The sports betting industry in the US is expanding after the US Supreme Court legalized sports gambling last year. According to industry analysts, the sports betting market in the US will be $7 billion to $8 billion strong in the coming five years.
At the NYC Sports Betting, Investor Summit panelists said that the industry is growing rapidly. Currently, 14 US states have already legalized and launched sports betting operations while many others are in the process.
According to Investment firm Morgan Stanley, the U.S market will generate almost $7 billion in revenue by 2025, up from $833 million this year. Last year it had estimated $5 billion as the size for the coming five years.
“It’s war out there,” said Seth Young, chief information officer for PointsBet, one of the panelists. “At the end of the day, there’s going to be a lot of carcasses out there on the road.”
“It is a growing market here in terms of revenue but it’s a very tough market,” added Scott Butera, president of interacting gaming for MGM Resorts International.” Everybody wants to be here Ultimately I think we’ll see some shaking out.”
Morgan Stanley says that sports betting in the US could generate $15 billion in revenue by 2025 given all states legalize sports gambling by then. In the worst-case scenario and with only 22 states launching legalized sports betting, the industry is expected to generate $2.5 billion.