Online sports betting is now legal in 14 states, with three waiting for launches that are likely coming soon (listed below).
- Michigan (pending)
- New Hampshire
- New Jersey
- Rhode Island
- Tennessee (pending)
- Virginia (pending)
- West Virginia
Many casinos still have their doors closed, and plenty of people are still fearful of going to the ones that are opening back up. Thus, the online sports betting world has been ablaze with newcomers.
In this year alone, the states that have opened up their online sportsbooks have seen millions of dollars flowing into the industry from the return of the MLB regular season and the NBA playoffs.
While most states’ governments are dragging their feet on legalization, or flat out not even entertaining the subject, the ones that have passed the law have seen a massive spike in interest.
Colorado sportsbook apps first launched on May 1 after the state’s voters approved legal sports betting in 2019. At the time of launch, nearly all professional sports were sidelined, so you would think sports betting would be off to a horribly slow start.
However, ping-pong of all sports represented a full quarter of Colorado’s sports wagers in May, perhaps due to a restless public looking for some alternate sports to fill the void that baseball, hockey, and basketball left during those months.
In June, more than $38 million in wagers were made, and with most professional sports returning in late July, all signs were pointing towards a huge jump in the coming months.
In July, wagers surged to over $59 million, but the most impressive number from this was that 96.8% were placed online. Less than $1 million in wagers were placed through retail, and even with the pandemic, this is a percentage of online bets I believe no one would have guessed.
Illinois has had its troubles with online sports betting, which had just begun in the summer of 2020. At first, the state required in-person account registration.
However, this requirement had to be suspended due to COVID-19. Again, you would think that with all these hoops to jump through, online sports betting would not take off too quickly in this state.
But the people of Illinois hopped on quickly despite this, and more than 92% of sports wagers made in July were placed online, according to the Illinois Gaming Board.
Casinos were open during this same month (albeit at 50% capacity), and yet 92% of sports bettors chose to take their wagers to the online options that had been hardly available to them for a month.
Get The Point?
At this point, I wonder, “What else does it take for the other states to understand the financial impact this could have for them?” Some states keep their sports wagering limited to in-person transactions, and others do not seem to be able to come to a consensus on it.
Meanwhile, places like New Jersey, Pennsylvania, and the two states I’ve mentioned above have seen explosive interest in what is nothing short of a shot of adrenaline for their economies. Amidst the troublesome times of this pandemic, people are looking for safe ways to enjoy not only their gambling but watching their sports as well.
The online sportsbook apps have been proven to be perfect at marrying the two. They could very well be on the right side of the immense future in store for sports betting.