The Super Bowl and March Madness attracted many people to wager on sports this year compared to last year. Thus, sports betting continues to grow worldwide during the pandemic.
Players placed $4.3 billion in wagers on Super Bowl LV, making it the biggest single-event legal handle in US sports wagering history. The handle is the amount of money players wagered on sports.
Around 7.6 million people wagered on the Super Bowl through legal sportsbooks, such as DraftKings and FanDuel. It was a 63 percent increase from the previous year. Also, 47 million Americans wagered on March Madness. It tripled the amount since 2019.
Sports Betting Continues to Grow
According to reports, the pandemic affected the gambling industry as casinos shut down throughout the US. However, people continued to play online casino games and wagers on sports through mobile apps and websites.
As more states legalized sports betting, more people are expected to wager on sports throughout the US. Also, online bookies are more prevalent during the pandemic as the government forced people to stay home.
The pandemic prevented many people from going to physical sports betting locations. There are fewer in-person sports events. The good news is that tournaments and leagues are ongoing. Thus, players have many betting options available to them.
Another factor that made sports betting more popular in the US is the Supreme Court ruling that struck down the federal law banning it. The decision allowed states to legalize wagering on sports.
In 2019, New Hampshire, Arkansas, and Indiana jumped the gun and passed sports betting laws. They took effect the following year. At present, sports betting is legal in 25 states. According to betting odds reports, 16 other states are considering similar legislation.
Big winners of the US’s sports betting popularity are FanDuel, DraftKings, and other online gambling platforms. In 2020, DraftKings earned $614 million. The company expects to generate $1 billion in revenue this year.
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