Thirty-two states may legalise betting if New Jersey wins

Should this market be widened, the new report from Eilers & Krejcik claims it could generate upwards of US$6bn, with legal sports betting estimated to be worth US$7.1bn to US$15.8bn should all 50 states legalise the practice.

The report outlines Americans are already betting up to US$60m annually using offshore sites, generating US$3bn each year from US customers: "We estimate that a properly regulated market could be worth nearly five times that amount,” said Chris Grove, managing director for Eilers & Krejcik. "It would result in a financial windfall for sports betting operators, sports leagues and media and state governments alike.”

Eilers & Krejcik based their report on analysis of each state’s pending legislation, specific Constitutional difficulties, gambling industry cooperation, and the attitude toward gambling as it currently exists.

Following a ruling in New Jersey’s favour, the firm predicted 14 states would offer sports betting within two years including Connecticut, Massachusetts, Michigan and Nevada, before 18 further states including California and New York joined within five years.

However, the Center for Gaming Research at the University of Nevada, limiting their prediction to only states that already offer casino gambling, values the potential market at just US$1.4bn, citing professional and collegiate sports leagues opposition to the amended act. Only a positive result in New Jersey can prove just how far the industry will grow.

Source: GMB / Betting-business