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The global online gambling market is expected to grow at a CAGR of 10.5% during the period 2018-2022. The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. One trend in the market is introduction of bitcoin gambling.
For the original version including any supplementary images or video, visit https://www.prnewswire.com/news-releases/online-gambling-world-market-to-grow-at-a-cagr-of-10-5-to-2022---analysis-by-type-and-end-user-300688325.html
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In fact, regulated sports betting market could potentially add $2.9 billion to the annual profit of casinos nationwide—and that’s only the beginning of the economic benefits. A 2017 Oxford University report found that the legalization of sports betting would contribute between $11.6 billion and $14.2 billion to U.S. gross domestic product (GDP) annually, depending on which states legalize it and their specific tax rates. Additionally, a legal sports gambling system would create 125,000 to 152,000 jobs paying between $6 billion and $7.5 billion in total wages. That’s an average salary of roughly $48,000 for a typical worker in a new sports betting industry. With advances in online betting services and recent investments from gambling companies like MGM, the economic benefits of legalized sports betting could be even stronger than predicted. In the United Kingdom—the world’s most open online sports gambling market—the mobile betting industry has more than doubled over the past five years, currently covering 60 percent of the country’s sports betting market. U.S. lawmakers would do well to look to the U.K. as a blueprint for the future of sports wagering in America, where mobile betting via smartphones apps could bring an additional $9 billion worth of revenue—a well over 50 percent increase to the total sports gambling revenue, research firm Eilers & Krejcik Gaming LLC estimated. This is because mobile betting applications make the gambling experience far more convenient to the consumer. What’s easier: making a bet for Sunday Night Football from your favorite recliner 30 minutes before kickoff or having to drive to the casino last minute? Technological advances make sports gambling more enjoyable and more profitable. U.K. sports fans bet roughly $1.9 billion on the World Cup alone this summer. Some gambling apps even allow fans to create their own unique bet by simply tweeting an idea at the company, who then picks the odds for the wager.
For the original version including any supplementary images or video, visit https://townhall.com/columnists/youngvoicesadvocates/2018/08/25/why-american-lawmakers-should-cash-in-on-sports-betting-n2512051
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