Sports are beloved in America. Every household supports a favorite team, whether pro or college. Significant events, like the Super Bowl, are celebrated as national holidays. Millions watch each year.

In 2018, the Supreme Court’s decision to overturn a 1992 federal law banning sports gambling in most states has sparked a surge in sports betting, far surpassing economic expectations. This has opened up access to an estimated $150 billion in illegal wagers on sports.

It sparked massive investment in sports gambling in many states. Platforms like 20Bet benefitted from the shift. It had a profound impact on professional sports.

Evolution of Legal Sports Gambling

In the early 19th century, sports betting was mainly on horse racing. Legal bets needed a trip to a Vegas casino.

Recently, sports betting has expanded to baseball, football, and basketball. With federal legalization, states partnered with local casinos to support state-owned sportsbooks.

The impact has been tremendous. The amount wagered doubled in one year, reaching $52.7 billion in 2021. This is the legal amount likely higher due to illegal betting.

The key questions are which parts of sports are affected, who benefits from this new betting world, and who loses out.

Understanding Sports Betting

Sports betting can be challenging at first. You must understand what people are betting on and what “the lines” mean. The most common lines are the spread, the moneyline, and the over/under. These lines are based on each team’s talent and recent performance. The spread indicates how much the better team is projected to win.

The Growth of Sports Betting

Sports teams and leagues have embraced sports betting, which can make money and attract viewers. Before games, news broadcasts now feature shows on networks like ESPN. These shows predict game outcomes and discuss betting lines.

Combating Illegal Betting

Illegal sports wagering drains $150 billion from the economy each year. Legalization allows states to track and tax their betting, boosting the economy.

Future Growth

The market is expected to grow as more states legalize sports betting. David Fucillo predicts big growth from in-game betting. He sees it becoming legal in states like California, Texas, and Florida.

Partnerships and Revenue

Sports betting has led to partnerships between casinos and professional sports organizations. For example, Caesars Sportsbook has opened a sportsbook and restaurant inside Chase Field, home to the Arizona Diamondbacks. The project is a collaboration with chef Guy Fieri. It allows fans to bet on games at the stadium. This creates extra revenue for the team and improves the fan experience.

Broader Impact

The benefits of sports betting extend beyond financial gains. It educates fans about smaller teams, increases viewership, and fosters collaborations. The widespread appeal of sports wagering within the U.S. has grown, creating a multi-billion-dollar industry.