How the Internet Rocketed Sports Betting into the Mainstream

What used to be known for dingy bars and organized crime has become a multi-billion dollar industry within the last three years. Online sports betting has catapulted mainstream sports into a new realm, giving users a stake in the game without a bad reputation. For some, online betting brings a level of excitement, and for others, the ability to capitalize on their NFL betting insights is too hard to pass up. Whatever your reason, online sports betting is here to stay, and with good reason.

A History of Sports Betting

Knowing the detailed history of sports betting is almost impossible to determine due to the secretive nature and lack of documentation. As long as there have been sporting events, people have placed wagers (whether friendly or monetary). It seems legality had no impact on relevance, with many bets occurring through organized crime, “bookies,” and dive bars taking wagers under the table. Considered an underground practice, many bettors and sportsbooks were pushed out of sight, with little regulation, enforcement, or legal recourse. Of course, the negative connection to organized crime was met with stigma; it wasn’t talked about, and it wasn’t a comfortable experience.

The first records of betting were in the early 1800s, with records going far earlier than that. It’s thought to have originated in Ancient Rome, where bets would typically occur at the circus or chariot races. From there, betting on racing persisted into modern times. Records indicate gambling on horses in the 1600s, under King James I; betting the winning placement and collecting a handsome share if bettors were successful.

A New Way to Bet

The Professional and Amateur Sports Protection Act of 1992 (PASPA) made it illegal to bet on any sports (professional or college) to control sports betting. This law didn’t impact all states, thanks to grandfathering states that already had pre-existing lotteries and betting frameworks. Despite laws prohibiting sports betting, some states recognized the missed income opportunities connected to sports betting. State Governor Chris Christie (New Jersey) saw these loopholes, realizing it was happening without supervision and without revenue. He understood that states offering legalization have a higher margin of profit, which was a win for the state and its residents.

In 2012, Governor Chris Christie went against federal law preventions and signed a law allowing sports betting within New Jersey. Currently, 25 states have followed New Jersey’s lead and have embraced online sports betting. The online platforms became an integral part of the sports betting arena, normalizing the industry and removing the stigma connected to organized crime. Bettors were no longer required to visit bars or clubs to wager on games; they could log in and bet from the comfort of home.

While not all states have legalized betting, it seems most Americans have attached viewership with having a stake in the game. When polled, approximately 70% of all respondents would be more likely to watch a game if they’ve made a wager. But that doesn’t mean that people aren’t skeptical of the influence betting may have on a game’s outcome. Nearly 61% of Americans surveyed believe that legal betting could result in cheating or fixing games. While this is unlikely to be the outcome, these surveys suggest a strong correlation between legalized online betting platforms and the viewership it brings to the game.

Online Sports Betting is a Billion Dollar Industry

What started as an underground industry has quickly skyrocketed into a billion-dollar market. In fact, the global online gambling market is expected to hit $93 billion by 2023. This growth is a 40% jump in value. Anyone questioning how fast the industry is growing should look at Netflix, a well-loved company that is currently following a 32% revenue growth rate.

This industry has seen massive growth, considering legalized betting was only declared in 2018. The New Jersey Supreme Court Victory paved the way for in-person and online betting, giving states jurisdiction for any rules and regulations. It seems individual states have their own beliefs regarding online platforms, with several banning the practice entirely, some limiting betting to in-person wagers, and others capitalizing on the online market with legalized platforms.

The growth within the industry can be attributed to several factors. Initially, the emergence of many online betting sites and mobile apps has created various betting options for users, catering to both PC and mobile-based betting. These platforms can also expand to various states within the United States; as the states approve online betting, the domains can capture the target audience. Additionally, the industry is driven by consumers. A previously negative stigma connected to sports betting is now considered mainstream; people can interact with sportsbooks in real-time, from anywhere.
Mainstream media is pushing online sports betting platforms; some professional leagues have partnered with domains, creating a significant push in online betting. Other websites target popular sports radio stations, connecting with targeted audiences on a state level. Between genuine interest and increasing awareness, the online betting arena continues to dominate in the gambling niche.

The Advantages of Online Sports Betting

As the industry continues to push toward an online interface, many users are left wondering how it will change betting overall. For starters, your profits are maximized; in-person betting typically brings higher fees and expenses than online platforms. For starters, bettors need to factor in average costs associated with in-person betting. Gas, transportation, child-care, and travel time can eat the overall profit of bettors. It requires two trips for every wager; one to make a bet and one to collect the winnings.

Online platforms bring an instant experience for users without the traveling costs. Online betting also allows you to shop lines more efficiently, from simple to complex betting line-ups. You’ll never miss a line or get shut out of a game. Funding is instantaneous online, connecting to most major credit cards and debit cards. Finally, users can access a betting platform on a global scale. Games, matches, or lines aren’t influenced by region; bettors can wager on different geographical areas from the comfort of home.

What’s Next for Online Sports Betting?

As online sports betting continues to grow, restricted states will potentially reconsider. After all, it’s hard to ignore the massive revenue potential attached to a legalized betting platform. Currently, the global market will continue expanding, with the United States fueling market growth in the upcoming years. With the influx of websites and apps, users will continue to connect to betting platforms effortlessly.