Across the globe and particularly in Western countries, sports betting has been huge for years and years. It attracts all sorts of people to the bookies to cement their choice in the hope of winning some extra pocket money. It also in many cases funds major leagues and sports personnel throughout the world through sponsorships, endorsements, and advertising. Whilst sports betting is popular elsewhere, it has only recently become big in the USA. Until June 2019, sports betting in the USA was federal illegal except in the state of Nevada. The Sin City of Las Vegas used to be the only legal way to bet on sports bets in the whole of the country. But since a recent Federal Legislation change, other states are now being allowed to open up sports betting markets and create a legitimate sport betting culture. You can only presume this will affect the big leagues in America massively and boost their revenues exponentially.
As this sports betting industry starts to boom with legality granted, the illegal black market will fade. This allows legitimacy and more regulations surrounding the gambling industry with regard to sports in America. Not only does this allow for less corruption, monopolies, and in-person faff, but it means a more advanced and 21st-century solution can lead the revolution in sports betting in the US. It is only a matter of time before the online sports betting market reaches America and allows for everyone to access sports betting which means a much more even spread of gambling money spread across teams within the league as more people are going to be betting on different results across the country. With regard to this impact of online sports betting, you can be sure to see the surge in relevance of bitcoin and other cryptocurrencies which not only are making waves in the sports themselves through wage payments and ticket purchases but will also become a major part of paying to gamble on sports in the future, with betting sites offering bitcoin sportsbooks. The combination of endorsement from cryptocurrencies such as bitcoin and the arrival of online sports betting means the once restricted in-person Nevada only American style sports betting will be completely turned on its head.
The legalization of other states in opening up sports betting is momentous in America. It stops the Nevada monopoly on these wagers and means the money is not only now spread out more freely, but also is legal rather than being hidden in the underworld of illegal gambling which was present. By legalizing it, it allows huge opportunities for not only bookmakers to increase their revenues, but also sports teams. This means teams across America can locally be endorsed by sports betting sponsorship and advertising. Indeed, this local and national rise will allow these teams to gain further wealth and revenue that they otherwise would not have had. Undoubtedly, this has to be good for these leagues and teams who as attendance levels have generally declined and the impact of COVID-19 is felt in live events for these teams. The replacement of live crowds and season tickets with effective gambling and sports betting endorsements will be highly welcomed by these leagues and teams in keeping them financially afloat. The big four leagues in particular will see massive changes in the way that these markets influence their existence.