the leading and widely followed professional football league in the United States, with a high fan base, almost all of the population are watching the games. Online sportsbooks offer a wide range of betting options for NFL games, including money line bets, point spreads, over or under bets, prop bets, and futures bets. NCAA football games or college leagues, especially those involving popular teams and rivalries, attract considerable betting interests. While the NFL and NCAA dominates the US market, some online sportsbooks are offering betting options for other sports leagues worldwide like NBA, American League East (Baseball) etc.
By Device Type: Mobile devices, particularly smartphones, are the most dominant platform for online sports betting in the US. The reason behind is the convenience and accessibility of mobile betting apps have made them highly popular among bettors. Most of the online sportsbooks offer dedicated mobile apps which are optimized for operating in both iOS and Android devices, allowing users to place bets from anywhere, anytime. Desktop and laptop computers were the traditional betting devices used for online sports betting before the rise of mobiles. While mobile devices may have gained significant traction, desktops and laptops still play a crucial role in the market due to the large screen and smoother user interface.
By Regional Split: The leading area covered for the online sports betting market is in the America including, all the regions of north, east, south and west. with New Jersey, Pennsylvania, New Orlando, Michigan topping the other regions are recognized as the states with most betting done in a year. With high level of social networking groups, high internet penetration with 5G infrastructure everywhere availability of smartphones and desktop with high knowledge of sports is seeming to fuel and peak the interests of betting players. The presence of strong and trustable vendor’s (DraftKings, FanDuel, BetMGM, Caesars Entertainment, William Hill, PointsBet, FOX Bet etc.) penetration, makes the projected growth over the regions.
BetMGM: BetMGM is an operator, handling an online sportsbook that allows users to bet on various sports events from around the world. Users can place bets on major professional leagues, college sports, international competitions, and more. The platform offers a wide range of betting options, including money lines, point spreads, totals, props, and live in-play betting.
The US Online Sports Betting Market is expected to show an increase in growth, at a CAGR of ~12% between the years 2022 to 2028, with much more capable influencers incoming to make the infrastructure much more dominant in the field of online betting.
US Online Sports Betting Market Segmentation |
|
By Sports Type |
Basketball Football Hockey E-Sports |
By Device Type |
Mobile Desktop |
By Regional Shift |
North South East West |
2.1 Taxonomy of the US Online Sports Betting Market
2.2 US Online Sports Betting Industry Value Chain
2.3 US Online Sports Betting Market Ecosystem
2.4 Government Regulations/Initiatives for the US Online Sports Betting Market
2.5 Growth Drivers of the US Online Sports Betting Market
2.6 Issues and Challenges of the US Online Sports Betting Market
2.7 Impact of COVID-19 on the US Online Sports Betting Market
2.8 SWOT Analysis
4.1By Sports Type, 2017 - 2022
4.2 By Device Type, 2017 – 2022
4.3 By Regional Shift (North, South, East, West), 2017-2022
5.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
5.2 Strategies Adopted by Leading Players of US Online Sports Betting Market.
5.3 Company Profiles – (Top 7 Major Players)
5.3.1 DraftKings
5.3.2 FanDuel
5.3.3 BetMGM
5.3.4 Caesars Entertainment
5.3.5 William Hill
5.3.6 PointsBet
5.3.7 FOX Bet
7.1By Sports Type (Football, Basketball, E-Sports, Baseball), 2022 - 2028
7.2 By Device Type (Desktop, Mobile), 2022 – 2028
7.3 By Regional Shift (North, South, East, West), 2022-2028
Identifying the main bug hindering the betting and providing with proper solution as soon as possible, making sure a seamless transfer of data occurs and a smooth betting is maintained.
With the growth of the key players, increased internet penetration and competitors, online sports betting market is being built on the foundation of participants. With high end technologies going on in the current time, market is rising every day.
The budding market is soon to make its mark with the flourished technologies and due to increased customers actively participating and investing revenue to the companies offers a proper all-rounder growth of the market.
Our researchers have broadly researched and put technological analysis to find out that the market will rise through proper increase towards online betting and with the availability of live-cash out, leading to a broader market expansion and presumably enter as one of the global market giants.
The US online sports betting market reached 7 billion USD in 2022 and is expected to reach 14 billion USD by 2028 with a CAGR of 12% during the forecast period 2022-2028.
Football is the most dominant sector people bet on in Us online sports betting market.
The major players of US online sports betting market are DraftKings, FanDuel, BetMGM, William Hill, PointsBet, FOX Bet, and Caesars Entertainment.
The US online sports betting market is driven by growing investment in telecom infrastructure and transformation towards digital communication.
The people of US majorly use mobile device to do online sports betting.
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