The word is out, that by 2025 sport betting firms will see a cache in excess of $8 billion dollars. Thesports betting industry is expanding with lightning speed, and betting enthusiasts are predicting big expansions within the next five years in the United States. Part of the boom say experts is the Supreme Court decision in 2017, that paved the way for legal sports betting in all fifty states.
At the, ‘NYC Sports Betting Investor Summit (SBIS), on Monday, many experts were weighing in on the subject of expansion. As of now, 14 states offer legal sports betting, and by 2025 most of the others states are expected to permit sports betting.
Predictions for Future
Powerhouse investment firm Morgan Stanley made the bold prediction, that by 2025, the U.S. betting firms,will see giant revenues in excess of $8 billion dollars. That is a new source of revenue that was unattainable just 18 months ago. It has people in the sports betting industry giddy to say the least. Some of the largest casinos in the country were represented at the ‘SBIS‘ on Monday.
Some of those mega attending gaming emporiums were, the MGM Resorts, Hard Rock and Mohegan Sun. All of the casino executives said the predictions that Morgan Stanley announced, are aligned with their own calculations. A firm that keeps track of gaming revenues and sport betting laws and developments, ‘Eilers & Krejcik’ revealed that their own tabulations is very close to the $8 billion dollar prediction.
Guests and participants at the SBIS, said, there does have to be some caution when moving forward with a new gaming venture. They said while the industry is expanding quickly, in order to prevent failure, everyone has to do their homework thoroughly. CEO of ‘SportsBet‘ Seth Young was also at the SBIS. Young advised, “It’s a war out there, at the end of the day, there will be a lot of carcasses out on the road.”
Scott Butera the president of interacting gaming for MGM Resorts International, said ‘the gaming market is growing super fast. Although, it’s still a tough competitive market, and no one should underestimate that.’ Butera added, ‘everyone wants a piece of the pie, everyone really wants to be here. But ultimately there will be some shaking out, and it will be survival of the fittest. Which Butera should surprise no one, every industry has pitfalls and by and large there is competition in most industries.’
Butera believes based on his own knowledge of the industry, that the numbers predicted on Monday, are probably on the low side. The industry he believes will grow extensively, competition, pitfalls and all.’ Morgan Stanley on Monday said that they expect the revenue to be closer to $15 billion if most of the states are on board by 2025. People who participated in a panel discussion at SBIS said according to the information they have 10 new operators will be added to the market. They expect to be added by the close of 2019, or in the first month of 2020 at the latest.