“Sports betting is getting all the attention, but we’re projecting that online casinos will be more valuable.”Īccording to BofA Securities analyst Shaun Kelley, the combined market for sports betting and online gambling is expected to balloon from about $5 billion in annual sales today to $22 billion a decade from now as more states join the map. They’re all looking at it because they’re desperate for revenue and jobs,” said Bluhm. “Very few states have allowed so far, but they need revenue now, so many states are considering it. Facing a cash crunch from the Covid-19 pandemic, more states could be persuaded to legalize either sports betting or online gambling in the coming years. But the landscape is rapidly changing: Michigan is launching both online casinos and sports betting later this month and Nebraska voters approved the legalization of gambling by a wide margin in November, although the state legislature still needs to enact laws to regulate the industry. As of early January 2021, online casino games are only operating in Delaware, New Jersey, Nevada, Pennsylvania and West Virginia. seven additional states allow only in-person sports betting - the legal market for online casinos is much smaller. While online sports betting is currently legal in 13 states and Washington D.C.
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