After the US Supreme Court lifted the federal ban legalizing sports betting the previous year, a number of US states have launched sports betting operations. With sports betting market expanding consistently, in just about a year’s time, the legal sports betting handle has crossed the $10 billion mark in July.
Last year in May, the Supreme Court struck down the Professional and Amateur Sports Protection Act (PASPA).
Analysts and experts of the sports betting and gambling industry estimate the illegal sports gambling market in the US to be around $150 billion. The legal sports betting handles represent only 7 percent.
However, with more and more US states launching sports betting, the legal Sports betting handle is expected to grow significantly in 2019.
Currently Nevada, New Jersey, Pennsylvania, Mississippi, West Virginia, Delaware, Rhode Island, New York, Arkansas and New Mexico (tribal only) have legalized sports gambling.
Earlier this month, Iowa became the 11th state to launch sports betting operations. On the opening day, Six casinos in the state offered on-site sports gambling while Casinos in Altoona, Bettendorf, Osceola, and Waterloo offered to bet on-site and through a mobile app. Casinos in Burlington and Council Bluffs are offering on-site betting only for now until their mobile systems are set up.
Indiana casinos are poised to launch sports betting operations from September 1 just before the launch of the football season.
Indiana’s gambling revenue has dropped by about 18 percent since 2012 and the state is hoping to generate about $13 million additional revenue per year by launching sports betting operations. Indiana’s sports betting tax regime imposes a state tax of only 9.5% of gambling establishment’s sportsbook winnings.